It can sometimes seem that there is little good news for blockchain in today’s bear market. Little good news, that is, that makes a difference in falling crypto prices. But when we stop considering investment returns and look instead at the progress made by the companies behind the major cryptocurrencies, blockchains like Ripple are actually more widely used than ever before.
Ripple’s Vice President Monica Long paints a compelling picture in a recent interview with Forbes, about the future of blockchain and the channels by which its promise will be realised. Let’s take a look at some of her key points, and consider whether or not now is a good time to buy XRP while the prices are still low.
The Future of Blockchain Adoption
Monica Long advises blockchain enthusiasts to look to what works, rather than trying to make blockchain fit every technological purpose. There are some use cases, Long warns, for which blockchain will not be a good solution.
Ripple has differentiated itself by making cross-border payments fast and affordable. This is not a controversial opinion. Ripple does this task better than existing technologies. There are thousands of businesses which rely on cross-border payments. That’s why so many banks and other enterprises have adopted Ripple.
Long wants all blockchain companies to focus on key market vectors like this. What are applications for which blockchain is ideally suited right now, and which of these can it do its work in the present regulatory environments? When blockchain can make routine processes easier, blockchain solutions will gradually be adopted over the status quo.
Long says that companies around the world can accelerate this process by being realistic about whether or not their business would benefit from blockchain. Some simply don’t need it. If a business does think that blockchain could reduce friction, they should understand which of their customer demographics would appreciate and be able to use/comprehend the new solution. Then community engagement can help carry the new solution into widespread application.
Currently, 8% of American adults own cryptocurrency. This isn’t a huge number, Long says, but it is a very committed and passionate population. By engaging these customers, companies may find that people are more willing to use and evangelise their products/services. This could accelerate the growth of crypto, beyond the rate of industry adoption that would result from new efficiency standards alone.
Ripple understands that the current regulatory structures put in place by most world governments are not ideal for blockchain. But this isn’t stopping it from setting itself apart in ways that are allowed in today’s situation. Other blockchains should listen to Monica Long’s words, because this could put them in prime position for advantage if and when regulations change for the better.
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