Blockchain adoption is a complicated process that can be likened to the position of the internet in the early nineties, which then makes its early adoption somewhat difficult but not impossible in the nearest future.
One major discourse among key players in the cryptocurrency industry is about the mass adoption of blockchain technology and its attendant effects on the market and businesses.
The future and impact of blockchain technology cannot be totally determined yet. The blockchain technology has features that go beyond cryptocurrencies and financial technology.
Blockchain adoption’s relationship with bitcoin
The entrance and acceptance of bitcoin to the financial market in 2008 has established blockchain technology as a force to be reckoned with. In the technology industry, Blockchain is the brain behind the development of bitcoin. Thanks to the success of bitcoin in breaking through the financial market, blockchain technology is the first to challenge our reasoning on what constitutes money and value. This has soared blockchain technology’s reputation and influence.
The issue of massive blockchain adoption does not necessarily involve the understanding of its operations. As long as blockchain technology can reach the adoption level of about nearly ninety percent, mass adoption can be claimed.
What impact does blockchain adoption have?
Blockchain technology stores its data in a decentralized accounting pattern that is constantly updated. Blockchain adoption is solely dependent on the trust and faith that the public has in its operations and features. The blockchain technology is a status quo challenger, working on the revolution of the collection, distribution, management, security, and sharing of data.
Hence, since data is a focal point of blockchain technology, it can easily be applied to any application that uses data. Blockchain adoption by industries can bring about the disruption that is needed by governments or private enterprises.
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