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Home»Blockchain»Blockchain is just one step away from mainstream adoption
Blockchain

Blockchain is just one step away from mainstream adoption

2024-03-02No Comments6 Mins Read
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A lot is happening with crypto and blockchain at the moment.

But the biggest news of the year is still the Securities and Exchange Commission’s approval of spot bitcoin ETFs – with $4.5 billion trading volume in the first 24 hours, all eyes are on the impact of this new investment vehicle on the public involvement in crypto and blockchain.

Because even though blockchain technology has been in use (and in public debate) for over a decade, it is still accurate to compare its progress to the early days of the internet. The nascent point in evolution – and the clear potential for eventual disruption – reflects Clayton M. Christensen’s disruptive innovation theory, a theory that emphasizes how technologies subvert established markets.

No matter how revolutionary or unique, new innovation remains intrinsically linked to the past. By learning lessons from breakthrough technologies that are now accepted as core to life and society, we can deal with the complexity of this next big technological shift.

While there will be adoption and usability challenges along the way, I believe that blockchain’s path to imminent mass adoption closely mirrors the innovation cycles of past technologies with modest and then astronomical trajectories. And the SEC’s spot bitcoin ETF approval is a moment that signals both validation and acceleration. Let me explain.

Cycle One: Emergence and Initial Challenges

Like the early stages of both the Internet and cloud computing, the early stages of blockchain were characterized by enthusiasm tempered by challenges.

Early adopters of blockchain – similar to cloud infrastructure pioneers – faced skepticism, technological hurdles and a lack of clear market fit. Data from the early 2010s reflects a growing interest in blockchain, but also reveals the struggle to find practical applications and widespread adoption.

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It was during this period that the cryptocurrency space became the primary use case for blockchain technology. The rise of Bitcoin aroused curiosity and stimulated experimentation in the chain. But while the promise of decentralized, reliable systems fascinated innovators, their practical implementation has faced numerous obstacles.

Scalability issues, regulatory uncertainties, and blockchain’s association with volatile cryptocurrency markets have hindered its wider adoption.

Blockchain technology was still in its infancy at the beginning of 2010. And like any breakthrough innovation, overcoming the initial challenges took time, perseverance and a dedication to refining the technology’s capabilities.

Cycle Two: Market Recognition and Consolidation

Within two to three years, blockchain technology expanded from testing labs and hackathons to real enterprise applications used by global giants like IBM and Maersk. Making the leap relatively quickly, the technology entered a phase similar to the consolidation of the dot-com era – where performance, usability and UX swept away the first wave of providers that could not meet the expectations of enterprises, developers and users.

During this period, blockchain gained critical market recognition and investment growth, and its solutions began to demonstrate practicality. The industry also witnessed the rise of alternative blockchain platforms such as Ethereum, each offering unique features and addressing the limitations of previous iterations.

The mid-2010s also marked a turning point for blockchain, with a surge in corporate adoption and a notable influx of attention from the tech industry, largely anchored by forward-thinking larger companies and startups. Although regulatory frameworks began to take shape around the world, country-specific dynamics continued to create a more stable environment for companies to explore and implement blockchain technology.

In both the internet and the blockchain of the dot-com era, viable business models emerged during this phase – and with them substantial investments that laid the foundation for long-term sustainability. Like dot-com, blockchain experienced rips at the seams as the underlying infrastructure and technology quickly transitioned from a speculative concept to a legitimate technological innovation vulnerable to system failures, user sentiment, and industry scrutiny.

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In other words, the focus on enterprise, commercial and potential users was enabled, but the backend infrastructure remained painfully slow and the frontend UX noticeably lagged.

Cycle three: Dominance and market integration

Blockchain’s current phase reflects the evolution of the cloud computing industry from an emerging test group made up of startups and risk-taking ventures to a market product with room for improvement. While there is still significant progress to be made in adoption and onboarding, processing, security, interoperability, and UX, the developments currently happening on blockchain are approaching web quality and web scale.

Today, blockchain technology powers applications in various industries, from finance to supply chain management – ​​and this is just the beginning. Recent market analyzes highlight the growing footprint of blockchain, indicating its transition from an emerging technology to an integral part of the global digital infrastructure, similar to the cloud in Web2.

In my opinion, we are months and years, not decades, away from people around the world using Web3 to conduct financial transactions, scroll social media and play games at Web2 speeds – with UX at a level to which users may not realize their digital experience is made possible by blockchain.

The growth of Blockchain is already reshaping traditional business processes and models. In the financial sector, blockchain enables faster and more secure transactions. Supply chain management benefits from increased transparency and traceability, ensuring the authenticity and integrity of products. Smart contracts automate and streamline complex agreements, minimizing the risk of fraud and errors.

And in addition to fueling surging trading volumes, the SEC’s approval of spot bitcoin ETFs sent a global signal of validation to governments assessing the viability of blockchain applications in both the private and public sectors.

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Importantly, the evolution of blockchain has given the concept of decentralized finance (DeFi) credibility – and practicality. We are already in a reality where traditional financial services are being replicated and even enhanced using blockchain technology. This is transformative because it will eliminate the need for middlemen, opening the door to financial participation for virtually anyone with internet access. This democratization of finance has the potential to provide financial services to underserved populations and redefine the global financial landscape.

The conclusion: Blockchain is on the brink of a unique disruption

Today (literally today), blockchain technology is on the cusp of a new internet era – one fueled by web-scale decentralized ecosystems.

As we move forward, companies, policymakers, and builders will increasingly look for responsible, interoperable, and secure blockchains that have a proven ability to scale and meet the needs of the millions of people worldwide who will use them every day. Most importantly, we can build a more transparent, efficient and inclusive digital world.

Mo Shaikh is co-founder and CEO of Aptos Labs. He is a three-time founder with over a decade of experience in blockchain/crypto and multinational financial services, including a stint on the alternative assets team at Blackrock.


Mo Shaikh is co-founder and CEO of Aptos Labs. He is a three-time founder with over a decade of experience in blockchain/crypto and multinational financial services, including a stint on the alternative assets team at Blackrock.

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