A mindset change is necessary for the industry, from trying to push blockchain into the mainstream to creating use cases and solutions that force the mainstream to adopt the technology itself.
Speaking at the World Blockchain Forum in London on Tuesday, Debitum Network co-founder Martins Liberts told the audience that blockchain and crypto are still so tiny in the grand scheme of things that the industry should “stop dreaming” that it can become mainstream without great products and services. Comparing it to Uber, which he argued is successful without the average person knowing how the technology behind it works, he said that companies need to focus on bringing usability and value out.
Debitum Network, which Liberts describes as a ‘people project’, offers internalised, centralised small business loans. Fitting in with the philosophy that useability must come before the tech behind the scenes, the firm offers SMEs loans in fiat, rather than crypto.
The thinking is that the average small business would have little use for crypto at the this stage, and so Debitum is focused on being a hybrid finance company that uses blockchain technology to its advantage.
The SME financing gap has doubled in a year to $5.2 trillion, and the firm hopes to reduce this by collateralising crypto and allowing users to freeze their assets and earn interest on investments.
“If you’re not huge, you’re just a passenger on the price train,” Liberts added on the current investment journey, and the community must focus more on creating products that work rather than courting the mainstream.
The World Blockchain Forum is taking place in Old Billingsgate, London today and tomorrow.