Blockchain is often compared to the industrial revolution in terms of its transformative potential. In a recent discussion, Roundtable anchor Rob Nelson, alongside Kelly Kellam of BitLab Academy, Noah Newton, Founder of Moby Media, and David Duong, Head of Institutional Research at Coinbase, explored the future of blockchain technology and what it will take to drive mass adoption.
Nelson set the tone by likening blockchain technology to the industrial revolution of this century, emphasizing the significant potential in tokenizing real-world assets across sectors like entertainment, property, and legal services. However, he acknowledged that for blockchain to achieve widespread adoption, it must become as intuitive and accessible as online commerce did in its early days.
Kelly Kellam echoed Rob’s sentiment, stressing the importance of blockchain technology becoming ubiquitous in daily life without users even realizing it. He pointed out that, currently, many misconceptions surround non-fungible tokens, which are often only associated with digital art like Bored Apes. In the future, however, NFTs could become integral to certifying and licensing various documents, such as wedding certificates and housing deeds.
California’s DMV proved that is already happening earlier this month by announcing a program to put more than 40 million car titles on the Avalanche blockchain.
Newton highlighted how decentralized finance (DeFi) and stablecoins have begun solving real-world problems, especially in countries with unstable currencies, like Venezuela and Argentina. Yet, he acknowledged that the user experience needs to improve significantly before blockchain technology can achieve widespread use.
Coinbase’s David Duong provided insight into the current landscape of stablecoins, describing them as potentially the “killer app” of the crypto world. Despite the majority of stablecoin usage being tied to trading on exchanges, the significant volume of transactions indicates a growing acceptance of these digital assets. Duong expressed optimism that as blockchain technology matures, it will drive broader adoption, particularly in payments, as people recognize the benefits of transparent, on-chain transactions.
Kellam proposed a blockchain-based system for medical records, which could provide secure, instant access to personal health information anywhere in the world. Newton, on the other hand, saw gaming as the industry that could bridge the gap between blockchain technology and everyday users, once the right balance between in-game assets and player ownership is achieved.
Duong concluded the discussion with a forward-looking vision, expressing his desire to see blockchain technology integrated into energy infrastructure. He imagined a future where decentralized networks could enable the widespread adoption of solar power and other renewable energy sources, facilitated by blockchain.
