An increasing number of enterprises and services have been utilizing blockchain technology since it was developed over a decade ago. However, global nations struggle to achieve mass adoption despite its wide popularity.
Forkast News Chief Correspondent Joel Flynn said this is understandable considering the state of the digital asset industry following the FTX implosion and the impacts of the “crypto winter,” which resulted in heightened concerns among the public.
“With blockchain technology, the technology is great, but once you introduce people, suddenly you have a whole new variable, and that’s where I think a lot of the tension is coming with some of the bigger problems we have in the sector,” Flynn said, noting that while the collapse of the ‘crypto’ house of cards has worried users, it is a different story for blockchain developers and experts.
He said industry players remain optimistic about the future of blockchain and have continued to work on solutions to innovate global industries. And while the excitement has slightly waned among public members, particularly those heavily affected by the events of 2022, it remains evident that global leaders have their faith in the technology, launching project after project to ramp up adoption.
Countries in Southeast Asia are a prime example of this, Flynn said, citing a recent Chainalysis report, with Vietnam topping the list of nations driving blockchain and Bitcoin adoption, followed by the Philippines.
“It’s in these places where you’re seeing blockchain solutions coming into the backend of stuff and where you’re seeing people turn to this as alternatives,” he said.
However, Flynn said governments should not expect these schemes to become the sole basis that will drive blockchain adoption, stressing the need to also tackle issues plaguing the industry and craft measures to resolve them.
In the Philippines, one of the early adopters of Play-to-Earn (P2E) games, Flynn noted that talent in the blockchain industry remains scarce.
“Talent remains a key concern for a lot of companies coming into that; there still needs to be some things done to bring the workforce up to speed in a way that’s really going to help further adoption,” Flynn said, citing the need to upskill Filipinos.
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