Blockchain technology is one of the most promising technologies of our time and the basic concept is very simple. It’s basically a ledger or database, and I think a general education about what blockchain really is could be the key to widespread adoption.
Lack of knowledge and public awareness of the differences between blockchain technology and cryptocurrencies are the main obstacles to regular implementation. Hollywood and the media continue to portray the industry as a deeply criminal component that links it to the dark past of the Silk Roads and the dark web.
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Another hurdle that I see now within the cryptocurrency industry is scalability. We have seen serious problems with the Bitcoin (BTC) and Ethereum networks, which are choking due to excessive transactions and high transaction costs. Meanwhile, several networks like Polkadot and Tron are currently addressing these issues.
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Blockchain technology, business and users
From a business perspective, the most important barriers are the way blockchain technology is used, rising costs and a complete shift in doing business, resulting in more jobs than needed. Using blockchain technology for a company is an expensive option: it requires additional personnel and special training, which many simply do not have. I’m not sure if some industries are quite ready for this yet, but in my opinion blockchain implementation is efficient in both cost and time.
From a general point of view, blockchain has not yet received widespread understanding. A good blockchain company will need to develop a real world example of usefulness to the general public. People don’t need to understand exactly what the blockchain does. They just need to know the result and how it will benefit them!
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I work in the creative industry, so I will definitely look for anything related to media, films and art. I think the beauty of blockchain is that we can use it for almost anything. However, this could mean that some industries will be oversaturated with the “latest and greatest ideas” based on the blockchain model.
In any case, a startup that makes good use of new technologies is sure to interest me and other people.
Decentralization and the younger generation
“No keys, no coins” comes to mind. It is necessary to give people power and authority over their money and financial freedom. In 2021, the number of decentralized exchanges such as 1inch, Uniswap, JulSwap and PancakeSwap increased to take trading to the next level where you can control your keys and store them in MetaMask, Trust Wallet or SafeWallet. This gives you complete power and control over how you use it and how safe you are.
For me, this is necessary as a security measure to distribute your cryptocurrency across multiple trading platforms to avoid Mt. Gox or QuadrigaCX script. I ask traders not to keep all their eggs in one basket forever.
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Until we educate people about the limitless possibilities that new technologies can offer, it will be difficult to achieve mass adoption. That is why it is important to transfer these technologies and knowledge about them to the younger generation, where it is possible and necessary to achieve real transformations.
I want to remind the young and ambitious blockchain community that a goal without a plan is just desire, and it will never fail until you stop trying. This industry is still in its infancy and is very ready to embody ambitious ideas.