When a new technology is easily used by the general public, even if they don’t have the necessary expertise or even rudimentary skills, only then can it be said that it has gained mainstream adoption. Blockchain’s decentralized nature is to be commended because of its availability and openness to anyone who wants to participate in the system.
But in its current state, only those with specific skills such as the interpretation and understanding of computer codes are the only ones who are able to maximize the potentialities of Blockchain resources. In other words, when mainstream deployment is concerned, there is a very slow Blockchain adoption rate. Some observers believe that making its user interface friendlier will solve this problem.
The Primary Reason Why The Slow Adoption Rate
Dr. Yassin Hankir, founder and CEO of Savedroid, said that many people who know nothing about Bitcoin, wallets, etc., think that the crypto world is strange. He believes that the hype given to Bitcoin in the recent past has considerably made people aware and attracted to crypto currency. On the other hand, he also laments the adverse effect of its knowledge gap. He suggests that the development of new user interfaces will allow the general public to understand investing in crypto currencies just like ordinary bank savings account.
The main reason why there is reluctance among the masses to involve themselves in crypto investments or transactions is lack of knowledge. To them it is a complex thing that takes time and skill to understand. For example, the simple wallet address usually consists of a long code series which is very hard to memorize. This makes it difficult to learn and makes it inconvenient for a majority of its supposed users.
How It Will Be Done
According to some observers, the very first need of Blockchain is the development of new user interfaces. This will allow easier and faster applications of crypto currency solutions without requiring the user to have special skills in coding or specialization in a computer language. If the creation of new and friendlier user interfaces will start now, we can expect the mainstream adoption of Blockchain.
According to the CEO of Netcoins, Michael Vogel, various developers are now working on creating new applications. One such application will be useful in an accounting system based on Blockchain. If this app is developed, it would enable accountants to create and access financial and accounting reports on the crypto currency. It will be a user-facing app which does not even require elementary coding skills.
This development is also observed and supported by Agrello, an Estonian Blockchain startup. It claimed that technology is already being created that will enable users to formulate legally binding documents without having any legal or coding skills. This tech will also enable the streamlining of the entire process by using automatic allocation of resources. The Estonian startup is actually going to develop a certain graphical interface which will enable users to compose contracts, and then compile them in codes. They are then managed and controlled by agents based on models of BDI-software on behalf of the users.
Jan Van Melle, the CTO of Avesta, stated that for a technology to be adopted by the mainstream, it must satisfy the following conditions:
- It should be safe to use,
- It must have a real use case
- It should offer some kind of benefit
Melle further explained that the technology doesn’t have to be understood by the general public for it to be accepted. He cited the example of the mobile phone. Most of the people who use their smartphones don’t really know how their devices work. But still they use them many times a day. The Avesta CTO suggested the modification of the technology’s front end and designing it so that it will be more user-friendly. This will encourage the masses to adopt Blockchain.
Melle also suggests that rather than using a code series as identifiers, Blockchain could use simple account numbers to represent individual wallets. In this way, the anonymity feature of the technology will be retained, but its compatibility will be greatly improved.
A Hybrid Approach Will Help
Blockchain is still evolving. It is still open to many modifications since it is not yet a finished product. In that sense, some have suggested for established organizations to think about a hybrid approach. It is a process wherein the centralization and decentralization of the technologies will be balanced while aiming for a future where the structure of the technology is decentralized.
The goal is to have a hybrid model with a structure that will
- Offer the benefits and advantages of decentralization
- Retain the trust of the network that every transaction is valid
- Function without requiring each node participant in the network to validate every transaction
To the layman, trust is very important, especially when it comes to monetary transactions. Trusting an invisible and anonymous system that he can’t really understand is very far from his mind. Thankfully, this situation is now being changed. One of the examples is Kakao of South Korea. This telecom giant has recently announced that it will introduce its virtual currency to raise fund for its upcoming Blockchain projects.