With 560 million cryptocurrency owners worldwide, considering blockchain and crypto merely as buzzwords is no longer an option. These technologies have disrupted the traditional world of finance. They have changed the way people perceive financial transactions.
Blockchain and crypto have added to this era of digital innovation, that is only being pushed forward with artificial intelligence. It seems as if there is no stopping these innovations. However, one very familiar term is still extremely relevant for even these technologies to succeed. That is user experience design (UX).
UX is crucial for these technologies because, without proper UX designs, these technologies will never move toward mass adoption. In this post, you’ll get to know what role does UX design play in blockchain and crypto. But first, you must understand what blockchain and cryptocurrencies are.
Blockchain & Cryptocurrencies
Cryptocurrencies, in easy terms, are digital currencies that utilize cryptography for security and operating. These digital currencies work on a decentralized ledger technology known as blockchain. Blockchain technology makes transparency and security in these transactions possible. If you don’t know what blockchain and cryptography are, read on, and you’ll find out.
Cryptography
Cryptography is a fundamental component of cybersecurity. It employs various techniques to secure communications and data from unauthorized access. This technology entails mathematical algorithms and protocols to encrypt and decrypt information. The encrypted or encoded information can only be decrypted or decoded by authorized parties.
The key concepts in cryptography include;
- Encryption
- Decryption
- Hash Function
- Symmetric-Key Cryptography
- Asymmetric-Key Cryptography
- Digital Signatures
Blockchain
Blockchain is a decentralized ledger technology, also known as DLT. This means that the blockchain technology is a digital system that records transactions across multiple locations. Blockchain being decentralized means that it does not require a centralized authority to perform or record transactions.
For a better understanding, let’s take the example of traditional currencies and how transactions are performed using them. Whenever you make a transaction using traditional currencies like USD, you require a centralized authority. This centralized authority is usually a bank or financial institution.
Blockchain does not require these centralized authorities to record or perform transactions. Blockchain is designed to be immutable. This means that once data is recorded within the blockchain, it is next to impossible to be altered or deleted. This is what makes blockchain technology so secure and reliable in FinTech.
The key features for a blockchain include;
- Decentralization
- Immutability
- Transparency
- Smart Contracts
Blockchain and cryptocurrencies is a hard concept to understand completely and seemingly even harder to portray through user experience designs.
The Role of UX Design
Most tech companies taking charge in the world of blockchain and crypto don’t pay much attention to UX designs. This is a major reason why these technologies haven’t achieved mass adoption yet.
These tech gurus or companies feel like their concept and idea is enough for them to create a user base. And it has worked out so far. This is only because no one else creating blockchain and crypto powered solutions is focusing on UX design.
Users who want streamlined transactions at lower costs and without a centralized authority have happily jumped on this bandwagon. What these companies don’t understand is that, as soon as there is a blockchain and crypto product with a great UX design, they’ll all lose their users. Or at least not gain new ones.
If that’s the case, then why aren’t these companies focusing on UX design more? Let’s find out.
Why Do Companies Ignore UX Design in Blockchain & Crypto?
Saying that the blockchain industry is challenging is an understatement. It’s fiercely competitive with advanced technology and no clue of where it is headed. In simple words, it is volatile.
With that in mind, the companies don’t know what the user expects from a blockchain powered product. This means that these companies have no clue where even to begin with when it comes to UX design in these technologies.
Apart from that, running a blockchain and crypto powered tool is extremely hard. Especially when you have no idea about the future of the technology.
However, these blockchain solution provider companies need to understand that UX design is crucial for mass adoption. They should create blockchain and crypto solutions keeping user experience in mind. Just like any other app, software, or website is created with effective UX designs.
If you don’t just want to keep striving for mass adoption, you must understand that UX is imperative for mass adoption for blockchain technologies.
Reasons Why UX is Crucial for Blockchain & Crypto
Although the blockchain and crypto space is growing, it has yet to reach its full potential. I think that by increasing the focus on user experience mass adoption will be possible in blockchain and crypto.
Here are the reasons why;
1- Increases Trust In This Relatively New Space
As is often the case, change breeds skepticism. When asked to change the way things are done, most people assume there must be something wrong.
Blockchain technology has led to the invention of new digital currencies known as cryptocurrencies, like Bitcoin. It has offered us art in a new form known as NFTs. It has also provided a new way to socialize in the form of the metaverse. However, these technologies also have to go through the same struggles as its predecessors before reaching mass adoption.
These struggles are the trust issues among the general public. The public which doesn’t yet understand the full scope of these technologies. They raise concerns like;
- I just don’t get it.
- It’s too complicated for me.
- This is a scam.
They are right for doing so, it is their right to do their due diligence. However, not catering to their concerns is a disservice to these technologies. Only if these blockchain and crypto companies focused more on UX these concerns could have long been addressed.
As we all know, UX is extremely important when it comes to fostering trust among users. Creating a website focusing on UI/UX designs has proven to increase the website’s credibility. Similarly, blockchain powered solutions can be more credible with efficient UX design.
2- Mass Innovation
The current generation has used the fast loading, creative looking, immersively designed, and easy to navigate solutions. Wishing that they naturally come towards blockchain solutions is nothing more than daydreaming.
Advancements in the field of technology have more often than not resulted in mass innovation. This is where inventors get over themselves, they think their idea alone is enough, until it isn’t.
Blockchain and crypto technology stands at a point where the internet technology stood in the 90s. New ideas were being introduced left, right, and center, this is when most of the tech giants we know today became mainstream.
But that was only possible at the end of the 90s and during the mid 2000s when UX became more than just an afterthought. Developers are moving to blockchain technology, but UX remains an afterthought to them.
This is why shortsighted ideas like “it’s too complex” are conceived. When the thought that the product in itself is enough among developers, blockchain apps become confusing to the users. Without proper UI/UX design, these products are hard to navigate and not aesthetically pleasing. That is why they are not adopted by the masses.
If you truly want to stand out from the rest when it comes to blockchain powered products, then focusing on UX is your way forward.
3- Engage Young Audience
As you already know, it can be challenging for people to change the way they’ve already done things. But this means that you can shift your focus towards the younger audience, as they are more open minded. This makes younger generations more vital to the success of blockchain technology.
However, there are certain issues that must be addressed for younger generations to adopt these technologies.
These younger generations are not very patient. Especially Gen Z. They’ve grown up with high speed internet and smart phones with instant access to information. This makes the relation between the back end and UX even more crucial for blockchain powered products or apps.
If your target audience is this younger generation, then you must know that they will never be willing to wait for a product to work properly. This is regardless of how revolutionary your product may be.
Remember, this younger generation is not accustomed to websites without proper UI/UX designs that you might remember from the 90s. They want the products they use to be properly functional, aesthetically pleasing, and easy to use.
Focusing On User Experience is Imperative!
If you are a developer or a business owner looking to create a blockchain powered product, do not give into the idea that your product is enough. I know it’s already challenging to create and effectively manage a blockchain product, due to the volatile nature of the industry. But you should focus on what makes other software products successful. You’ll find out that one big reason for their success is UX.
So, if you want your product to be adopted by the masses, focusing on the UX is crucial for you. This is because UX plays a far more significant role in blockchain and crypto, which others don’t consider.
