Blockchain: Adoption Lag Lies in the Implementation

April 15, 2025

Why haven’t cryptocurrencies taken over the financial world yet? The Observer shares some theories in, "Blockchain’s Billion-Dollar Blunder: How Finance’s Tech Revolution Became an Awkward Evolution." Writer Boris Bohrer-Bilowitzki believes the mistake was trying to reinvent the wheel, instead of augmenting it. He observes:

"For years, the strategy has been replacement rather than integration. We’ve attempted to create entirely new financial systems from scratch, expecting the world to abandon centuries of established infrastructure overnight. It hasn’t worked, and it won’t work. … This disconnect highlights our fundamental misunderstanding of how technological evolution works. Credit cards didn’t replace cash; they complemented it. They added a layer of convenience and security that made transactions easier while working within the existing financial framework. That’s the model blockchain has always needed to follow."

Gee, it makes sense when you put it that way. The write-up points to Swift as an organization that gets it. We learn:

"One of the most promising developments in this space is the international banking system SWIFT’s ongoing blockchain pilot program. In 2025, SWIFT will facilitate live trials, enabling central and commercial banks across North America, Europe and Asia to conduct digital asset transactions on its network. These trials aim to explore how blockchain can enhance payments, foreign exchange (FX), securities trading and trade finance without requiring banks to overhaul their systems."

That sounds promising. But what about consumers? Many are baffled by the very concept of cryptocurrency, never mind how to interact with it. Intuitive interfaces, Bohrer-Bilowitzki stresses, would remove that hurdle. After all, he notes, folks only embrace new technologies that make their lives easier.

Did the esteemed Observer overlook these blockchain downsides?

Distributed autonomous organizations look more like Discord groups and club members
Wonky reward layers
Funding “hopes” is losing some traction
Web3 seems to filled with janky STARs.

Novelty alone is not enough to drive large-scale adoption. Imagine that.

Cynthia Murrell, April 16, 2025

Written by Stephen E. Arnold · Filed Under Bitcoin, Business strategy, Governance, News

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Stephen E. Arnold monitors search, content processing, text mining and related topics from his high-tech nerve center in rural Kentucky. He tries to winnow the goose feathers from the giblets. He works with colleagues worldwide to make this Web log useful to those who want to go "beyond search". Contact him at sa [at] arnoldit.com. His Web site with additional information about search is arnoldit.com.