Blockchain technology is one of the most promising technologies of our times, and the core concept of it is really simple. Essentially, it is a public ledger or database, and I think that public education about what blockchain actually is can be the key to its mass adoption.
Lack of knowledge and perception from the general public of the differences between blockchain technology and cryptocurrency are the major hurdles of mainstream adoption. Hollywood and the mass media still portray the industry as having a deep criminal element, associating it with the shady past of Silk Road and the darknet.
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Another hurdle — which I can currently see as an insider of the cryptocurrency industry — is scalability. We have seen serious issues with both the Bitcoin (BTC) and Ethereum networks being throttled by excessive transactions and high transaction costs. Meanwhile, there are many chains — such as the Polkadot and Tron networks — currently addressing these issues.
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Blockchain technology, business and users
From a business-to-business perspective, the main obstacles in the way of adopting blockchain technology are additional costs and a total transformation of how business is conducted, resulting in certain jobs becoming redundant. Implementing blockchain technology into a business is an expensive option: It requires additional personnel and training in specialized skills that many don’t have. I’m not sure some industries are quite ready for this yet, but in my view, implementing blockchain is effective in terms of costs and time.
From a mainstream perspective, blockchain is still something not widely understood. A good blockchain business would need to develop a real-world use case for the general public. People don’t particularly have to understand what the blockchain does. They just need to know what the outcome is and how it will benefit them!
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I’m in the creative industry, so I would certainly look out for anything that has to do with media, movies and the arts. I think the beauty of blockchain is that we can utilize it for nearly everything. That does, however, potentially mean some industries will get oversaturated with the “latest, greatest ideas” based on a blockchain model.
Regardless, a startup that has a great use case for emerging technologies would definitely keep me — and other people — interested.
Decentralization and the younger generations
“Not your keys, not your coins” springs to mind here. It is essential to give people the power and authority over their own money and financial freedom. 2021 has seen a boom in decentralized exchanges like 1inch, Uniswap, JulSwap and PancakeSwap — to name a few — taking trading to a new level where you control your keys, holding them in your MetaMask wallet, Trust Wallet or SafeWallet. This gives you full power and control at all times over how they are used and spent, and how much security you have.
For me, it is essential as a safety measure to spread your crypto across several trading platforms to avoid a Mt. Gox- or QuadrigaCX-type scenario. I am forever telling traders not to keep all their eggs in one basket.
Related: Crypto asset diversification vs. all eggs in one basket
Until we educate people about the endless possibilities that emerging technologies could offer, mass adoption will be hard to achieve. That is why it is essential to bring these technologies and the knowledge about them to younger generations, where real transformations can and should be gained.
I would like to remind the young, ambitious blockchain community that a goal without a plan is just a wish, and you never fail until you stop trying. This industry is still in its infancy and is so ready for ambitious ideas to become a reality.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
