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What is the Biggest Barrier to Global Blockchain Adoption?

What is the Biggest Barrier to Global Blockchain Adoption

This article was sponsored by Micrographs.

Blockchain technology offers innovative solutions to transform the world. But it’s not spreading fast enough. 

A lot of hype and bull markets in 2017 and 2021 spread news of blockchain solutions far and wide. Massive corporations like IBM, JP Morgan Chase, Visa and Ant Group have been developing their own blockchains or getting patents. Yet blockchain has not truly penetrated our world in a mainstream fashion beyond crypto as a speculative investment. 

A Major Block

So what’s the hold up? While there may not be just one answer, there is one major factor that one US-based tech startup sees as a game-changer if it’s resolved.

The team behind MicroGraphs has identified the lack of technical knowledge as a major stumbling block in blockchain adoption. It’s simply hard for most people to learn it.

It is estimated that there are 26 million professional computer programmers in the world. With a world population of about 7.7 billion – that’s about one person in 300 – or about 0.3%.

Now let’s break that down even further, out of this 0.3% of the population, the computer programmers – whether we call them coders, software engineers, or developers. In a Stack Overflow survey in 2021, while 61% considered blockchain to be a game-changer, only 23% of programmers had worked with blockchain.

In the United States alone, there are 31.7 million small businesses, according to the Small Business Association, or SBA. According to the SBA definition, a small business is an independent business with under 500 employees.

According to another report from Data USA, there were about 327,000 programmers actually in the US workforce. Assuming the 23% that had worked on blockchain was consistent throughout this dataset, that would leave just over 75,000 blockchain experienced coders. 

That is one blockchain coder for every 422 businesses. We can assume the figures are worse around the world, since there is a greater concentration of tech talent in the US. 

So a very small amount of people are actually trained in the blockchain coding necessary to onboard millions of businesses.

The Code Solution

One solution is of course, broad based education programs. Some projects like EOS and Solana, have funded hackathons, and involved and onboarded hundreds of new coders onto the blockchain. However, this solution has been around for the last five years or so and has not resulted in the hundreds of thousands or even millions of coders needed to bring blockchain to the world. 

The first problem with this solution is that many of these projects have VC funding or proceeds from a token sale. When that funding runs out, the hackathons end. The second problem is that it still requires fully trained computer programmers. The economics and training difficulty themselves slow down adoption greatly. 

The No Code Solution

If coding is hard, and blockchain is harder, MicroGraphs is built on the premise that the no-code solution makes it easier. 

There are millions of potential entrepreneurs in this world with good ideas; they exist in every country from Azerbaijan to Yemen, from Canada to Kenya. 

MicroGraphs seeks to build no-code solutions to unleash the magic of the blockchain for those millions of entrepreneurs so that they can build almost as fast as they can dream. 

And as for small businesses in already “developed” economies that are interested in the idea of blockchain, but don’t have the extra resources to hire developers and have no idea where to begin?

Statistics show that low code/no-code (“drag-n-drop”) solutions can reduce application development time by up to 90%. MicroGraphs’ solutions will target enterprise adoption for existing businesses and industries as well. 

“Through Micrographs we will help alleviate the language and technological barrier between coders and novices who need access to Web3’s technical advancements today.” -Jason Nordlund, CEO

Micrographs’ blockchain adoption strategy focuses on non-technical users. 

The project is focusing on building out its core product suite to incentivize a growing community of users:

  • No-code frameworks for non-technical users 
  • Low-code API products for developers
  • Web3 marketplace
  • Web3 infrastructure
  • Decentralized Network to host curated code

Connect

To learn more about MicroGraphs, connect with them on social media or the web:

Website | Twitter | LinkedIn | Medium | GitHub

If you enjoy reading stories like these from thelatestblock.com, consider subscribing.

 


This content is for news and educational purposes only. It does not constitute trading advice. Past performance does not indicate future results. Do not invest more than you can afford to lose. The author of this article may hold assets mentioned in the piece.

Author

Alexandre Lores is a personal finance writer from Tampa Bay, Florida, with the goal to help one million people achieve financial freedom. He has spent over five years studying markets and economics, finding Bitcoin in 2017 and never turning back. He frequently appears on TV and in online news articles and is a regular Twitter spaces host.

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