4 Ways to Boost Blockchain in Consumer Finance -
"Plenty of executives and industry leaders in the blockchain space are looking for clarity on financial regulation."
Why this is important: The recent MIT FinTech Conference discussed the barriers impeding the adoption of blockchain technology in the consumer finance space. The conference identified four reasons for the barriers. First, the lack of regulatory clarity worldwide, including the lack of consistency within the different regulatory regimes within the U.S. Second, the reluctance by retail banks to adopt this technology, due in part to "outdated infrastructure" and lack of regulatory clarity. Third, the need for increased merchants' ease with using blockchain. Fourth, a "seamless, easy-to-use experience" that makes it easier for consumers. At bottom, the conference appeared to identify major hurdles to adoption. It's hard to imagine barriers larger than "it isn't easy for the merchants or consumers to use, and it's uncertain what law governs it." It goes without saying that before widespread adoption ever can be achieved, these issues must be resolved.
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