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25.09.2020
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Difficulties of adoption in blockchain. Note by Credits’ CEO.

Blockchain emerged in 2009 as a fantastic revolutionary technology. But the road to its adoption was not easy ever since. 

In this note, I would like to share some of our experiences and setbacks we had in our business development as well as my views towards overcoming the difficulties we as an industry face.

When we were entering this space in 2017 we set the main goal of developing our own unique blockchain protocol. We fully achieved this, created the whole ecosystem on Credits' platform and additional user products.

The key challenge for us became a matter of popularization of our protocol. Other chains succeded better than us, sometimes with fewer technical advantages. To reach the required level of usability we have to take into account many things.

Interoperability 

Interoperability is one issue that needs to be addressed. You may not know but most of the blockchains work in silos and do not communicate with other peer networks as they are incapable of sending and receiving information from another blockchain-based system. Recently some solutions arrived at the market helping to overcome these issues. 

Reputation 

Blockchain is associated with the crypto world only by many. However, cryptocurrencies are one example of blockchain technology applications. Since crypto markets won a bad reputation after the ICO boom in 2017 it gave a negative image for the whole blockchain technology too. 

We think it is important to explain to the general audience that blockchain is not only for cryptocurrency, its application goes way beyond and can be implemented in any industry. Credits’ protocol built with the purpose to improve out-dated processes, making things easier, cheaper, and more transparent, it can be used in any sector, and a range of ecosystem tools allows you to start working with us immediately.

The other point questionable is that technology is disruptive, it brings a total shift away from the traditional ways of doing things. Because trust and authority are becoming decentralized in a consensus network, for many organizations and governments fear to lose a powerful central institution is very unsettling. 

Such an attitude towards innovation certainly holds back the decisions on regulation, standardization, etc.

Lack of talent and expertise

The demand for blockchain professionals is increasing in every sector now. 

The lack of professionally trained and skilled developers, as well as expert specialists in consulting and management positions, delay the progress.

Lack of standardization 

We have touched this topic many times, still worth mentioning here that universal standard for the blockchain industry is yet under question. 

We though see progress in some liberal governments opened to innovations. We all look for a regulatory model that encourages innovation while protecting consumers and investors.

Credits’ case and vision

When we started this road, we had a clear vision for our technological product and we have reached this goal, we still continue developing and improving it. What we could not foresee at the time are the obstacles we encountered in the adoption of the product.

We hear the opinion that it seemed from the outside that Credits concentrates only on the wallet, and not the blockchain. This is not the case, our main and only product is the blockchain protocol, and wallets developed are the additional services to it. Our vision as a company is that a large blockchain ecosystem will increase the usability and popularity of Credits’ protocol as a whole and will benefit us in a bigger brand and CS coin recognition.

In our business development, we have tried hard to squeeze into enterprise solutions, but this is very very difficult. Corporations are not ready to move on quickly. They often need to bring in advisors and independent experts for these collaborations as companies themselves lacking advice on how to change their internal procedures into the blockchain in a better way. This all results in delays, and some of our partnerships are moving forward very slowly.

We also discovered in our practice that many companies, despite the evident gains of blockchain adoption, are not willing to go ahead with the implementation of advanced blockchain solutions and are satisfied with the early stage of development product of PoC (Proof of Concept).

Today's enterprise market is presented either by PoC type of solutions or RnD departments at large corporations, and these departments act very slow and mostly just testing the technology.

Being an innovator is not an easy path at any time, but we value the chance of being a creator, disruptor, and pioneer. We still at the beginning of this road and certain that the future is bright. This is obvious that industry is now received more positively and blockchain is gaining mass adoption, slowly but surely. Be with us, and we continue sharing news on our progress. 

 

CEO of Credits

Igor Chugunov

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