Block.one Chief Technical Officer (CTO) Daniel Larimer made an interesting observation about the blockchain industry in a recent interview with CNR, pointing out that the technology will “break through” to the mainstream once it becomes so ubiquitous that it is hardly even mentioned.
After his keynote speech at the recent Blockchain Live event in London, Larimer shared his thoughts on what he expects from the industry in the future. Larimer predicted that in the not so distant future, all businesses will be using blockchain.
Next, Larimer explained that most businesses will jump on board as a simple upgrade because the software will make their lives easier. Larimer stated:
To get from where we are today to there is a matter of getting the existing businesses and existing proven business models to upgrade their software to use blockchain give users greater security....Banks lose hundreds of billions of dollars every year to fraud, either from inside or outside. The biggest use cases are actually coming from the businesses which have these huge liabilities adopting the blockchain… Then their customers are going to benefit from it automatically and transparently.
Larimer also recognized that the industry has a lot of work to do in terms of making the software user friendly for the average user.
The other big use case is eliminating the need for constantly changing your password – or complex passwords – because that actually makes things harder for users. When people start making things easier, when blockchain actually makes people’s lives easier and more secure, that’s when it’ll get widespread adoption.
The technical barrier to entry has already been a problem for EOS, as CryptoGlobe reported, some users interested in EOS applications have had a difficult time learning to use them.
Larimer suggested that the early adopters of any new technology are going to be driven by a strong philosophical belief in the capabilities of that technology. However, a technology does not become a part of everyday life for most people until it is proven to make their lives easier with minimal risk and cost. Larimer concluded:
So far, the early adoption of Bitcoin and cryptocurrencies is very philosophical. It’s inherently limited to people who actually believe in the cause. That’s true with all early adoption. It’s true with electric cars. It’s true with blockchain.