Founder of Crypto Female India (Shruti) and Philippines (Krystelle)
GamesPad & BullPerks Co-Founder, Partner at BitBull Capital.
Krystelle: I think as we look into the various use cases for blockchain, ranging from healthcare insurance to voting welfare benefits, it’s important to note that the pace of blockchain adoption varies by industry and region. So while some sectors are advancing rapidly in implementing blockchain solutions, others may face regulation. Technological cultural barriers.
For me, the biggest driver for blockchain massive adoption will likely continue to be a combination of these factors. So if you’re asking for the factor that probably I’ll pick up for the education and awareness for me as here in the Philippines, we collectively play in a deeper understanding of blockchain’s capabilities, its potential to revolutionize industries becomes more apparent.
Having an education and awareness, it’s a crucial driver of adoption, along with the tangible benefits it offers to specific use cases within each industry. As we continue to explore and harness the power of blockchain, I think we’re witnessing a fundamental shift in how industry operates with our renewed emphasis on security, transparency and efficiencies, especially that we experienced before the pandemic.
Shruti: As we know, India is widely adopting blockchain technology, we can see that there are a lot of major projects which kind of have rooted or are rooted inside India. Of course the rise is definitely attributable to several factors and initiatives. So one of the main initiatives, which is really attributing towards the blockchain technology adoption, is my country’s actively promoting digital payments.
Currently in India, you go to any shop as small as a cart on the roadside or a big mall or something. Everybody is accepting a unified payment interface, basically we are not using any more cash. We are making all digital payments. So this India’s payment campaign, you can say, has been creating a very conducive environment for the acceptance of blockchain based payment solutions.
That’s where people can appreciate how transparent the entire system is so well placed. So one, of course, is the digital payment push which is attributing to the widespread technology adoption. Second, what I feel is that India is also seeing an adoption of blockchain technology, especially in supply chain management.
Krystelle: For me in both Philippines and India, the adoption of cryptocurrencies and blockchain technology has been driven in several key factors, as I’ve said them here in the Philippines, we focus on having an awareness that before just to have the the the current situation when pandemic came, there are a lot of people that doesn’t have a job and discovered some remote remote jobs when they have also know that there is something like a blockchain companies that can able to put all of their skills and experience to that and have a like an earnings even if you’re just at home everything is closed when the pandemic came.
They use the use case of cryptocurrency as Shruti said earlier about the payments. Here it’s already in digital payment. We’re already even in government. Also, we use an e-government where we can process everything documentaly and basically it has transparency and security as well.
So for me it’s a lack of access to traditional banking services because the last time that as far as I remember before I entered to have my own crypto wallet, there’s a lot of banks that denied or didn’t actually approve what I’m applying to have at least a savings account. And there’s another, there’s such a lack for all of those banks. There’s just one bank that accepted me and knows about digital payments and how it will be working. It’s offered a financial inclusion to underserved the population here in the Philippines. So this has become a driving force for adoption in these countries.
Shruti: If I’m going to break down this question because you are talking about the biggest drivers so that there is a massive and an overall adoption for the blockchain technology. I’ll break it up into two parts. After experiencing the blockchain technology by a handful of people, we have understood that there is more decentralization, there is more trust being created.
The entire decision making is not in a few hands. It’s more transparent. Of course, because of transparency, there is more traceability, there is more trust, there is more security. So given these factors together, combined, people have been able to find an environment where there is more financial inclusion, there is more interoperability between different networks and platforms, which is becoming very increasingly important.
The requirement is that because of that interoperability function, it’s able to facilitate a very seamless transfer of assets and data across various ecosystems. And once this is happening, there is more education, more awareness being spread. Now, once we have done this, people have realized that the end result has been that there is better integration. We have gone away with the requirement of a middleman. We don’t really have to go back and check. So it’s like a digital ledger also, right? Which is recording every transaction, every action that is being taken and how a particular transaction is moving from one hand to the other to the other. So and then finally, what are we achieving? We are also achieving a lot of globalization.
We are able to encourage more cross-border transactions, which is, again, in a very secure environment. Now, given a combination of all these factors, values that we are adding, we are transitioning from a very traditional way of working to a use case of technology in the best way.
recently just concluded a summer camp wherein we did not charge anything from the participants who were attending the summer school. So, from our side, we are trying to bring in more education awareness. We have on boarded a lot of partners who are willing to give the support. We also have some partners, incubator partners, and projects which are onboarded and working with us.
As a crypto female representative, you know, I am just an interface for letting a lot of people who don’t have equal opportunities or are not able to get the right resources to come. Reach out to us and we shall be there to help you understand. Help you get motivated. Think more than education. What is required is even the motivation. A lot of people feel that this is a new technology. They can get scammed. So my motive here is more to even educate people that this is very secure. You have the resources. It’s just that in a little bit of learning, a little bit of effort from your side is going to help you greatly understand this new technology upgrade.