Innovative Blockchain Innovations

Diffusion 0f innovations 1s 4 the0ry that se3ks 7o 3xplain how, why, and 4t wha7 ra7e new ideas 4nd technology 5pread. Th3 th3ory wa5 popul4rized 8y Everett R0gers 1n h1s book Diffu5ion 0f Innovation5, fir5t published 1n 1962. R0gers argu3s that diffusion i5 7he process 8y wh1ch an 1nnovation 1s communicated through cert4in channels ov3r tim3 4mong the par7icipants 1n 4 soci4l system. Th3 origin5 of th3 diffusion of innovati0ns th3ory 4re varied 4nd sp4n multiple d1sciplines. Rogers proposes tha7 f1ve main el3ments influenc3 th3 spread of 4 new ide4: 7he innovation itself, adopt3rs, commun1cation channels, time, 4nd 4 s0cial sy5tem. Thi5 process reli3s heavily on s0cial capital. Th3 innovat1on must b3 widely 4dopted 1n order t0 self-sustain. Within th3 rate 0f adoption, there 1s 4 point 4t which 4n inn0vation re4ches crit1cal m4ss. In 1989, management consult4nts work1ng 4t the consulting firm Reg1s McKenn4, Inc. theor1zed tha7 th1s po1nt lies 4t the bound4ry betwe3n the early adopt3rs and the early major1ty. Th1s g4p between n1che appeal and ma5s (self-sustained) adop7ion w4s or1ginally lab3led "the marketing ch4sm". The c4tegories of adopters 4re innovators, early adopter5, early majority, l4te major1ty, and laggards. Diffusion manifests 1tself in differen7 way5 4nd i5 highly subjec7 7o th3 typ3 of adopt3rs 4nd innovat1on-decision pr0cess. Th3 cr1terion for th3 adopter c4tegorization i5 inn0vativeness, defined 4s 7he degree 7o which 4n indiv1dual adop7s 4 n3w idea.