The lack of understanding and knowledge of DeFi/blockchain for people to mostly say “I’ve heard of it” means the current adoption rate is very slow. In a previous article, I’ve mentioned how a global recession may bring more people to adopting crpytocurrency (though hoping that doesn’t actually happen): here I will mention another method on how to increase the adoption rate.

Using the case study of China: before mobile payment although credit card system had existed in China since the early 2000s hardly anyone used it due to uncertainty on how the system worked plus the preference to simply use cash instead (as it could be “seen”). However, it only took a year in 2013 for AliPay to quickly take over, and has now easily overtaken cash in using it as a medium of exchange.

Next with the introduction of WeChat Pay in 2014, mobile payment was able to be adopted even more faster as many people already used WeChat for messaging hence because people were already familiar with the app, the additional software made it easier for it to be adopted as well.

One of the reasons for the quick adoption of AliPay was because Jack Ma is seen as the Bill Gates/Steve Jobs of China, therefore his credibility and worth allowed Chinese people to perceive the product as more trustworthy hence allowing adoption to be faster. (Whilst another of his products: Taobao was already seen as the eBay in China).

And as of 2019, whether its supermarkets or street vendors, everyone can pay through mobile payment.

Its about branding!

What is needed is a large well known company i.e Facebook to launch Libra or something similar to that scale this would allow the public to at least try to be familiar with the product as we are already familiar with the organization or the people involved in it from a previous product which we use daily. Though Facebook’s credibility has been damaged, Google is working on a new project called Cache.

Regardless, I believe this is possibly the quickest way possible for people to adopt DeFi and blockchain.

This is because smaller companies which the general public have not heard of before have a harder time in establishing a brand unless if its networking with other businesses or people who will spend their time on a weekend to read articles on blockchain, crpytocurrency and DeFi (that’s me).

Plus, the number of scams i.e crypto queen and “shitcoins” in the market, hurt the credibility of small genuine companies with potentially interesting products trying to “educate” the public because we’re all too busy and just don’t care. Whilst scary headlines about falling prices in bitcoins hurt the confidence of people who are considering on investing in the market and afterwards invest in something “safer” like housing, gold.