Diving deep into the future of Crypto!
Why is crypto stagnating right now? How can we increase public trust, especially within the financial industry, in light of major scandals? And how can we predict the most likely future use cases?
It’s always amazing to have an opportunity to chat with savvy influencers in the field, which is what I did in a panel discussion as part of Fintech Week in Tel Aviv a couple of days ago on the topic of “Blockchain coming of age: The latest global trends.”
Moderated by Grit Daily’s senior editor and veteran financial journalist Stewart Rogers, the panel got off to a great start, diving deep into the reasons for the industry’s stagnation, which include the lack of a real need. Obviously, widespread adoption can’t happen until we can communicate the benefits of blockchain to a majority of end users, and that has yet to happen.
Panelists, including Yaniv Feldman of One Alpha, Jonathan Caras of Lionschain Capital, and Jane Lippencott of Origin X Capital, seemed to agree that crypto applications have become a kind of a hammer looking for a nail, and that’s why we’re seeing the market stagnating and in some cases plummeting at the moment.
But what’s going to save crypto is communicating the powerful use cases that do exist, and everybody in the industry needs to get behind that.
Like what?
Some of the top use cases, according to panelists, included the fields of frictionless payment systems and financial tools for ecosystems.
Platforms can also do more to meet end users where they live. Great examples of that which came up during the lively discussion included the rise of coins like JPM, from mainstream financial giant JP Chase Morgan, and the anticipated Facebook coin that end users can access via Whatsapp. Observing more closely where our users are today will help us foresee the cases in which crypto will be most needed.
Vegan Nation is a great example of tailoring crypto to meet end users’ needs. This community has very specific and clear requirements, namely a desire to support ethical, cruelty-free transactions. By facilitating these types of transactions, VeganCoin becomes a wonderful model for crypto that serves its end users and provides an immediately tangible benefit beyond the tight-knit blockchain world.
By meeting users’ needs, in turn, we’re all going to benefit as crypto gains momentum, winning back public trust to truly come into its own.
It was such a privilege and so much fun to be part of Fintech Week, especially as part of its first two days, which were dedicated exclusively to crypto and other emerging blockchain applications and their potential repercussions.
