Blockchain technology is one of the most promising technologies of our time, and the core concept is really simple. In essence, it’s a public ledger or database, and I think the public education about which blockchain indeed This can be the key to his mass adoption.
Lack of knowledge and public awareness of the differences between blockchain technology and cryptocurrency are the biggest hurdles to mainstream adoption. Hollywood and the mass media still portray the industry as a deeply criminal element, linking it to the shadowy past of the Silk Road and the darknet.
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Another hurdle that I currently see as an insider in the cryptocurrency industry is scalability. We have seen serious problems with the Bitcoin (BTC) and Ethereum networks, which have been throttled by excessive transactions and high transaction costs. There are now many chains – such as the Polkadot and Tron networks – currently dealing with these issues.
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Blockchain technology, businesses and users
From a business-to-business perspective, the main barriers to adopting blockchain technology are additional costs and a complete management reorganization, which results in certain jobs becoming redundant. Implementing blockchain technology in a company is an expensive option: it requires additional staff and training in specific skills that many do not have. I’m not sure some industries are ready for this just yet, but I think implementing blockchain is effective in terms of both cost and time.
From a mainstream perspective, blockchain is still something that is not widely understood. A good blockchain company would need to develop a real-world use case for the general public. People don’t particularly need to understand what the blockchain is doing. You just have to know what the result is and how it will benefit you!
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I’m in the creative industry so I would definitely be on the lookout for something to do with media, films, and art. I think the nice thing about blockchain is that we can use it for almost anything. However, this may mean that some industries will become oversaturated with the “latest, greatest ideas” based on a blockchain model.
Regardless, a startup that has a great use case for new technology would definitely interest me – and other people -.
Decentralization and the younger generations
“Not your keys, not your coins” comes up here. It is important to give people power and authority over their own money and financial freedom. 2021 saw a boom in decentralized exchanges such as 1 Zoll, Uniswap, JulSwap and PancakeSwap – to name just a few – and brought trading to a new level where you control your keys and store them in your MetaMask wallet, Trust Wallet or SafeWallet can. This gives you full power and control over how they are used, spent and how much security you have at all times.
For me, as a security measure, it is important to spread your crypto across multiple trading platforms to avoid a mountain. Gox or QuadrigaCX scenario. I tell the traders forever not to keep all the eggs in one basket.
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Unless we educate people about the endless possibilities that new technologies could offer, it will be difficult to achieve mass adoption. Therefore, it is important to make these technologies and the knowledge available to younger generations about where real transformations can and should be achieved.
I want to remind the young, ambitious blockchain community that a goal with no plan is just a wish and you will never fail until you stop trying. This industry is still in its infancy and so ready for ambitious ideas to become reality.
This article does not contain any investment recommendations or recommendations. Every step of investing and trading involves risk, and readers should do their own research in making their decision.
The views, thoughts, and opinions expressed here are the sole rights of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Lisa N. Edwards is an Elliott wave specialist with more than 20 years of experience in traditional stocks and commodities that now only trades cryptocurrency. She runs GettingStartedInCrypto.com, ThousandToMillions.com, and The Moon Mag, and is co-owner of Josh Taylor. Lisa has extensive experience in previous business activities such as Satoshi Sisters, Trading Places VIP, D4.Partners and CoinRunners. Outside of trading, Lisa has a thriving career in the media and film industries with a cryptocurrency-themed screenplay titled “Coinrunners,” which she expects to be filmed in late 2021.