Four Steps for Consumer Adoption of Blockchain Technology

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With all the promotion and money flowing into the blockchain market, it’s so important to recognize that how young the industry is. As of now, blockchain and decentralized applications (dApps) have little real-world usage and a lot to offer. For decentralized applications and blockchain to be adopted, they need to provide a familiar user experience to consumers. In turn, here are four steps for consumer adoption.

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Presentation Transcript

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4 Steps for Consumer Adoption of Blockchain Technology

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With all the hype & money pouring into the blockchain & cryptocurrency market, it’s important to recognize how young the industry is. Consumer adoption has not been achieved & most projects are yet to be live. Much is promised by blockchain startups & often with little to show at this point. For decentralized apps ( dapps ) & blockchain to be adopted, they need to provide a user experience familiar to what consumers already use.

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Easy Wallet Interface Here are 4 Steps for Consumer Adoption Using Venmo to transfer money is simple. There’s a wallet, username, and a fun but optional social feature. Wallets should also be mobile friendly so users can easily send cryptocurrency wherever they are.

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Free or Hidden Transaction Fees Transaction fees are a barrier that consumers often will not accept. Requiring users to pay for the gas when calling a dApp functional is not a recipe for adoption. There are options to make it simpler for users such as “free” transactions. Users won’t directly pay the miners or validators, instead, miners/validators get paid through inflation.

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Scalability Perhaps the most talked about in blockchain is scalability. Whether it’s the lightning network, sharding, plasma, scalability is a fundamental step to adoption. Transactions must be nearly instant, very cheap & scaling fulfills both of those goals. Transactions become much cheaper with scaling for different reasons depending on the solution.

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Front End Application Development DApps need robust front ends for user interaction. The goal should be users experience the benefits of blockchain without having to know everything about it. Integrating wallets into applications is crucial and will allow users to transact directly from their phone.

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