A perennial question about blockchain technology: When will it have a big impact? Understandably, industry enthusiasts want this technology to deliver on its promise to empower consumers, accelerate cross-border payments, and bridge the economic integration gap for those who don’t do business with banks.
The truth is, opportunities are limited today. From the little data we have about cryptocurrency adoption, we can see that the group of active users is relatively small in size and reach – mostly millennials and quite a few men.
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Several countries have proven to be leaders in this area; For example, a survey found that 32% of respondents in Nigeria, Africa’s largest economy, said they used or owned cryptocurrency. With this in mind, only 7% said the same in the US and 8% in China.
This limited distribution can be attributed in part to the fact that today’s products are for users who know what they are doing. It is intended for people who know or want to study the bonds they need to navigate through in order to transfer their financial assets from digital currencies to cryptocurrencies and vice versa, as well as learn about the benefits of this.
An encryption tool that allows people to use in their daily life is based on the fact that they have taken the time to develop the right underlying infrastructure. This infrastructure will allow the most active use of cryptocurrency, for example, to provide inflation in unstable economies, provide cross-border transfers and solutions, pay bills and charge for goods and services as a trader.
Stable currencies – tokens backed by fiat currencies – are critical to this infrastructure; They create a bridge between the digital and physical world, between virtual and physical values. They make digital currency useful so that it can be traded, exchanged, stored and used quickly and efficiently – wherever you are. This is the promise of blockchain technology.
But stablecoins alone won’t do any good. They want a simple platform that makes it easier for consumers to use their digital assets. Many of today’s platforms are aimed at experienced traders, investors, and savvy cryptocurrencies rather than regular retail users. The increasing adoption of blockchain will depend on the creation of platforms that are accessible and familiar to consumers so that they can be sure of being connected to their digital and physical assets. For the average consumer, platforms that hide the background of the blockchain need to be designed in an intuitive way and incorporate customers’ existing digital habits.
Blockchain for business
This last component is essential to create the right infrastructure for wider blockchain adoption. However, this still requires a focus not only on the business, but also on customers and also between companies. Blockchain infrastructure should be easily accessible and easily integrated for business.
In its latest analysis of the blockchain landscape, Big Four auditing firm Deloitte argues that the technology’s attractiveness and sustainability depends on “the use of digital assets and the role these assets play in future trading.” To get there, you need a business-friendly crypto wallet and a crypto wallet.
With the rise in digital payments, businesses already need to quickly adapt to new payment methods – or more generally online and offline. To motivate them to view blockchain and stack coin innovation as an attractive addition (or alternative), there needs to be an appropriate infrastructure, such as generic APIs, so that stores and businesses can offer cryptocurrency payment options without incurring a large operational burden. …
Building a B2B infrastructure and building an ecosystem to support it ultimately increases consumer adoption as it means blockchain technology is available where consumers use it, providing mobile and global money that can be used on business platforms.
The driving force here is to make blockchain technology mainstream. In the same Deloitte survey, 89% of respondents said they think digital assets will be very, or to some extent, important to industries over the next three years. We must now create this technology in order to have the right infrastructure and prove that the blockchain can deliver on its promise.