Recently, we’ve seen a rapid increase in the widespread use of blockchain technology.
Only a few months ago, very few people had even heard of the blockchain or cryptocurrencies.
Now it feels like everyone is talking about them. Even some of the most technology-averse people we know have made investments in Bitcoin after witnessing how much attention it was receiving on the news.
This has been a massive, if extremely unexpected, step forward for the crypto community. Despite this, there are still some relatively significant barriers that are hindering the widespread adoption of cryptocurrencies.
Introducing the Internet of Value (IoV)
You’ve probably already heard of the Internet of Things (IoT), but the Internet of Value (IoV) is one buzzword you might not yet have come across. Many people have attributed the invention of the blockchain to the beginning of the Internet of Value.
To put it simply, the Internet of Value (IoV) will enable us to exchange any asset of value with another person – from stocks to votes, to frequent flyer points, to intellectual property, and more.
Until recently, transactions like this has required a third-party intermediary such as a bank or service (think AirBnB, Uber, etc).
However, blockchain technology allows us to completely cut out these middlemen and carry out transactions directly. This is extremely efficient, and significantly reduces the cost and saves time, whilst vastly increasing security.
As the widespread adoption of blockchain technology increases, it is likely that we will witness a rapid expansion in the IoV.
Increasing the Interoperability, Scalability, and Usability of the Blockchain is a Necessity
One of the blockchain’s most obvious applications is in the finance industry. However, there are still some significant barriers that are preventing our adoption of the technology.
Most of these problems are centered around the interoperability, scalability, and usability of the blockchain itself. Of all of these bottlenecks, it is most urgent that we attempt to increase the interoperability of the blockchain.
By doing so, we can transfer value more easily between different blockchains, program smart contracts with different tokens, and ultimately improve scalability more easily.
This will vastly increase our progression towards the IoV and bring it closer to reality.
Working Towards the Widespread Adoption of Blockchain
Fusion is one blockchain startup that is working towards breaking down some of these barriers to increase the widespread adoption of blockchain technology. They are aiming to create an inclusive system that connects a variety of tokens together in a more efficient manner.
The vast majority of token wallets currently in existence are limited to trading between tokens based on the same technology. However, Fusion’s crypto wallet is unique in that it can store all different values of tokens.
The platform has created a public chain that acts as a solution to many of the current bottlenecks on the Internet of Value.
It will enable multi-token smart contracts, parallel computing, off-chain data support, and multi triggering mechanisms for smart contracts (including time, data, etc).
Fusion founder, Dejun Qian, has stated:
“Fusion is an independent public chain that has multiple token smart contracts, which are distributed and can visit off-chain data sources and can run automatically by calling a list mechanism.”
It is becoming increasingly clear that the ability to trade bonds, currencies, properties, content, and identities in a secure manner without the intervention of a third-party is now almost a necessity.
Ultimately, the project aims to serve as the infrastructure for the Internet of Value. So far, the project has proved to be a hit and has raised over $50 million within 24 hours of its Initial Token sale.
A Blockchain Revolution…
The widespread adoption of blockchain technology has many notable benefits for both businesses and individuals. Most notably, these benefits include vast increases in security and transaction speed.
A 2015 report by Santander InnoVentures has even claimed that by 2022, blockchain could generate savings of between $15-$20 billion per year for cross-border payments.
It is becoming increasingly clear that blockchain technology has huge potential to change the way the financial industry operates.
As the industry powers forward at a faster rate than ever before, it’s only a matter of time before the Internet of Value takes over.