Chatbots and Blockchain

Chatbots and Blockchain

The major block on the road to adoption for the cryptocurrencies and other decentralized finance products is a user interface.

When a person performs a financial transaction - there is a need to process lots of information. It is information on who is the sender, the receiving side, transaction details, and clearance details.

The traditional financial system of banks, custodies and stock exchanges operate on human assistants. The traditional financial system is human organisations. When dealing with human organisation human-to-human interface is effective at helping out with filling the forms to do exactly what you need to do. A bank assistant will guide you through the complex forms (which usually are an epitome of a horrible UI) with extensive instructions.

 In decentralized finance the core of the system is not humans. It’s a consensus-based algorithm executed by a network of computers owned by different parties. So in this context the transaction in a decentralized finance system is not a human-to-human interaction. It is a human to computer interaction. The core of the system has no concept of the people behind the transaction requests. The core operates on the level of accounts, balances (or UTXO counterpart) and private keys.

The user interface of the core is a human-machine interface. Which means that for the non-developers it’s even less intuitive than the forms of the traditional finance.

Crypto wallets have improved dramatically over the past decade. First bitcoin wallet used to be a light node. A user had to do all the legwork to set it up. Then the user had a command-line interface and a bunch of commands to memorise to use it. Modern web or mobile wallets are way friendlier.

However they are still feel like a human-to-computer interface. So is there a way to make a human-computer interface that would feel like a human to human interface? Besides mobile and web applications there is a common interface type that also makes huge steps forward in terms of UI and UX right now. This is the messenger bot interface.

The messenger bot does not clog your device with more icons like a mobile application. The chatbot feels more like human-to-human interaction, unlike a web application. A well-designed messenger bot is a great combination of an application interface, communication interface and tech support interface. Our company makes extensive use of messenger bots for processes and activities like time tracking, infrastructure monitoring and notifications. Also, we often implement messenger bots as a part of the customer solution.

In the decentralised finance ecosystem, there are multiple chatbot interfaces for exchanges and whole messenger-based P2P trading platforms. But these services are not decentralized themselves.