Blockchain has had a tumultuous year.
Blockchain has suffered through its expected hype cycle: rise in investment, prevalent hype and then ultimate cryptocurrency crash and disillusionment. As a result, some people might not consider it to be the next widespread technology. However, it has more potential for 2019 than you might think.
2019 will allow blockchain to shed its reputation of being just a cryptocurrency. Proof of successful concepts will lead the way to a wider public acceptance of blockchain, and there will be be more opportunities for people to learn about it.
Blockchain has been followed by hype since its creation. However, it is, in reality, a technology that can be implemented into everyday society. The future could be blockchain. The thing is: you probably won’t even notice, as your data, money and government becomes more secure and decentralised.
What’s so different about 2019?
Blockchain has been associated with one thing these last few years: hype.
Around this time last year, Bitcoin hit a monumental $20,000 value. Even before then, though, blockchain had been a victim to hype – but the cryptocurrency hike attracted mass interest. Those who were purely interested in cryptocurrency took interest in non-crypto blockchain projects.
So, when cryptocurrencies began to crash around October this year, people were horrified and distraught. Blockchain was over.
Except it wasn’t.
Cryptocurrency may be struggling, but many blockchain companies aren’t affected by the value of cryptocurrency. Rather, they are affected by the perception people have that ‘blockchain’ means ‘cryptocurrency’.
Forrester predicts a shift away from ‘blockchain’ and towards ‘distributed ledger technology’. However, it seems just as likely that the late 2018 cryptocurrency crash will cause more of a distinction between blockchain and cryptocurrency. No longer will the two get shoved into the same box. And so blockchain can earn its own reputation.
What can we expect of blockchain?
2019 will bring:
Real implementation in government.
Blockchain will become a common method of secure storage and communication in government.
More adoption by large companies.
Large corporate and global companies will begin to adopt blockchain into their general business practices. Instead of shying away from it, as they have previously, companies will feel more comfortable bringing blockchain into their business.
2019 has the potential to bring blockchain from the start-up world into the larger public corporate sphere. With time, it will lose the ‘hype’ and instead become normalised and commonplace. You just might not even know it’s happening.
To find out more about blockchain’s uses, click here.