Blockchain Ventures to Achieve Mass Adoption Quickly
- Major industries adopting blockchain management
Among the blockchain industry’s challenges, the Key issue has been achieving mainstream adoption of the disruptive technology.
There is strong belief in the technology, as large enterprises and financial institutions are forging ahead with their respective projects.
While most blockchain ventures are focused on introducing sweeping disruption across industries, some are creating experiences that bridge the familiar with the new.
Crypto exchange Legolas leverages centralized and decentralized architectures to be able to offer features that not all current exchanges provide.
SpectroCoin also provides means for consumers to pay for purchases through a crypto-backed debit card which can be used even in brick-and-mortar settings.
Winding Tree aims to provide familiar experiences by abstracting blockchain behind recognizable interfaces.
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These ventures have the right idea in easing people into using the technology and bringing about its wider adoption.
Many of the blockchain projects have been aggressive in trying to bring about new experiences.
The case of payments.
Finance is still heavily regulated, so any effort which seeks to enable adoption by average users has to abide by rules and regulations. If the service has any chance of operating legally in most territories, there will be a need for some level of centralization in order to comply with governments and integrate with banks.
SpectroCoin’s introduction of a debit card brings more familiarity with the experience. Cards continue to be the popular means for people to transact both online and offline allowing cryptocurrency users to seamlessly function within the existing payments ecosystem.
User experiences must be simple and intuitive.
Some services seek to achieve this by using blockchain to power their back ends but continue to offer familiar front ends.
For example, travel distribution platform Winding Tree aims to provide a client-side interface that’s similar to existing systems and performs what users already expect. But by using blockchain, it ultimately brings benefits such as lower transactions costs for end users.
Many new crypto traders who were familiar with equities and Forex trading, decried the experience many exchanges provide.
Due to the lack of regulations, most offer little to no protection for investors. Breaches and theft of coins are likely to result in investors losing their money.
Only a handful of exchanges provided fiat (paper) currency conversions and there are still limitations for large transactions.
Legolas attempts to solve these issues by combining centralized and decentralized architectures in its exchange. It is bank-backed so investors have recourse through secured deposits in case something adverse happens. Its bank partnership also allows for large fiat transactions which could even enable more institutional participation. By leveraging blockchain’s decentralization, the exchange also provides transparency and auditability to prevent dishonest acts from happening on the exchange.
By creating an experience that brings the Key strengths of trusted established practices and improving them with innovation, such efforts help inspire more confidence in crypto activities. These help allay the fears and doubts of the average user and even give institutional users the confidence in adopting the technology.
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It is Key for stakeholders in the blockchain industry to encourage more belief in the technology. The average user must be able to appreciate blockchain beyond its cryptocurrency use case and more for the advantages it brings to a variety of activities. Easing users into crypto activities through familiar and intuitive experiences would help users settle in. The sooner users will experience how blockchain can improve upon transactions and experiences, the more they can become encouraged to shift their activities to blockchain services.
Blockchain is the future.
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