Blockchain Inclusion Necessary For Adoption To Be Achieved: How To Grow Crypto Accessibility
Although digital assets have only been in existence for ten years, the impact that they have had on both local and universal markets is intense. October saw a pilot being launched in Uganda, an East African country which targeted more than one thousand local farmers. The farmers taking part in the project were to be given various digital assets.
It is important to note that close to fifty percent of the local population in Uganda is not formally banked. The purpose of this project was to handout cryptocurrencies to the farmers, which they were to then use in acquiring new farming tools that they could use to enhance their agriculture businesses without having to rely on traditional banking institutions.
Looking Towards Enhanced Adoption Of Blockchain Technology
The one thing that is becoming clear even as more and more startups release their ICOs is the fact that many technologies are not looking for ways that they can use to make the tech more accessible by the common man. This is because the products that are being released by the startups tend to be too practical for the layman.
By the end of the day, the user is forced to take various measures for them to learn how to use new products without committing irreversible errors. For instance, a second report released in the United Kingdom shows that although close to ninety-three percent of the populace have heard about bitcoin and knows what it is; only four percent of this group actually understand how they can use it.
This means that if adoption is to become a reality in the next few years, it will be essential to make sure that all these technologies are easily accessible. The DLTs should be as accessible as possible—unbanked communities should be in a position to access and use them. The same case should apply to individuals who already have access to good infrastructural networks.
For those working on ways to develop and ensure that this industry gets to grow, there is a need to understand that the only way this dream will become a reality is to make it inclusive. All members of the society regardless of their backgrounds and levels of education ought to have access to the technology. It is the only way to ensure that mass adoption becomes a reality.
Encryption—Punks And New DLT Users
As is the case with all new technologies, the very first people to fully make use of blockchain technology were individuals who possessed advanced technical expertise. The main reason why they chose this tech is that they had seen its ability to disrupt political, social, and financial jurisdictions.
This is an actual nod to Bitcoin’s founder Satoshi who in its whitepaper charmed individuals who would like to defy the norms that were already being used by the traditional financial institutions. In the whitepaper, Satoshi had noted that if the economic collapse experienced in 2008 was an indication of things to come, then it was necessary to come up with a new piece of technology that was capable of withstanding market volatility.