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Bitcoin was down at 80%, and this set was sufficient for the critics to draw parallels to the demise of the blockchain technology.
However, cryptocurrency is just one of the hundreds of possibilities with blockchain technology. The blockchain revolution is more than promising and is set to roll despite the fall of the cryptocurrency.
The reasons for the bust of cryptocurrencies like
Ethereum and Bitcoin have been studied well.
It has been revealed that increased regulatory oversight, scams,
mushrooming up of ICOs and developers disagreeing over updating the
cryptocurrency based on the blockchain as the major reasons
for the decline.
Najam Kidwai, stated, "All innovations need time
to mature and that cryptocurrencies were no different. "
need to mature and that cryptocurrencies were not any mature.
The idea of technology is to better user
experience to make life easy. Changes
to be everything above board.
He further predicted that institutional money
would be flowing into the crypto space. Even in a scenario where retail
investors will be taking a fright, hedge funds and Banks will be looking at
cryptocurrencies to develop a risk and compliance infrastructure to support the
trading process.
Chris Beauchamp, stated, "They are not doomed"
when talking about cryptocurrencies. He
further added that they might not be changing the world overnight, it
will remain a part of the financial world.
He also acknowledged that many of them would be fade or evolve with time.
Regardless of the cryptocurrency crash, several
observers have agreed that the blockchain technology will continue to help in the
development of public and private investment.
In the Gulf, there have been several successful
blockchain based developments in the year 2018.
The Al Hilal Bank carried out blockchain transactions
for Islamic bond valued at $ 500 million.
Abu Dhabi National Oil Company collaborated with IBM to pilot the supply
chain systems using blockchain technology.
Kidwai stated that the current Dubai ruler is
working towards a paperless government as a part of the initiative in Smart
Dubai using blockchain technology and that is a desire for speed
transparency in the government.
Rajesh Kandaswamy, to Gartner analyst, spoke to
Arab News and added that though speculators poured billions into cryptocurrency
that did not, in reality, invalidate the blockchain technology.
"Blockchain
has been helping to track the molecule of oil and its value from well to final
customer "for Abdul Nasser Al Mughairbi, from Abu Dhabi National Oil Company.
Almost every business process can be enhanced
using blockchain technology with the secure, shared and transparent ledger.
Analysts have to state that the cryptocurrency
market will recover just like the dotcom boom gave birth to Amazon. They opine
that cryptocurrencies can not be written off.
