A deep dive into the key elements required for creating a thriving blockchain ecosystem
Blockchain technology has been around for over a decade and has transformed many industries, from finance to supply-chain management to digital identity. It has the potential to revolutionize the way we live, work and transact in the near future. However, adoption is still far from the global scale that Web3 enthusiasts envision.
On the highest level, blockchain technology has the potential to evolve most of our daily processes and how we fundamentally transact with institutions and each other. From DeFi to supply-chain solutions to digital identity and keeping records on a public ledger, the use cases for blockchain are limitless — and we’ve only just begun to scratch the surface. Many people consider a crypto wallet as “your passport to the internet.
Smart contracts play a crucial role in enabling blockchain adoption by automating the execution of contract terms and reducing the need for intermediaries. Transactions on the decentralized internet are built on smart-contract infrastructure. The current limitations include a need for more standardization and scalability. We also need to emphasize making smart contracts more accessible to the average user.
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