Why The Blockchain Is Not Gathering Traction Proportionately To Its Potentials
The blockchain has been hailed as a new technology that will change the world. This is indisputable with many changes seen so in sectors that has seen its introduction.
Beyond all these, some people presently argue that blockchain adoption is still far-fetched.
Let us look at some of the arguments:
Most people have no need for blockchain. This is the main fact. Most cryptocurrency proponents hail its many advantages, but truth is people at large don’t need it. Under the current blockchain community, the technology might see some widespread usage on certain industries, but that’s it.
1. Not needed by the guy next door
Yes, the healthcare system would be greatly enhanced by a blockchain. But your next door neighbor still has no reason to get a crypto wallet. Or to even look into how those work.
This issue exist not only at a personal level. It’s estimated that most of blockchains developed today are useless, or at least unnecessary.
The blockchain bubble will burst, but its remnants still live on. Many companies want to use blockchain not because they need it, but because they think they should use it. Things like Kodak’s blockchain, these projects don’t drive adoption. If anything, they hinder it by painting blockchain as a whim.
3. Lots of Mumb0-Jumbo
Blockchain isn’t helped by how difficult it can be to understand. Even many tech-savvy people have to take crash courses on it.
It’s just not something you can quickly grasp, and its concepts seem obscure and weird at first. Once again, for a tech-savvy person, or an engineer.
Now imagine what that elderly neighbor of yours with the cats will think when you talk of nodes, mining, digital wallets… Let’s say you may as well be speaking gibberish.
People don’t understand blockchain, and the explanations as to why it’s good are much too contrived. There’s no easy way to explain why they might want it.
4. Don;t Lose Heart
These things certainly can be said about many nascent technologies. They take time to find their footing, and it takes a while for an implementation to truly succeed.
Every invention in the world has gone through iterations. None has ever been adopted immediately.
That much is true. However, looking into how new technologies have become mainstream recently, there’s more. No new technology has ever taken root without being pushed by a major player.
In the years to come, blockchain is expected to be adopted as widespread as the Internet. Just that at present, the above contentions are relevant.