Blockchain-powered resources could edge out conventional payment methods if the business improves the security of transactions and offers a user experience far better than the one provided by the existing payment solutions, a claimed by the panel conference members held on the second day of this year’s Paris Blockchain Week Summit.
The board titled “User-friendly products as a gateway to the mass adoption of blockchain” highlighted several industry delegates.
These comprised Edward Moncada, Co-Founder of mobile cryptocurrency portfolio network Blockfolio, Suren Ayriyan, Managing Partner and CEO of blockchain payments business Tempo France, Ruben Merre, CEO at hardware wallet maker Ngrave, and Paul Bao Ruicheng, CEO of blockchain-based e-commerce network BitCherry.
Inquired about the current state of blockchain tech, whether businesses could now concentrate their efforts on improving user experience, Merre stated that there remained significant work that first needed to be completed in the field of ensuring sufficient infrastructure for the technology’s generation.
Merre stated that,
“Until now, most of the effort went into building the infrastructure, there are many infrastructural challenges that still exist before we can talk about user experience, the front-end experience.”
“If you think about the pyramid of Maslow, at the bottom of it you need food, you need security. Currently, you don’t even have enough security [for blockchain users],” according to Merre, who said Ngrave’s efforts had been directed at ensuring “blockchain-agnostic solutions for users.“
Ayriyan acknowledged that security was key to improving blockchain’s user experience, continuing that, as a licensed French financial services company, Tempo France considers “security and trust is the thing number one.”
As claimed by Ayriyan,
“Our clients are mostly migrants, they support their families and friends, sometimes, people are really afraid of blockchain. I’m talking about our clients. They work hard to save the money … and our idea is to give them maximum convenience. But then, it’s a financial product like any other, it doesn’t matter what it is, so security is always [the most important factor for clients].”
Blockfolio’s Moncada appended that “we’re just starting to see the real user cases of blockchain, the ones that create value” as “we’re just becoming to hit this intersection where elegant design … will meet these user cases“.
You need a more satisfying user experience than what they have. The general society begins to adopt blockchain technology across its various operations, Moncada stated by adding that blockchain-based payments were not passing the user experience of payment services such as PayPal or Square.
Ruicheng continued that influential communities were key to the success of new solutions, and blockchain’s committed population was the driving force behind the technology’s adoption across the world.
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