Most technologies run through an adoption phase, faster in some cases than others. In some ways, it’s fair to say that Bitcoin adoption has been swift.
For comparison, an MIT report found that it took the first telephones 25 years to penetrate even 10 percent of the potential market. Surprisingly, electricity took 40 years. People turned to cell phones and tablets faster, but those provided the familiar functions of telephones and computers.
How Far Has Blockchain Adoption Advanced?
Forbes found that from an investment perspective, blockchain has reached the early majority phase of adoption and is on the cusp of full adoption.
For example, market capitalization for crypto in 2017 grew from $18 to $500 billion. That year, more people downloaded the Coinbase app from the Apple store than any other, and the company signed up their 10 millionth customer. Worldwide, other apps in Korea and China have exploded their user bases.
Thousands of ATMs for Bitcoin and other crypto have sprung up all over the planet as well.
Blockchain adoption and college students
- 18 percent of American university students own cryptocurrency. Colleges have begun to offer courses about crypto and blockchain tech in response to students’ demand.
- Though blockchain suffers from a shortage of developers, only 34 percent of computer science and engineering students demonstrated interest in learning about it.
- At the same time, 47 percent of students in social sciences expressed interest in classes that geared towards their disciplines.
Students seem eager to explore the human potential of blockchain more than the servers and code that support it.
The Technology Barrier to Full Blockchain Adoption
While blockchain has earned investors’ attention, it may have lagged behind in technological development. There’s much more to blockchain than crypto, but there’s a dire, global shortage of trained talent to harness its potential.
Anybody who has ever waited for a Bitcoin transaction to complete knows the network can get bogged down, so blockchain appears to struggle with scaling.
Even if projects weren’t slowed because companies lack experienced developers, some blockchain systems may not have the bandwidth to support more projects and users without improvement.
From a tech perspective, blockchain may still lie in the innovation category of adoption.
On the other hand, this obstacle to mass adoption opens plenty of opportunities for new development. After all, a ready market wants to invest in blockchain and corporations are poised to harness its potential. Landline phones, computers and smart phones improved over time, and that’s likely to be the case for blockchain.
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