When most people heart the term “blockchain” the first thing that comes to mind often involves cryptocurrencies, like Bitcoin. However, blockchain is something much bigger, and more exciting, than that.
Regardless of how you feel about the abundance of cyber-currencies hitting the marketplace today, there is one undeniable truth about the technology that powers them. The future of blockchain is strong. These are some of the blockchain trends you can look forward to in 2019 and beyond.
WIDESPREAD ADOPTION OF DISTRIBUTED LEDGER TECHNOLOGY
Dubai has already vowed to replace its existing government systems with DLT based structures by 2020, according to Forbes. This is possible because there is an inherent trust and transparency implied when using blockchain technology. That is why it is used so widely in medical environments already. It is likely that once a single government makes the transition, like Dubai, others will follow. In fact, Blockchain-Expo predicts that by 2030, most governments will create or adopt some type of virtual currency.
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BLOCKCHAIN WILL BECOME BORING
At least, boring is what MIT predicts for blockchain in 2019. That isn’t necessarily a bad thing for blockchain though. What it really means is that it will become more mainstream and widely adopted. Even retail giant, Walmart, has been testing its own private blockchain system to help track food and supplies with plans to roll out the system by September. The bottom line is this. As the use of blockchain technology becomes more widespread and mainstream, the excitement dies down and it becomes, well, in the words of MIT, boring.
MORE INSTITUTIONS WILL JOIN THE FRAY
While some of the biggest institutions in the world have been dismissive of blockchain technologies in the past, you will see wider adoption of this technology to assist organizations in their efforts for greater transparency, increased security, and to build trust with their customers and the court of public opinion. How big is this trend? Large enough that insurance giant, Lloyd’s of London is beginning to offer insurance protection against the theft of cryptocurrencies. The belief is that other insurance products are soon to follow.
THE WORLD OF BANKING WILL BECOME MORE EFFICIENT
Even banks that have thumbed their noses at cryptocurrencies are beginning to accept the fact that the technology that powers them has a lot to offer, including greater efficiency for banking. Because of this massive increase in efficiency, predictions are strong that global banking institutions will increase adoption of blockchain technologies throughout 2019 and beyond.
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As you may have previously noticed, blockchain technology is the core of attention in current news headlines. The technology has been considered “disruptive,” and the prospect of blockchain is usually associated with one that could “alter life as we know it.” However, there remains a hint of confusion about what precisely blockchain technology is, where it’s used, who's using it, and how it’s being developed.
Blockchain implementation is on pace to build technological solutions.
How would the COVID-19 scenario be handled if the world is enriched with blockchain solutions?
