Torus Labs UX/UI Developer, Sinlin, was invited to sit at Blockchain for Everyone’s discussion panel hosted by Academy Xi. Alongside Clare Markham from Startup Token and Ian Lee from Merkle Science, the panel discussed practical considerations business should contemplate when planning to implement blockchain solutions for their business.
The panel was well timed, coinciding with Facebook’s release of the Libra White Paper. With 28 notable companies joining the Libra Association, the announcement was a strong signal of the growing support that cryptocurrencies and underlying blockchain technologies were gaining with the industry.
The panel showcased several applications of blockchain technology beyond cryptocurrencies. Modern companies are starting to adopt pragmatic use-cases of distributed ledger technology to complement and improve their operations; from supply chain management, insurance to securing digital identities. Business owners need not shy away from this rapidly emerging technology but explore how they can position themselves to take advantage of the developments in this space.
Small merchants, for example, are able to expand their international payment options beyond traditional bank transfers, which may take weeks to process compared to an almost instant cryptocurrency transaction.
Though it is true that not every business require a blockchain solution, nor should any business be forced to fit a particular technology, business owners are encouraged to conduct preparatory research to determine if the technology would be a good fit for them.
Government regulation was noted to be another important factor to consider before adopting a blockchain solution, especially around the implementation of cryptocurrencies. With different governments differing in their views, the industry is pushing for clearer regulations to be put up by experts who understand the ramifications of their proposed policies.
Businesses who have outweighed the pros and cons and are clear of their use-cases for implementing blockchain technologies could then explore how they can incorporate seamless UX and UI designs with their product to best suit the needs of their client. A verticle not to be ignored, intuitive and simple user flows are essential to the mainstream adoption of cryptocurrencies and blockchain technologies.
