Trust in blockchain grows worldwide
We’re on the cusp of another breakthrough innovation, including the poorest, in a financial system that increases instead of limiting the value of their assets. Transforming the underlined economics and financial services through digital currency will help those who live in poverty directly.
The toughest point of any new technology is going from the early adopters to the early majority. This year, we saw that 35% of respondents are in production. We’ve crossed the chasm of adoption.Wallis describes the fact that the blockchain is not a marginal phenomenon in the technology industry, which may eventually disappear from the scene again, but is already used by countless companies in a wide variety of industries:Blockchain is becoming a reality, that is the key message. This spike in adoption is really a proof point that the value and the feasibility of leveraging blockchain in payments has been proven.
The adaptation and trust in the blockchain is already present worldwide. According to Grealish, the next milestone to be reached is to further develop the scalability, since especially in the financial sector many transactions or orders have to be processed within a short time:Scalability and ultimately increased adoption speed is contingent upon factors including simplified implementation and regulatory clarity.
Wallis and Grealish agree that trust is the basis for all further developments in this area. The blockchain offers new opportunities, especially in the area of security and identity, which, according to Wallis, will revolutionize the future technology industry. The report also shows that the blockchain has already arrived in various industries, as the chart below shows.
In addition, demand for the blockchain in the area of remittance services has risen sharply compared to the previous year.The companies surveyed stated that they consider the blockchain to be very reliable, fast and transparent. Market access and significantly lower costs, in direct comparison to traditional technologies, were also important.
Author : Collin Brown