What is the actual role of blockchain technology in the global era of digitisation?
Coinstituency answers this question in an article discussing mainstream adoption, change of ideology and suggests solutions to move forward.
Our Co-Founder & COO, Sukhi Jutla, said: “The biggest hurdle towards blockchain technology is greater adoption and it comes down to a lack of education in understanding and communicating to users how blockchain actually works and how you can benefit from it.
The internet was around for over 30 years before it exploded and everyone was using it. She explains that the reason everyone started using the Internet is because we were able to create a user-friendly interface, which was simply the web browser that now made it easy for a non-technical user to access it.
Before the invention of the web browser, only programmers could use and access the Internet because only they could understand the coding language behind it. The same applies to blockchain technology today. We are yet to get to a place where we have an easy to use and user-friendly interface. Even today, there are multiple steps that need to take place in order to open wallets, transact and move payments around. Blockchain technology has the additional hurdle of also not getting enough support in terms of government regulation or the lack of regulation around how to use blockchain technology.”
She concludes: “In order for any technology to thrive, you need to have an environment that is conducive to innovation and growth. Going back to the Internet, this technology was actually being created by governments and armies, which is why it had ample funding and backing behind it. We also need to have this level of support towards blockchain technology if we are going to see this technology thrive and for regular people to use it in their day to day life.”
You can read the full article here.