Coinbase CPO on Design Thinking (Part 3)
Are you familiar with ”crypto kitties?” These are collectible items based on crypto exchanges that can be distributed easily to anyone on the planet. All told, it’s a great example that shows the capabilities of crypto’s core technology. However, there are still blockers for worldwide adoption. In other words, we’re not quite ready for primetime on a massive scale. As a result, our design thinking will continue to evolve in expanding its capabilities.
First, mobile devices are not readily accessible within the developing world. With this, most of the mobile-based exchange platforms that are being used for cryptocurrency cannot reach the areas that need it most. In addition, global network capabilities have not reached a point where they can handle a complete financial system. For example, “crypto kitties” actually destabilized a cryptocurrency’s network. Simply put, if it can’t handle virtual cats, then it can’t handle a global financial system.
In the end, scalability for cryptocurrency will become a reality. Just think about the early coding machines that many of us used back in grade school. These used to be the building blocks for early video games. Fast-forward to present day, I can put on a VR headset and play network-based video games with anyone on earth. Ultimately, we’re on the right track and new solutions in design thinking will continue to emerge.
Most importantly, crypto technology is not only about money.
Crypto’s core technology (blockchain) gives people the ability to have a self-sovereign identity. In other words, no institution or business should control the basic information that you share about yourself in conducting everyday business.
For example, you shouldn’t have to provide a copy of your driving record or other unnecessary information to access services. Instead, you should be able to maintain your own identity on a trusted platform that provides institutions with a full record of who you are.
In summary, the future of crypto is much bigger than providing an easier solution for currency exchange. It’s about providing access to ownership of data and value that is within your control. Ultimately, our children deserve a better future – and our world will become that much more equitable in return.
About the speaker
Jeremy is responsible for the product, engineering, and design functions as well as emerging business units. In that capacity he has helped build the teams that create products to accelerate the advent of an open financial system.