There is tremendous enthusiasm for blockchain in the market even from large players. Some are already planning to use the technology and are devising how a decentralized app powered by blockchain can help with their business processes.
After the hype surrounding crypto-currencies in 2017, 2018 was a reality check for these projects. It was a rocky downhill road, but this is for any emerging technology up for mass adoption.
The last part of 2018 witnessed the decline in the value of crypto-currency and is decreasing further. With the crypto market continuing its bear run, we can surely predict that we might get to witness a “survival of the fittest” situation occur. Market stabilization, combined with lesser speculation, will be important this year.
But looking past crypto, the technology behind blockchain remains as promising as ever.
What lies ahead for Blockchain Technology?
Moving ahead from 2018, we might begin to see a separation between hype and reality. We, slowly but definitely, see the beginning of disruption of other industries such as healthcare, education, and finance among others.
Various companies have started to experiment with new functions of blockchain technology. This is giving birth to a wide range of new applications of technology.
The question is soon shifting from “what is blockchain?” to “how can we use blockchain?” With this, we could witness an increasing number of private and public organizations exploring its use.
For example, Walmart has already started to adopt the technology along with some of its suppliers to track the path of food items in its supply chain.
In this case, blockchain can efficiently monitor the journey of the food right from the farm to the store shelves through decentralized ledger technology.
Following Walmart’s lead, we can expect other organizations to explore blockchain technology to improve efficiencies and streamline processes within their business processes.
But it is essential to note that the technology is relatively new and developing still. It is going to be some time until the issues surrounding its scalability and performance are addressed.
Along with its development, the standardization of protocols and platforms governing the technology will become crucial as more and more organizations adopt it.
What will happen to cryptocurrencies such as Bitcoin, is hard to predict, but blockchain technology is undoubtedly here to stay. It is not going to be long until we see this technology being used in various places in different organizations.
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