We see that with the passage of time, the adoption of blockchain technology is increasing. As the blockchain technology has its effects on the crypto market therefore, it is considered one of the major players in the cryptocurrency industry.
Blockchain technology VS the internet of the early nineties
Some people are comparing the present position of the blockchain technology with the position of the internet that it had in the early nineties. They see some resemblance between these two. The adoption of the internet at that time was slow and faced difficulty. The same is the case with Blockchain adoption because, at the current state, its mass adoption is facing difficulty due to slow and complicated processes.
Resembling the current state of blockchain technology with the internet of the early nineties, the Co-founder and CEO of Morpheus Network Dan Weinberger said that “distributed ledger technology (DLT) has the same transformative power as the internet had in the early 1990s.”
What’s the connection between Bitcoin and Blockchain adoption?
The world’s current leading digital asset Bitcoin and Blockchain adoption has a direct relationship with each other. Blockchain technology was well-established with the existence of Bitcoin in 2008 and when it was widely accepted in the financial market.
As the bitcoin became popular among people in no time, therefore, people started exploring blockchain technology and how it constitutes money. In this way, the reputation and influence of blockchain technology rose high.
Impact of blockchain adoption on the crypto market
It is believed that blockchain adoption triggers the crypto market. But the question is what impact does it have on the crypto market. The focus of blockchain is on data. It usually stores data in a decentralized accounting pattern which gets updated constantly. Blockchain technology continues to work on the revolution of the collection, distribution, management, security, and sharing of data. Blockchain technology is applicable to any Application that contains data.
People blindly believe in the operations and features of blockchain technology therefore, the mass adoption of blockchain technology is totally dependent upon the faith and trust of people. In order to claim mass adoption, blockchain technology will have to reach the adoption level of 90%.