Mass Adoption & Blockchain Usability
Highlights from Singapore Blockchain Week panel
Despite the numerous advantages that blockchain technology provides to various verticals, this innovation is still far from being adopted at scale. What are the key obstacles and what can be done to speed up the process?
Is content really free on the web?
POP Network is a decentralized media platform helping creators and their communities capture value in the streaming economy. We all are accustomed to consuming large amounts of content on the web for free via centralized platforms such as YouTube and social media services like Facebook. But do we really pay nothing for that?
“Free” has a cost…our attention and our personal data.
After a few big privacy scandals and data breaches, users have started to understand the cost of “free” services. Now that online consumers are more conscious, they demand more control over their own data.
Streaming services may push blockchain adoption
One of the biggest side-effects of the recent pandemic is the exponential growth of streaming media services. With so many people in lockdown conditions, many companies are realizing that the only way to maintain the connection with their customers is through streaming media.
Streaming is now an absolute necessity for any company that wants to survive the pandemic era.
Currently, the streaming economy is ruled by YouTube (owned by Google) and Facebook. As streaming continues to grow in importance it would be insane for all of us to give all our data to such a small group of companies. Decentralizing the streaming economy is our only hope, and this what POP Network aims to achieve.
What about blockchain mass adoption?
In order to drive mass adoption, the industry needs proof-of-authority and willingness from the public to try something new. A good example might be a pop star explaining blockchain basics to her community of 10 million followers.
The daily routine in this brave new world where cryptocurrencies are used on every corner must be aligned with end-users’ control over their private information. Devices and platforms should work for us and not make us servants to centralized corporate giants.
“Take control, take the power, take the profits…and give them back to The People” — Valerian Bennett, POP Network
Ideas by the panel of blockchain experts
Other participants of the Singapore Blockchain Week panel had a few interesting thoughts to share. Here’s a brief summary of what ideas they mentioned and what obstacles they fight against:
- Branson Lee, the CEO of a Singapore-based exchange platform Ecxx.com, focuses on making the onboarding process for their users as simple as possible. Also, he is working on a promising project with multiple local government agencies to provide citizens with a secure digital identity.
- Craig Cobb, aka TraderCobb, is a podcaster and crypto trading educator. He points to the very small volume of the cryptocurrency trading industry compared to traditional markets. The industry still has a very long way to go with massive upside potential if it hits mainstream.
- Luke Stokes, the Managing Director of Foundation for Interwallet Operability (FIO), thinks that the biggest weaknesses of blockchain services are the lack of interoperability between various platforms and the clunky user experience. FIO is building solutions to fill that gap.
Takeaways from Singapore Blockchain Week
All-in-all, blockchain technology still has a long way to go before it gets adopted by businesses and consumers at mass scale. Usability, strong positions of centralized services, and the lack of trusted mainstream advocates pushing the technology seem to be the key obstacles. Nevertheless, many projects including POP Network are determined to succeed and continue to persevere.