Blockchain technology is a system of transactions and supply record, from this basic idea many developers find a way to maximize and change many industries. Banking becomes faster and more secure, thus banks who will use blockchain gain more trust for the reason that transparency of the transactions. Transferring worldwide becomes cheaper, same transaction fee to all users as if you’re transferring money to your neighbor. Healthcare will be better thanks to Blockchain, patient records can easily be monitored even if the patient changes the medical provider and hospital. The blockchain is a life-changing technology nevertheless the main problem of blockchain technologies is the poor mass adoption without mass support Blockchain will be just on the emerging state of technology.
We all know the hindrance of the mass adoption of blockchain includes scalability if the technology is slow and can only handle hundreds of transaction per second then only a few establishments can ably use it. Mnemonic phrases, private key, transaction hash, and network cost are something only blockchain users can understand, if the technology is hard to use for a child or elderly then it is a failure for mass adoption from the start.
Knowing the reasons for the failure of mass adoption of Blockchain technologies if found a project willing to change that introducing DigitalBits “closing the gap between Blockchain innovation and driving mass adoption”. DigitalBits goal is to be able to use blockchain technologies without the person knowing the technology about it or changing their transaction routine. DigitalBits design its technology that old platform such as mobile payment like Apple pay or Samsung pay can be converted into blockchain.
DigitalBits - Economy Reimagined from DigitalBits on Vimeo.
Some possible uses of DigitalBits:
- Loyalty points – just by scanning the QR code on their mobile app Loyalty points can be used or gain. Other benefits, since it is powered by DigitalBits users, need only one wallet to store loyalty points from the different establishment or if the establishment allows it the user can trade for other user’s loyalty points from other establishments.
- Mobile payments – DigitalBits network core API is designed to integrate mobile apps for payment or remittance use. DigitalBits is a fork of Stellar which is already used for remittances and payments.
Key advantages of DigitalBits that outshine other blockchain technology projects:
- Easy to use – this is the key for mass adoption
- Scalability - 10,000 transaction per second, very low transaction cost and second three to five seconds verification time.
- Multi-asset support and no inflation – one of the main reasons many establishments do not accept crypto payments is high volatility.
Conclusion :
Many projects already tried to make mass adoption of blockchain technology nevertheless, they failed for not addressing the issues such as volatility, scalability and easy to use. With the goal of DigitalBits, we might find ourselves using blockchain technology in the near future without even realizing it.
For more details about DigitalBits please visit:
Website
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Author:gawer33
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