Factom And Wanchain Founder Jack Lu Shares His Views On Blockchain Enterprise Adoption
Wanchain Founder Jack Lu Shares His Views On Blockchain Enterprise Adoption
There’s no denying that 2018 was a relatively rough year for blockchain, however, a lot of experts are hopeful that the technology will once again attract mainstream attention before the end of the year. In this regard, Jack Lu, Founder of Wanchain and Factom — two projects that have a combined market cap of more than $120 Mil — shared his thoughts on his recent partnerships with big-name players like Telefonica (as well as his many mass adoption initiatives).
By 2013, Lu co-founded Factom, a project where he also served as the CTO. However, by 2018, he shifted base to China to work on a number of blockchain offerings being developed for local enterprises and government organizations (this was also around the same time when Lu started to lay the foundations for a project called WanChain).
Crypto Adoption Has To Be Approached With A Certain Level Of Patience
In a recent interview with Lu, he was asked about how various industries should deal with blockchain adoption. In this regard, he pointed out that mainstream firms needed to have a more combined, single-pointed dedication to create “ tools/ DApps that are not only easy-to-operate but also make use of cross-blockchain technology”.
Additionally, he also added that once a “single, user-friendly application” could be devised for novices/intermediate blockchain enthusiasts, mass adoption of the technology would finally take off in a big way.
He then added:
“The ideal vision for the future of interoperability between blockchains is a world where the user interacts with applications, without any knowledge that value and data are being transferred across multiple blockchains in the background. However, to get to this point, there needs to be very well-established standardization and specifications among the industry.”
Lastly, he went on to say that another defining factor that had a huge role to play when it came to blockchain adoption was the need for newer regulations (that didn't involve the interference of centralized authorities).
Lu Opens Up About Recent Telefonica Partnership
Many of our regular readers may remember that Lu recently partnered with Telefonica and Rivetz in order to create a secure cross-chain wallet prototype. In fact, as per many reports, this device is all set to be showcased at the upcoming Mobile World Congress in Barcelona.
“I believe we will see a similar uptake curve to what we saw with the traditional technology industry, where mobile devices exponentially increased utilization of applications across every sector of business.”
Lastly, he went on to reveal that PundiX’s core dev team was currently in the process of fostering a global payment ecosystem that would consist only of digital entities such as:
- PoS (point-of-sale) devices
- Crypto wallets
In closing out this piece, we should point out that owing to the ever-evolving nature of the crypto market, it is tough to choose just a few trends that will define the industry at large for the remainder of the year.
It now remains to be seen what the future has in store for this burgeoning domain.