Polkadot’s PoKe Initiative Aims to Propel Enterprise and Government Adoption of Web3

• The Polkadot Key Account BD Unit (PoKe) focuses on large-scale enterprise and government adoption through rigorous research, strategic lobbying, and presence at industry events.
• The Web3 Foundation funds PoKe through its Decentralized Futures Fund, which caters to activities that are not intended to produce immediate profits but will transition to profit mode in the future.

Blockchain technology has become a key infrastructure at the enterprise level. Multi-billion dollar institutions are now leveraging the technology to issue bonds, tokenize assets, enhance cybersecurity, and more. Governments are also building a digital identity on the blockchain, including CBDCs and more. To capitalize on this wave of adoption, the Polkadot ecosystem relies on its new non-profit initiative—the Polkadot Key Account BD Unit, known as PoKe.

PoKe is the brainchild of investment management firm Scytale Digital and decentralized identity platform KILT Protocol. It applied for the Web3 Foundation’s Decentralized Futures Program funding and became a grantee last month.

No BUIDLing without BD. Thankfully, PoKe will drive large-scale enterprises and government Web3 adoption for Polkadot

Founded by @scytaledigital & BOTLabs (KILT Protocol) and funded by the DF Grant Program, PoKe will leverage Polkadot’s potential and drive its emergence as a… https://t.co/3kumszdsYC pic.twitter.com/F1Czyo9pe3

— Polkadot (@Polkadot) June 25, 2024

The Decentralized Futures Program is an initiative by the Web3 Foundation that funds projects to grow the Polkadot ecosystem. The program seeks to distribute $20 million and five million DOT tokens to multiple projects without seeking a return on its investment.

This allows these projects, including PoKe, to focus on areas that build long-term success for Polkadot but whose profit potential may be limited.

As the team behind it outlines, PoKe “is specifically designed to address this by integrating Polkadot into major organizational infrastructures, thereby enhancing its visibility and utility across a broader spectrum.”

PoKe Pushes Polkadot Enterprise Adoption

For governments and enterprises, blockchain is a godsend. Its immutability ensures that data can’t be tampered with, opening up new possibilities in areas such as transparency, authenticity, and verification. For instance, it’s estimated that counterfeit goods are a $2 trillion-a-year market. This is money that could have gone to the original manufacturers. With blockchain, users can authenticate the goods and steer away from counterfeits.

For governments, transparency eliminates corruption and translates to better services to the people. According to the UN, corruption costs the global economy $3.6 trillion.

While blockchain can be the ultimate solution, the industry has not done enough to push the technology in governments and enterprises. PoKe aims to change this.

“The mission of PoKe is clear: to facilitate the onboarding of large enterprises and government bodies onto the Polkadot network,” says the Web3 Foundation.

It adds:

PoKe operates with a sharp focus on identifying and engaging potential institutional partners through rigorous research, presence at industry and political gatherings, and strategic lobbying efforts. This approach ensures that Polkadot is not only part of the conversation at critical industry junctures but also positioned as the premier solution for decentralized applications.

As it’s funded under the non-profit program, PoKe isn’t expected to make any profits in its first few years. However, depending on the success of the first few years, this model could change later.

Meanwhile, DOT trades at $5.89, gaining marginally over the past day despite losing a third of its trading volume. Its market cap stands at $8.462 billion, the 15th largest globally.