Will more and more businesses integrate blockchain?

     Recently, Bloomberg published an article in which former Wall Street executive Blythe Masters explained her interest in blockchain, the shared technology behind everyone’s favorite cryptocurrency, Bitcoin.

     In the article, Masters elaborated that blockchain has quite a few positive attributes and believes that it has the potential to bring Wall Street and other financial institutions to a whole new level of security.

     This is something that cryptocurrency fans have almost never heard of before. Companies like computer giant IBM have long recognized blockchain, and the technology will change the future of transactions as we know it. Blockchain has undoubtedly retained a certain level of popularity among those who know about it, so why haven't more companies accepted and used it? Is it possible that many companies simply don't know it exists?

     Previously, Bitcoin has been known as everyone's favorite cryptocurrency. Of all the virtual currencies currently in existence and in use, Bitcoin is almost the most well-known. It has been well received and accepted by both buyers and sellers, but this does not necessarily mean that the public knows much about it. Although Bitcoin was born as early as 2008, many people still admit that they do not understand Bitcoin, let alone what it is.

     There are many reasons for this disturbing fact, and it could mean several things. First of all, the first thing is whether Bitcoin is well-publicized, or not well-publicized enough. Almost a decade has passed since its birth, but it has not achieved mainstream status.

     Bitcoin has a clear audience tendency and continues to expand its audience along this trend, but this group is quite limited. Any entrepreneur may have mentioned that there is no need to conduct business in one way or solidify the product. Our goal should always be to win customers and expand the market.

     Another possibility is that people simply aren't trying to get this kind of information. The public seems to only notice it when it's combined with the latest iPhones and iPads, but when it comes to the deeper branches of the world of technology, many people are still in the dark.

     This could also mean a lack of demand for Bitcoin. People text and call friends, family, and colleagues every day. Staying connected is important for both business and social purposes, so when new phones are released, we want to make sure we are the first to know. Similarly, the majority of society still relies on traditional banks and more traditional methods to go about their daily lives.

     The same idea applies to blockchain. The technology behind it enables more transactions to be conducted at a faster speed, and of course security can be guaranteed. It is definitely necessary. However, many businesses still rely on wire transfers or similar means to pay customers. This may be because they don’t understand it well enough.

     Regardless, the true potential of the technology behind blockchain is yet to be tapped, but with advancements in digitalization happening almost every day, those who already rely on it are looking to it for assistance and guidance to move their businesses forward, and those who can believe in its technological prowess and spread the word, convincing others to come on board.