The advances in technology turning blockchain mainstream

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Ten years ago, blockchain was a novelty technology that appealed to few beyond Bitcoin’s small community of “magic internet money” users. That coterie of supporters grew after the creation of a distributed smart contract framework called Ethereum. But even then, most of the world dismissed it as a solution in search of a problem: slow, energy-hungry, and difficult to scale.

The story is very different today. Mainstream interest is burgeoning, with PayPal among the latest in a slew of household names adopting blockchain-powered solutions that are being seamlessly integrated into our everyday lives. The venerable London Stock Exchange Group jumped on the bandwagon in early September, announcing plans to launch a blockchain-powered digital asset trading platform.

This uptick in big brands and conglomerates embracing web3 tech points to an undeniable truth: that unlike the “solution in search of a problem” of the past, advances in blockchain have, in many cases, made it a better solution for many problems than more traditional tech stacks: one that is safer, more scalable, and easier to use.

PayPal’s decision to launch a blockchain-based stablecoin last month is a perfect illustration of this. PayPal is using blockchain to make the crypto-to-fiat currency conversion process seamless, to power fast transfers of value to friends and family, to enable quick cross-border payments, and to make it easier for brands to start accepting crypto payments. For PayPal itself, the benefits are obvious: it can now settle all accounts on its own immutable ledger and facilitate feeless transactions, effectively creating greater security at lower costs.

The PayPal stablecoin is a case study of what blockchain does best: supporting and empowering communities. It grants builders the ability to create tokenized, verifiable on-chain communities of users with the ability to securely retain value and information without compromising data sovereignty. And if the builders so

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Author: Max Yakubowski

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