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- According to MIT, blockchain will be common and boring this year
- this will be the year that focuses on the practical uses of blockchain technology, rather than on the hype witnessed in 2017
- Big companies like Wall Street and Walmart are also creating blockchain systems, which according to the MIT report could influence the way people perceive the blockchain in 2019
Known as the revolutionary technology destined to revolutionize industries, the blockchain should become common and boring in 2019, at least according to MIT Technology Review. In one of their statements, they said:
"In 2017, blockchain technology was a revolution that was supposed to break the global financial system, and in 2018 it was a disappointment, and in 2019 it will start to become commonplace."
Despite the prediction that blockchain technology will become trivial this year, it should also become more useful.
There are some cryptocurrencies that have dropped more than 90% from their peak in 2017. However, the technology behind these cryptocurrencies is still useful. While many people still find the concept of new blockchain, it has been in preparation for decades. In fact, many blockchain developers who joined the industry in 2017 are still working on it. They continue to produce innovative sound projects and are close to achieving results. In addition, there are also several large companies that plan to present major blockchain-based projects in 2019.
Besides these factors, there are other reasons why blockchain technology will become normal in 2019. Here are some of these:
- Big names are starting to use Blockchain
Walmart has announced that it has already tested a private blockchain system for years as a food supply tracker. In the next year, they can start using the system to improve their processes. The multinational retailer has even instructed its suppliers of green leafy vegetables to join by the month of September.
Regarding the cryptocurrency side, Intercontinental exchange (ICE), which is one of the most influential actors on Wall Street and owner of the New York Stock Exchange, plans to present its digital goods exchange business by 2019. Fidelity Investments has recently launched a new company called Fidelity Resources digital, which offers custody services for crypto-assets.
Smart contracts make an agreement between two parties. The idea has been used since the '90s. Ethereum was created specifically as a blockchain able to execute smart contracts.
With technological improvements, Chainlink, a startup company, has recently collaborated with university researchers to make the first ever "Provably secure and decentralized oracle network". Oracles use secure hardware called trusted enclaves and cryptography to securely feed data on smart blockchain contracts.
Smart contracts could be practical this year in legal technology. Chainlink has partnered with OpenLaw to develop simple legal agreements based on smart-contract.
While the Petro of Venezuela, an alleged national cryptocurrency supported by oil, was not a success, there are 15 central banks around the world that are seriously studying the creation of national digital currencies. Therefore, it is expected that the discussion about them will start to heat up in 2019. At that point, the use of cash will continue to decline all over the world and new payment technologies such as cryptocurrencies will improve.
