Blockchain technology has already proven successful at verifying digital records, simplifying procedures to facilitate mobility, and reducing fraud through transparent and tamper-resistant records of certificates, etc. Despite these successes, the use of blockchain – a shared, decentralized and distributed ledger technology to store transactions – is still at the exploratory stages in education. This in a way has hindered the full participation of corporate institutions in the available use cases of blockchain technology and cryptocurrency. There is paucity of institutional based and sponsored researches on blockchain utilization due the loggerhead with governments of the world which are pushing for regulation of the space.
Crypto Mass Adoption is Nearer
In a recent development, the U.S. House Financial Services Committee has passed four crypto bills. According to reports credited to said Kristin Smith CEO of Blockchain Association, the Congress is asserting its authority to design a regulatory framework, rather than allowing overzealous federal agencies to fill the gap with enforcement actions. The four bills passed are: (1) Financial Innovation and Technology (FIT) for the 21st Century Act, (2) the Blockchain Regulatory Certainty Act, (3) the Clarity for Payment Stablecoins Act, and (4) Keep Your Coins Act.
Details of the four bills are answers to questions from several corporate institutions and governments as per the utilization of blockchain technology and cryptocurrencies. It is hopeful that this is bringing us closer to the embrace of cryptocurrency by institutions. Coinbase CEO Brian Armstrong has buttressed on this and said Coinbase is seeing more institutional investors coming in and signing up as they seek “a flight to quality.”. He was reported to add that “There’s a possibility we’ll just get a different SEC chair in 2024 or beyond” - source.
Brian Armstrong furthered that the institutions onboarding through their frontend are not necessarily moving huge amounts of capital in yet, but they are onboarding and perhaps are watching their steps. Indeed, the long mass adoption of crypto is getting closer. With these developments, many nations of the world are watching closely the gestures of the leading world economies and their interactions with cryptocurrency and it is clear that a nod is underway. More institutions are also keeping an eagle eye in wait of the whistle to join the race to blockchain adoption.
With the succinct features of three-seconds and free transactions, scalability and layering for dapps and communities, Hive blockchain would be a more fitting decentralized frontend for institutions seeking to embrace and engage blockchain technology, full decentralization of operations and cryptocurrency operations. There are multiple usecases for education, faith, finance, agriculture, entertainment, and government
How Prepared is Hive?
Coinbase CEO Brian Armstrong is credited to saying that some of the factors that institutional investors are watching before investing substantial funds in crypto are (1) more scalability, and (2) regulatory clarity. The Hive blockchain is fully scalable and that places the blockchain ahead as a more convenient place for mass adoption into the web3 world. With 30 seconds onboarding that offers a user full access to his account and full freedom to participate in blockchain governance, Hive blockchain is steps ahead to be a preferred place for institutions. A lot of competition rather than complementation makes prospective users get confused at where exactly to pitch the tent.
But there is more...
We still have internal bureaucracy which may impede corporate institutional participation from our end and many allude that to be decentralization. This has been manifested in inter community competition rather than collaboration. many times, I have maintained that the mas adoption of the blockchain and crypto technology would be fast racked when different infrastructure s and community choose to complement rather than compete with each other.
Thanks to the Hive infrastructure that affords us one account to everything web3. A user that onboarded via Ecency can still access his account via Splinterlands and LeoFinance. However, it's time for the different communities within the Hive blockchain to think strategic and intentional collaboration
I tried to share thoughts on what I titled communities inside communities. I am thinking of the possibility of hosting @hivebuzz and @Leofinance NFTs in Splinterlands for battles. I imagine Splinterlands holding a huge stake of $LEO token for vote wars and governance as well as inserting it in prize pools for tournament. I imagine @LeoFinance hosting a tournament in Splinterlands game and dolling out rewards in LEO in addition to SPS. You can think of many ways to collaborate. Every institution wants to onboard where there is a level of stability in the economy to secure their funds and investments. Hive dollar for merchant payment systems is a huge delivery for Hive. But are we ready to maximize these features for a collaborative marketing of Hive?
How ready are we to onboard institutions to hive?
Join the Hive adoption campaign today let's make our Blockchain Better for us.
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It's clear that Hive blockchain has the potential to be a preferred destination for institutions looking to embrace blockchain technology and cryptocurrency, especially with its scalability and user-friendly onboarding process.
The idea of hosting NFTs in Splinterlands, integrating tokens like $LEO into governance and tournaments, and exploring various forms of collaboration is promising to me too.
I believe that to truly onboard institutions to Hive, strategic cooperation and a united front among Hive communities are essential to showcase the platform's stability, innovation, and collective strength. Hope that will work.
I also absolutely agree that the hive blockchain is the best performing for institutions; however, I think there is a hurdle to overcome: are institutions willing to use a public blockchain?
A public blockchain means maximum transparency, and I don't think it is viewed willingly.
I ask this question because I think it is the only obstacle that prevents mass adoption of both blockchain as storage and cryptos as a means of payment.