Tech experts claim that in the last 2 years technology has developed more than in the past 20 years altogether. As as the progress in all fields is becoming faster and faster, the fear of being left behind (very inconveniently abbreviated as FOBLB) is a consequence that even some of the savviest CxOs are prone to.
When it comes to blockchain, the high knowledge-barriers to entering its world don’t make the issue any easier. Wesley Graham and Robert Greenfield write about the four major issues in the industry that prevent blockchain’s wide commercial adoption.
To start with, the interfaces of crypto applications are not exactly welcoming to users without technical knowledge. The creation of user experience that doesn’t demand acquiring considerable knowledge or doesn’t even mention blockchain is the first and the most simple infrastructure improvement needed.
Second of all, blockchain needs a hybridized service that combines the advantages of both central and decentralized models. This will be the prerequisite to introducing some much-needed solutions to interoperability, scalability and liquidity.
Thirdly, a system should be put in place that takes the arbitrage out of exchanging because if the users have the feeling that marketers and arbitrageurs are taking advantage of them with every conversion of currencies, mass adoption is not going to happen anytime soon.
The fourth bridge leading to commercial integration of blockchain refers to stablecoins. However, it is not about their stability, which already receives sufficient attention, but about its economic growth. Economic growth in itself may have to be redefined in our world desperate for decentralization and monopoly disruption, but its mechanisms need to be fostered nonetheless.
The blockchain industry is indeed very young, but that is no excuse for not being critical of itself. In order to spark adoption by the general population, the industry needs to break the bubble and see itself from the outside perspective – from the eyes of that same population. Waiting for them to come to us is going to be a long wait. Let’s make them come to us.