Why crypto apps are in trouble: Expert says operational hurdles, not just regulation, are to blame

As the digital asset space continues to evolve, many have noted the gap between investing in crypto and widespread adoption of consumer-facing applications. Antoine MoroCEO of Provenance Blockchain Labsgave his views on these challenges before his appearance at the Benzinga Conference on the Future of Digital Assets.

Crypto Adoption: Overcoming Business and Operational Hurdles

Moro highlighted several obstacles when asked why crypto applications have not reached the adoption levels initially expected. “Historically, more conservative companies have generally shown some apprehension regarding regulation and investor protection in crypto, (but) this is no longer the case as much. The obstacle is now more order commercial and operational,” Moro said.

He emphasized that businesses need to align with areas most ready for blockchain disruption. “For example, highly intermediated financial sectors, such as consumer lending and securitization of loan portfolios (such as mortgages), were obvious areas – and both thrived on the Provenance blockchain,” he said. he declared. Moro pointed out that some sectors, like insurance tokenization, have been slower to adopt but are ultimately seeing clear benefits.

Success in insurance tokenization

One notable example highlighted by Moro is Provenance Blockchain’s collaboration with Infineo, a company that brought life insurance policies to the blockchain. “ProvLabs recently helped incubate a company called Infineo to tokenize life insurance policies, which was a first of its kind,” Moro said. He added that with over $190 million generated on-chain by September, it has been a remarkable success in demonstrating the practical benefits of blockchain.

The lack of knowledge in blockchain adoption

Another major obstacle, according to Moro, is the need for companies to gain knowledge and expertise in blockchain technology. “Transitioning a business function to blockchain requires a lot of education and knowledge acquisition, especially if it is a large, legacy part of the business,” he said. Many companies are not yet equipped or budgeted to manage this transition, which is why ProvLabs offers solutions.

“We take the burden off them with SaaS solutions that their Web 2.0 applications can connect directly to,” Moro said, explaining how his company helps traditional businesses bridge the gap to blockchain integration.

Join industry leaders like Anthony Moro at Benzinga Conference on the Future of Digital Assets to learn more about the future of digital assets and the challenges shaping the industry.

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