There are hurdles that might prevent some from adopting blockchain technology, but there are also catalysts that will drive its increasing use -- especially if big players like Alphabet's Google and Meta Platforms' Facebook get involved. In this episode of Motley Fool Live, recorded on Feb. 25, Fool.com contributor Rachel Warren asks Sameep Singhania, a co-founder of QuickSwap, a decentralized exchange on the Polygon network, what he thinks those catalysts will be.
Rachel Warren: What do you think are some of the catalysts that could drive broader adoption of the blockchain over the next five to 10 years. Is it primarily an education issue or is there something else to consider?
Sameep Singhania: I think primarily it's an education issue. That's one of the factors because I talk to a lot of people here in India as well. They understand what cryptocurrency is. Actually they don't understand what cryptocurrency is. They understand there is something called Bitcoin and they can invest in Bitcoin and they can become millionaires overnight. That's what they understand right now, all about blockchain and Bitcoin. That's a problem. Lack of knowledge is a big problem. It's a very big problem. But apart from that, what I feel is even though industry leaders, the technology leaders, the industry leaders and institutional investors, they should come into this technology, invest their money, invest their time, invest their resources. I think that's when we'll see true revolution coming around. That's what we have seen as well. Even in case of Polygon. Polygon recently is around $450 million. The big names like Sequoia Capital and you know that Kevin O'Leary, Mr. Wonderful, and 39 other venture partners, they participated in this. Now when they participated in this, they are going to bring up the thought of users, the thought of industry with them into this. Now they will also try to solve the problems that blockchain has. Similarly in the case of Google as well. As far as I know, even Google is going to invest heavily onto the blockchain technology. Facebook is going to be moving into the metaverse. They might go into blockchain as well. Same with like Morgan Stanley, like these institutional investors, they are coming onto blockchain words now. That is something which blockchain was craving for. Blockchain or a technology could only be developed by a few people. It can only be developed when the giants step in. They got technology player, they start looking into it because they truly have a research power around it. They have the experience to research and build technologies from the scratch. They have built technology from scratch, so they have that power, they have that mindset and they have that experience as well. Experience is also required, I think that was another hurdle which blockchain had for years. It was developed by a core group of developers. Nobody was looking into it. But now that's changing. The world is looking into it. The big players are looking into it, and they are coming and investing and working on it.
