What are the common challenges in blockchain adoption? Joel Flynn from Forkast News explains

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A growing number of businesses and services have been using blockchain technology since it was developed over a decade ago. However, global nations are struggling to achieve mass adoption despite its wide popularity.

Forkast News Chief Correspondent Joel Flynn said this is understandable given the state of the digital asset industry following the FTX implosion and the effects of the “crypto winter”, which resulted in heightened concerns among the public.

“With blockchain technology, the technology is amazing, but once you introduce people, all of a sudden you have a whole new variable, and that’s where I think a lot of the excitement comes with some of the bigger issues we have in the sector,” Flynn said, and noted that while the collapse of the ‘crypto’ house of cards has concerned users, it’s 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 excitement has eased a bit among public members, especially those heavily affected by the events of 2022, it’s still clear that global leaders have faith in the technology, launching project after project to increase adoption.

Countries in Southeast Asia are a good example of this, Flynn said, citing a recent chain analysis report, with Vietnam topping the list of nations driving blockchain and Bitcoin adoption, followed by the Philippines.

“It’s in these places where you see blockchain solutions coming into the backend of things and where you see people turning to this as alternatives,” he said.

However, Flynn said governments should not expect these schemes to be the sole basis that will drive blockchain adoption, stressing the need to also tackle issues plaguing the industry and craft initiatives to address them.

In the Philippines, one of the early adopters of Play-to-Earn (P2E) gaming, Flynn noted that talent in the blockchain industry remains in short supply.

“Talent remains a key concern for many companies coming into it; there are still some things that need to be done to bring the workforce up to speed in a way that is really going to help further adoption,” Flynn said, citing the need to upskill Filipinos.

See: Blockchain will power the next generation

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