News

Moving to Blockchain Based Transactions

 2019-06-28 By: InnoVEX Team

One of the speakers in the Blockchain forum is Ms. Peko Wan, Vice President of PUNDI X Labs. In her keynote speech, Ms. Wan talked about how blockchain and cryptocurrency needs to overcome certain challenges to be adopted by the masses.


Making Mainstream Blockchain Transactions


According to Ms. Wan, less than 5% of the world’s population has been in touch with blockchain. Blockchain and its applications such as cryptocurrency are actually quite well-known and a lot of people have heard of them; however they are less well-understood; deterring mass adoption. On the user side, cryptocurrency is often seen as not yet ready for mass adoption; citing bad user experience, confirmation time, and price volatility as the issues.


Blockchain based hardwares might be able to reduce the concerns as it will enable consumers to do transactions on the blockchain through a mobile application or even through a card. The hardware can lower the technology barrier for most of the consumers and enables innovators to bring the technology to more places and countries that need it.


The ecosystem also needs to be able to integrate fiat currency with cryptocurrency almost seamlessly so the users can buy additional cryptocurrency with their conventional currencies easily. If the hardware is to be used as a point of sales (POS) system, essentially it will need to be able to make purchases, sales, and transactions smoother.


Opportunities in Unexpected Places


Perhaps one of the less expected trends about cryptocurrency is that it is gaining prominence in Latin America. This might be due to many currencies in the region face destabilization or instabilities which cryptocurrency might not face. In this regard, cryptocurrency can be a more stable value holder and method of exchange rather than the national currency. The good news is, cryptocurrency offers a flexible solution that can be applied to traditional businesses that want to tokenize their loyalty points or to modern blockchain companies that issue tokens to have real world use cases.


To watch the full forum session, visit our YouTube channel here.

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