What Is Web3 Technology, How Does It Work, Benefits

Are you struggling to manage your recruitment processes effectively? If so, Recruitment Process Outsourcing (RPO) could be the solution you need. RPO is a preferred method for many companies due to its numerous advantages in optimizing recruitment and enhancing efficiency. This approach not only helps in acquiring new employees but also offers a comprehensive understanding of your company's operations and builds strong relationships with hiring managers.

What is Recruitment Process Outsourcing (RPO)?

Recruitment Process Outsourcing (RPO) is a strategic partnership where an external provider manages part or all of the recruitment process for a company. Unlike traditional recruitment, RPO involves a deeper integration with the company's teams, leading to a more efficient and streamlined process. Here’s why RPO stands out:

Direct access and quick feedback

In a traditional recruitment setup, recruiters often face communication discrepancies and delays when dealing with multiple hiring managers. They might be dismissed with vague responses like "I don't have time now," which hampers their efficiency. With RPO, you'll have direct access to hiring teams and can address their needs promptly. This leads to:

• Reduced delays in candidate evaluation.
• Quick and precise feedback on potential hires.
• Efficient recruitment process with fewer obstacles.

Added value and efficiency

One of the main advantages of RPO is the added value it provides. RPO recruiters work closely with hiring managers to understand their specific needs and requirements. This results in:

• Reduced time-to-fill vacant positions.
• Increased efficiency in candidate selection.
• Improved accuracy in hiring decisions.

Financial benefits

From a financial perspective, RPO can be more cost-effective compared to traditional recruitment methods. The cost benefits include:

• Reduced recruitment costs due to streamlined processes.
• Lower time-to-hire, which saves money.
• Cost comparison data in our presentation (see slide no. 4) illustrates the percentage by which RPO can be cheaper than traditional methods.

Additional benefits of Recruitment Process Outsourcing (RPO)

RPO offers several other benefits that contribute to overall recruitment success:

• Saves time for your internal team by handling the recruitment process and communication.
• Eliminates the need for an internal recruiter.
• Assists in setting up efficient recruitment processes.
• Trains team leaders to enhance recruitment practices.
• High motivation from RPO recruiters to make successful placements.
• Improved candidate experience, as candidates interact with a dedicated representative rather than multiple agencies.
• Enhanced market impression with a single point of contact for candidates.

Conclusion

If you want to recruit efficiently, reduce costs, and enhance your company's competitive edge in the coming year, consider adopting Recruitment Process Outsourcing (RPO). This strategy not only streamlines the recruitment process but also brings significant financial and operational benefits.

Ready to transform your recruitment process? Explore the advantages of RPO and see how it can elevate your company's efficiency and effectiveness.

What is TechBBQ?

TechBBQ has become the heartbeat of the startup and innovation ecosystem in Scandinavia. What started as a humble BBQ gathering for tech enthusiasts and entrepreneurs in 2013 has, over the years, evolved into a large-scale summit that now draws attendees from around the world for two days of inspiration, networking, and growth.

In 2024, TechBBQ stood as a testament to the power of collaboration and innovation. It was a call to the founders, investors, accelerators, and community players who are willing to think big, take risks, and act as change agents in shaping our future. “One Giant Leap” embodied the spirit of entrepreneurship—a constant leap of faith in something you believe in. It symbolized unity and, more importantly, the transformative impact of collective effort, reminding us that, even though individual steps may seem small, together they amount to significant leaps toward innovation, sustainability, and equity.

Against this backdrop of ambition and urgency, our SnapStack team—CEO Ivan Ivanov and Head of Sales Predrag Kulić—embarked on a two-day marathon of networking and discovery at TechBBQ in Copenhagen. 

What did they experience? Here’s a glimpse into their journey.

SnapStack Diary, Day 1: A marathon of meetings and moments at TechBBQ

“Today was tough, our feet hurt like never before!” laughed Ivan Ivanov, describing the intensity of their first day. Despite the clear skies in photos, the reality was different. “It looks sunny, but it’s freezing here! And to top it off, we got caught in a torrential downpour this morning,” Predrag Kulić chimed in. They had initially planned to use Bolt bikes for their commute; however, due to the weather, they were forced to opt for a taxi instead. "We had some funny moments during the ride, and yet I’ll let Ivan share that story," Predrag teased.

"Predrag mentioned that I had a funny taxi story, so here it is: We got into the taxi, and I asked the driver to take us to TechBBQ. He replied, ‘Guys, it’s too early for barbecue!’" Ivan laughed again.

TECHBBQ, the epicenter of the Scandinavian startup ecosystem, lived up to its reputation. The SnapStack team walked thousands of steps, meeting a diverse mix of IT firms—from startups and consultancy companies to business organizations and automotive players. “We exchanged dozens of contacts and made countless new connections,” said Ivan. “It was exhausting but incredibly rewarding.”

Czech-Slovak meet-up in Denmark

The evening continued at the Czech-Slovak meet-up, organized by Vít Schlesinger. “It was amazing to see so many people from IT, product, marketing, and sales. Some came just because of Vít’s LinkedIn post, even though they’d never met him before!” Ivan recounted.

Vít kicked off the gathering with a unique icebreaker: each attendee introduced themselves, explained their role, shared their added value, and disclosed any challenges they were facing. Predrag, with his signature smile, declared, “Nothing is troubling me, because ‘life is good.’” The informal and spontaneous atmosphere was perfect for deep, meaningful conversations and networking.

SnapStack Diary, Day 2: A reflective look and a positive finish

Reflecting on the second day, Ivan shared a more nuanced perspective. “After some rest and a bit of distance, I can say that this has been a truly enriching and inspiring experience,” he said. The team connected with a wide range of professionals—from consultants and venture funds to dynamic startup founders. Every interaction was a new opportunity for growth and collaboration.

The weather improved, allowing them to relax in the garden. “We used this quiet corner to take a few calls with our Czech clients. It was a nice way to break up the day,” Predrag said. He couldn’t help but laugh about one quirky detail: “The chairs had heated seats that you could adjust—such a small thing, but really funny and nice!”

Their trip ended with a slight hiccup—a delayed flight at the airport. “Despite the delay, we’re leaving with a great feeling,” Ivan shared. “We’ve made dozens of new, interesting contacts and gathered countless ideas.”

Copenhagen, with its unique charm, stunning architecture, and the ever-present sense of ‘hygge’, left a lasting impression. 

“We know for sure that SnapStack will be back at TechBBQ next year,” Ivan concluded, already looking forward to the next opportunity to leap into the heart of innovation.

If you didn’t get a chance to meet them there, save the date for the Web Summit in Lisbon, taking place from November 11-14. Or just reach out to them via LinkedIn.

The internet, once a revolutionary digital frontier, has become a familiar environment for us. But beneath its surface, a seismic shift is brewing—Web3, the next iteration of the internet, promises to redefine how we interact, transact, and create online. It's a fundamental change that moves away from the centralized control of tech giants and towards a more decentralized, user-centric environment. None of this would be possible without the key web3 technologies we will discuss below. 

Key Web3 Technologies 

Blockchain

Blockchain is a digital ledger distributed across a network of computers. Unlike traditional ledgers, this one is a decentralized system, not controlled by a single entity, be it a company or an individual. Given its decentralized nature, blockchain is incredibly secure and transparent as it can't be tampered with.

Types of Blockchains

• Public Blockchains, which are open to anyone, like Bitcoin and Ethereum. Anyone can join the network, view transactions, and contribute to the network's security. 
• Private Blockchains - a single organization or a small group controls these. Only authorized members can participate, making them perfect for internal use cases within a company.
• Consortium Blockchains: These are shared by a group of organizations. They offer a balance between the security of private blockchains and the transparency of public blockchains. Hyperledger Fabric is a popular example.

Benefits of Blockchain

• Security: Blockchain uses cryptography to protect data. This makes it extremely difficult to hack or manipulate.
• Transparency: All transactions are publicly visible on the blockchain. This transparency ensures accountability and trust.
• Immutability: If you record data on the blockchain, you or anyone else can't alter it. This provides a permanent and reliable record of transactions.
• Decentralization: The distributed nature of blockchain makes it resistant to censorship and single points of failure. This also eliminates the need for intermediaries, reducing costs and increasing efficiency. 

Applications of Blockchain

• Finance: Cryptocurrencies, digital payments, smart contracts, and supply chain management.
• Healthcare: Electronic health records, clinical trials, supply chain management, and drug traceability.
• Government: Voting systems, land registries, and identity management.
• Gaming: Non-fungible tokens (NFTs) and decentralized gaming platforms.
• Supply Chain: Tracking products from origin to consumer.

The Future of Blockchain

Blockchain is still a relatively new technology, but its potential is immense. In the future, we can expect to see even more innovative applications in various industries. From creating a more transparent and efficient financial system to revolutionizing healthcare and supply chain management, blockchain has the power to transform the way we interact with the world.

Smart Contracts

Smart contracts are essentially self-executing contracts with terms directly written into code. With traditional contracts, you have to rely on intermediaries and manual processes. When it comes to smart contracts, blockchain takes care of it all - you deploy them on the blockchain and you don't have to lift a finger for their execution. Once the predefined conditions are met, they are automatically executed.

This automation eliminates the need for third-party involvement, reducing costs and ensuring transparency.

How Smart Contracts Work

1. Writing the smart contracts in programming languages like Solidity, Vyper, or Rust. These languages allow developers to define the contract's terms, conditions, and actions.
2. Deploying the coded contract on a blockchain network. This makes it accessible to anyone on the network.
3. When specific conditions are met, the contract automatically executes the predefined actions. For example, if a buyer sends a payment to a seller, a smart contract can automatically release the product or service.

Types of Smart Contracts

Depending on their functionality and complexity, we can categorize smart contracts in several groups:

Basic Smart Contracts

• Simple Agreements that we use for straightforward agreements, such as buying and selling goods or services. They typically involve predefined conditions and actions.
• Escrow Contracts that we rely on to hold funds or assets in escrow until all involved parties meet the predefined conditions.

Complex Smart Contracts

• Decentralized Applications (DApps): These are applications built on blockchain platforms using smart contracts. They can range from simple games to complex financial systems.
• Token Contracts: These contracts create and manage digital tokens, which can represent assets, currencies, or memberships.
• Oracle Contracts: These contracts interact with external data sources (oracles) to provide real-world information to the blockchain, enabling smart contracts to respond to external events.
• Governance Contracts: These contracts are used for decentralized governance, allowing token holders to vote on decisions and manage the development of a blockchain network.

Specialized Smart Contracts

• Insurance Contracts: These contracts automate insurance claims processing and premium payments based on predefined conditions.
• Supply Chain Contracts: These contracts track products through the supply chain, ensuring authenticity and quality.
• Legal Contracts: These contracts can be used to automate legal processes, such as contract execution and dispute resolution.

It's important to note that these categories are not mutually exclusive, and smart contracts can often combine elements from different types. As blockchain technology continues to evolve, we can expect to see even more innovative and specialized types of smart contracts emerge.

Benefits of Smart Contracts

• Automation: Smart contracts eliminate the need for manual processes, saving time and reducing errors.
• Transparency: All contract terms and executions are publicly visible on the blockchain, ensuring transparency and trust.
• Efficiency: By automating processes, smart contracts can improve efficiency and reduce costs.
• Security: Blockchain technology provides a secure and tamper-proof environment for storing and executing smart contracts.
• Trustlessness: Smart contracts can facilitate trustless interactions between parties who may not know or trust each other.

Applications of Smart Contracts

• Finance: Decentralized finance (DeFi) applications, such as lending platforms, exchanges, and derivatives.
• Supply Chain: Tracking products, ensuring authenticity, and automating payments.
• Gaming: Non-fungible tokens (NFTs), in-game economies, and decentralized gaming platforms.
• Real Estate: Property ownership, rental agreements, and escrow services.
• Insurance: Automated claims processing and premium payments.

Future of Smart Contracts

In the future, we can expect smart contracts to become more complex, handling everything from managing finances to automating legal processes. As advanced encryption and verification methods become more sophisticated, they will make them even harder to hack. Governments will likely create rules to ensure they're used fairly and safely.

Tokens

Tokens are digital assets that represent ownership or access rights to something of value. They are a fundamental component of Web3, a decentralized internet where users have greater control over their data and interactions.

Types of Tokens

There are primarily two main types of tokens:

1. Utility Tokens: These tokens provide access to specific services or products within a blockchain ecosystem. For example, a utility token might grant users access to a particular decentralized application (dApp), platform, or network.
2. Security Tokens: These tokens represent ownership in a company or asset, similar to traditional securities like stocks. They offer potential returns based on the performance of the underlying asset.

Key Characteristics of Tokens

• Divisibility: Tokens can be divided into smaller units, making them highly flexible.
• Transferability: They can be easily transferred between users on a blockchain network.
• Programmability: Smart contracts can be used to define the rules and conditions governing tokens, enabling complex functionalities.
• Interoperability: Tokens can potentially be used across different blockchain networks, facilitating cross-chain transactions.

Benefits of Tokens

For Individuals:

• Ownership and Control: Tokens allow individuals to own and control digital assets, giving them more autonomy over their finances.
• Accessibility and Inclusivity: Tokens can make financial services more accessible to people in underserved areas, as they often don't require traditional banking infrastructure.
• Diversification: Investing in tokens can provide opportunities for diversification beyond traditional financial instruments.
• Potential for High Returns: While investing in tokens carries risks, there's also the potential for significant returns.

For Businesses:

• Fundraising: Tokens can be used to raise capital for new projects or ventures, often more efficiently than traditional fundraising methods.
• Customer Engagement: Tokens can be used to reward loyal customers, create incentives for participation, and foster community engagement.
• Supply Chain Transparency: Tokens can be used to track the movement of goods and verify their authenticity, improving supply chain transparency.
• New Revenue Streams: Businesses can create new revenue streams by offering token-based services or products.

Applications of Tokens

• Decentralized Finance (DeFi): Tokens are essential for lending, borrowing, and trading on decentralized platforms.
• Gaming: In-game items and currencies can be represented as tokens, enabling players to own and trade digital assets.
• Supply Chain Management: Tokens can track the movement of goods and verify their authenticity.
• Identity Verification: Tokens can store and verify personal information securely.
• Real Estate: Property ownership can be fractionalized and represented as tokens.

Future of Tokens

As the decentralized internet continues to mature, tokens are becoming integral to various industries. From cryptocurrencies and NFTs to tokenized assets and governance mechanisms, tokens offer a versatile and innovative approach to value representation. 

Increased interoperability, standardization, and privacy improvements are paving the way for a more interconnected and secure token ecosystem. DAOs, powered by governance tokens, are disrupting traditional organizational structures. 

Moreover, the integration of tokens with everyday services, coupled with the potential emergence of CBDCs, promises to revolutionize finance and commerce. While challenges remain, the future of tokens is bright, with the potential to reshape industries and create new economic opportunities.