Will businesses be forced to engage with cryptocurrencies and distributed ledger technology in the future, whether they want to or not?
Yes, says Luke Stokes, Managing Director of the Foundation for Interwallet Operability.
Stokes notes that the rate of crypto adoption is accelerating, with some experts saying the number of users could rise to one billion within five years.
“Only 3.9% of the world is in crypto today,” Stokes says. “How could we be at a billion users in just a handful of years? It's one of the things that just catches people off-guard. It happens again and again throughout the history of network technology adoption, and yet, people seem to be caught off guard each time.”
Stokes says that he looks at the history of how other networks have adopted technologies, such as the smartphone and the internet. Stokes drew a comparison with an e-commerce business he founded in 2007. He said it quickly became apparent that e-commerce was the future, and that if your business isn’t on the internet, you’d be looked at as “completely silly and not professional.”
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“I think people are going to be asked, 'What's your NFT strategy for your business? What's your tokenization strategy? How are we going to be using a blockchain to provide clarity to all your vendors and all your employees and everyone else about your strategies economically and otherwise?”
If businesses aren’t focused on usability, and if they fail to position themselves with respect to new technologies, they will get left behind, Stokes says.
He identifies certain “on-ramps” that can ease users into the world of crypto—such as Coinbase or Gemini. Once people get familiar with the process of owning and purchasing cryptocurrency, they can then move into the world of Defi, or decentralized finance.
“We're trying to just make crypto as easy as possible for everybody. And that's what it comes down to when you have a wallet experience and, we're in, I think, 20-30 different wallets and exchanges now. We have a great consortium of people [and companies] that believe—c as we do that crypto should be fun and easy and simple,” Stokes says.
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