Private Sector Innovation Is The Key To Blockchain Adoption On A Global Scale

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In an interview with Coin Telegraph published yesterday, Ryan Taylor, CEO of Dash Group, claimed that the ‘inevitable future’ of Blockchain adoption would lie with digital currencies issued by Central Banks. Taylor claimed that central banks will play a huge role in that as governments around the world begin to issue their own cryptocurrencies.

In response to this, Thomas Schouten, Head of Marketing at Lisk, made a comment which can be found below. Lisk is a blockchain application platform whose mission is to bring blockchain technology to the mainstream through an SDK (Sidechain Development Kit) being written in JavaScript, the most commonly used programming language in the world.

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Schouten believes that the greatest innovations in Blockchain adoption will come from within the private sector and that central banks are playing catch up to the exciting work by private enterprises across Europe, Asia, and North America. He believes that a competitive environment, backed up by appropriate incentives and frameworks will support further innovation and mainstream adoption.

Thomas Schouten, Head of Marketing at Lisk,

“There is clear evidence that the best blockchain innovation will occur in the private sector. From the United States to Venezuela, central banks around the world are clearly waking up to blockchain’s potential to build upon current financial technology.

What is inspiring this awakening however, is undoubtedly the competitive threat of other adapting jurisdictions and a desire to be on the cutting edge of this technology. Venezuela copying large amounts of the DASH white paper is proof of the fevered excitement and determined ambition taking over the private sector as the industry learns more about the opportunities blockchain offers. What has yet to be understood, is that cryptocurrency forms only one small aspect of this potential.

While central banks may indeed begin to issue cryptocurrencies in the future, without private sector innovation blockchain’s progress will remain limited. The true potential of this technology can only be realised if private industries in Europe, Asia, and North America are allowed to thrive. Competition should be encouraged, incentives increased and frameworks constructed to support private sector blockchain adoption to ensure the innovation we are beginning to see on a global scale can become a future reality.”