The blockchain technology is in its infancy at this point of time. One of the leading problem that the technology is facing is the problem of adoption. There are very less people in this domain, investors, institutions and developers alike. With the advancements in centralized technology and applications, it is a point of utmost necessity that general public and developers should migrate to blockchain. The thing to keep in mind here is that the adoption totally depends on the attraction that this technology offers and the standout points from the centralized world.
The stand out point in the opinion of Jarrod Epps, the CEO of Goldilock is the security and transparency that the platform provides. This trusted security protocols are the ones which institutions are looking for in centralized areas but blockchain provides an easier solution by decentralizing the network. These security protocols should be kicked up a notch for better blockchain adoption. The other aspect is getting investors to invest in blockchain to make utility providing startups. These companies can individually play their role in the adoption by investing, while also having a secure chance of getting revenue on their investment as the technology has already shown in the past. Talking to BlockPublisher Jarrod Epps said,
We believe the keys to blockchain adoption are a greater proliferation of trusted security protocols for the actual use of blockchain technology, in combination with greater investment into implementation of the technology from Fortune 500 companies.
On the other side of the picture, is decentralized currencies, crypto. For crypto to prevail and get masses to bring their attention towards it, the only solution according to the CEO is provision of the service that the technology promises, i.e. decentralization. Fraudulent and manipulative activities are being carried out in crypto, like the event recently where Tether was responsible for the spike in Bitcoin. These events have been making crypto more centralized than decentralized. If decentralization truly covers crypto, that is when institutions would dive into the space while also attracting mass public. Giving his opinion in this topic, Jarrod said,
On the digital currency side, greater decentralization of ownership alleviating the potential for manipulation of token valuations is crucial to overall confidence in those markets.
All in all, for the technology to get to its full potential, adoption is the first step on the ladder and possibly the most difficult one to cross, but once mass adoption is achieved, sky is the limit for blockchain and crypto.