People aware of blockchain technology will recognize its vast utility across the finance industry and many more. The lack of technological resources and financial education is resisting the technology from being exercised globally.
Today, a few shortcomings have incapacitated the use of cryptocurrency. Developers and financial institutions must take a step forward to share the knowledge of cryptocurrency. Since it is a new technology to many, some people might find it overwhelming and suffer from “technostress”.
According to studies, only 33% of the adults around the World are economically literate. Decentralized finance (DeFi) is planning on providing knowledge to individuals with no access to traditional financial institutions and tools.
Also Read: South Korea Imposes New Legislation on Cryptocurrency
Cryptocurrency is a new trend in the finance market. However, to bridge the gap, and break the barrier, here are some solutions that might inspire people and companies to adopt crypto.
A significant percentage of people store their maximum assets in traditional financial systems. If banks start allowing digital assets, the barrier to crypto adoption can be resolved.
Digitizing physical assets on blockchain technology will help users to track commodities which are not easily accessible, and trade their assets.
Transaction of commodities traditionally requires long settlement periods and has high credit risk. Once tokenization takes place, it can be securely transacted between owners.
In the blockchain industry, and crypto exchange platforms steady flow of users is very important.
To attract new investors to tokenize their assets, knowledge is crucial. Financial institutions are producing educational content where the technology is simplified.
Experts suggest an increase in activity among users in the coming years. With Russia already onboard by legalizing cryptocurrency for commodities exchange, various other banks and institutions will soon be ready for crypto adoption.