According to a survey by Deloitte, a phenomenon referred to as “blockchain fatigue” is starting to set in globally. Many executives feel that the potential of this technology has been overhyped and that its tangible benefits still remain elusive.
The majority of the UK, for example, hasn’t even heard of blockchain. For those who have, their definitions vary from a “form of currency” to a “children’s toy.” There’s an overwhelming mistrust in the technology, unsurprisingly, mainly due to a lack of education or understanding.
So how can we encourage mass adoption of blockchain tech when its benefits are over-exaggerated or unclear? How do we get the public on board without scaring them away? Here are the top three ways.
This shouldn’t be confused with marketing campaigns. Marketing and PR are an exceptional way of raising awareness, but they’re also prone to spreading confusion or inflating expectations. Blockchain technology is here to stay, but it’s in its infancy still.
Even those at the leading edge are trying to understand the best ways in which to move forward. So, education about what blockchain is (and isn’t) is essential.
One of the six pillars of Malta’s blockchain strategy is to educate the public about blockchain, specifically the government workers who will be using it every day.
Once we demystify the technology, we’ll also remove the fear of it. Companies should keep this in mind, especially in the UK, since over one-third of Brits say they wouldn’t trust a company using blockchain. Not because they know what it is, but because they don’t!
When the public hears about hacks and scams and then the word “blockchain” shortly after, they’re bound to become suspicious.
Once we commit to sharing knowledge, people need to know that there are rules in place and that they’re not acting outside of the law. Beyond regulating ICOs, the public needs laws and guidelines on blockchain technology to be put in place.
When we start to migrate documents to blockchains or use smart governance to collect taxes, we need laws to protect us when new situations occur (such as a smart contract malfunction).
1. Enterprise Adoption
If it’s on Facebook, it has to be real, right? Just kidding. Although, enterprise adoption will go a long way towards encouraging consumer adoption of blockchain tech.
Google and Facebook keeping quiet for so long had made a lot of people nervous. But now that the patent war is ramping up a gear and members of the public are seeing blockchain technology being used within various mainstream platforms, mass adoption is getting closer.