Where Does Blockchain Stand This 2019?
Do you believe in predictions?
Former Wall Street executive and founder of crypto merchant bank Galaxy, Mr. Mike Novogratz predicts that mass adoption will occur in 5-6 years.
To expand on this thought, blockchain technology has been in the market for 10-11 years. It grabbed the world’s attention in its 9th year when Bitcoin reached it’s highest price.
Often compared to the rise of the internet, Bitcoin has an estimate of 20 million wallet owners worldwide in its tenth year. Compared to 248 million internet users in its tenth year, it seems that blockchain mass adoption is slower.
In fact, according to a report in Bitcoin News, 93% of British people are aware of Bitcoin but only 4% knows how to use it.
So is Novogratz’ prediction possible?
Or would it be sooner or later?
Novogratz says that there are two factors that contributes to mass adoption delay: few numbers of blockchain technology experts (causing increasing expense) and investor doubt.
Businesswise, these are true. But will users adopt to blockchain once industries utilize them?
According to the Technology Acceptance Model, user adoption depends on two factors: perceived usefulness and perceived ease of use. Blockchain technology is useful and capable of mass convenience that no technology has yet to reach. However, it must also be usable to all people regardless of technical capability.
It is then up to blockchain pioneers, to think of users in their goal to make mass adoption happen and make blockchain technology easy to use.