Why enterprise and government will be the last to adopt blockchain technology

Why enterprise and government will be the last to adopt blockchain technology

The most striking thing to me when I first read the Bitcoin white paper at the end of 2017 was how much better it was as a payment system than credit card processing. I was working on a project at the time to upgrade an enterprise client’s online payment processing so it would work with their new e-commerce platform. In terms of technology and risk, irreversible payments, rapid settlement, and minimal fees clearly defeated complex, expensive, and error-prone credit card integration. However, almost six years later, despite these clear technical advantages, we still have not seen any meaningful blockchain adoption by legacy companies that generate significant revenue.

This is a simple reality; in 2016–2017, more reputable businesses than now accepted Bitcoin as payment, such as Steam and Microsoft [NASDAQ: MSFT]. It is important to recognize that current businesses are and will continue to be hesitant to use this technology until its price is more stable, it is appropriately regulated, and it is more secure. Why then would big businesses be the first to use it in light of this? They would at least follow the government, which is probably not going to use the technology until they have regulated it!

Of certainly, a lot of people will make unsuccessful internal attempts to convince their organizations to use blockchain. The main, ingrained myth that Bitcoin is slow and expensive was the biggest obstacle I faced in trying to do so sparingly from the end of 2017 until I ended up leaving two years later. The status quo claimed that Ethereum was superior due to its support for smart contracts. Keep in mind that top-down decisions are made in this regard by the business leaders. In the case of my organization, C-level management would not even consider a Bitcoin solution because they had previously paid certain staff to try an integration with Ethereum. My boss would remain unconvinced even if I were to persuade him of the benefits of Bitcoin as an unchangeable timestamp ledger. The largest barrier to any sane corporation embracing new technology, much alone anything as cutting-edge or contentious as blockchain and Bitcoin, is probably this hierarchy.

What if a company’s executives already believe that blockchain and Bitcoin are the future? Well, we already have a real-world illustration of this. Despite the fact that Twitter is a consumer application, given its size and scope, as well as the fact that it was once publicly traded on the NYSE, we can classify the company as an enterprise. The company’s founder and former CEO, Jack Dorsey, is a strong supporter of Bitcoin. Do you now observe any mentions of Bitcoin on Twitter? Can you transmit Bitcoin to another user? How about giving tips? Are social exchanges documented on the blockchain?

No, no, no, and no.

Twitter made an attempt to install the unsuccessful Lightning Network, but it was abandoned after just one year due to the appalling usage, which failed to generate more than $8500 in volume. We have a concrete example of a company led by a “Bitcoin” enthusiast who doesn’t require persuasion yet is unable to successfully integrate the technology. Even then, it is the unique Lightning Network and not even Bitcoin or blockchain. Why should we expect other organizations with any kind of hierarchical structure to succeed if Twitter cannot?

In actuality, the contrary is frequently demonstrated. The pioneers in this technology innovation are passionate individuals and small teams. As the market nears a turning point where the entire industry has been turned on its head because BTC has started to be useful, we must be aware of this fact. Real, in-demand use cases will materialize more quickly once this is acknowledged since those initiatives will have at least a possibility of being successful.

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