“QR codes are a fad,” read the headline of an article published in Fall 2012. A few years later, the overhyped technology was included in a list of “Biggest Tech Fads of the Last Decade.” But then COVID happened, and now QR codes are widely used. The use cases were already there, but the need for social distance and everyone having internet-enabled smartphones combined to create the conditions for widespread use. Today, blockchain technology needs its own “Covid” moment.
PwC projected that in 2020, nearly every business would adopt blockchain 2025, boosting global GDP by US$1.76 trillion by 2030. Many analysts made similar predictions beginning around 2017. Yet today, blockchain products are not nearly as used as predicted. For a technology product to be widely used, it needs:
people changing their behaviors,
reasons for businesses to use it, and
appropriate tools to produce or consume it (aka, infrastructure).
As governments introduce digital identities and currencies, p
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