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& # 39; Boring & # 39; it is not usually a word associated with blockchain. However, according to a recent MIT Technology Review article, it is exactly what they will become this year – as well as more useful.
You do not have to be a veteran crypto to know that this sector is notoriously volatile. The highs and (especially) the lows of the last few months are characteristic of the cryptographic space. A drop of 80 percent in value from one year to the next is par for the course in this 10-year space. Even the increase of 80 percent in a month can happen, just look Ethereum.
Dangerous, volatile, unstable, speculative: these are all the words that one expects to hear when it comes to cryptocurrency, but usually does not appear "boring". Yet, according to MIT, it is exactly what will happen in 2019:
In 2017, blockchain technology was a revolution that was supposed to break the global financial system. In 2018, it was a disappointment. In 2019, it will begin to become commonplace.
2018 was a year of disappointment – and progress
While the attention to many has been on the price throughout 2017 and 2018, a big chunk of the blockchain community has gone on with business as usual. Yes, some of the magic may have left the blockchain space. This is only natural after an overly promising marketing campaign.
However, this year we will see many excellent projects that keep their promises and offer what they have proposed in their ICOs. 2018 may not have been the best year for prices, but blockchain technology has seen more innovation than any other year.
If you need proof of this, look no further than the progress the Lightning network has made in this image below.
Lightning Network: January 2018 vs December 2018 pic.twitter.com/P6LWP1RRzr
– Jameson Lopp (@lopp) 24 December 2018
Institutions and big business are entering
According to the MIT article, if you want a signal that the blockchain will finally begin to bear fruit this year, look no further than the fact that both Walmart is Wall Street enters the game.
Walmart has been testing a private blockchain system for years and has seen the success of registering food all over the world in the supply chain. In 2019, the global giant will make this system mandatory for his green leafy vegetables suppliers to join by Q3.
Moreover, despite the crypto-currencies market showing worrying lows and losses in 2018, the parent company of the New York Stock Exchange, ICE, is introducing Bakkt to the market at the start of 2019 after an incredible first round of financing.
Bakkt has just raised a sensational $ 182.5 million from big investors like Microsoft, Pantera Capital and BCG.
Fidelity also launches his hat in the ring with a cryptographic assets custody service called Fidelity Digital Assets. Whatever the outcome of Bakkt, Fidelity and this year's crypto, blockchain technology is taken very seriously by the institutions.
Smart contracts to use for real-world problems
Since the smart contracts have arrived, their potential for use in the real world has been undeniable. Beyond that, the potential for major damage is also high. There are still many bugs in smart contracts that must lead to huge losses in funds like the Parity Wallet loophole.
However, the technology of smart contracts has improved and several companies will present smart contracts in the real world this year.
The problem of "rubbish in the trash" (or in technical terms, with a reliable source of data in the form of an "oracle") was solved by companies such as Chainlink which launched the first "decentralized and secure oracle network, able to ensure "data is reliable using cryptography.
We can expect to see smart contracts used in the legal field and at the level of completion of the basic contract this year. There is also the possibility of cryptocurrencies supported by the state as being circumvented by Christine Lagarde, head of the International Monetary Fund, as a way to accelerate financial inclusion.
It is unlikely that FedCoin will happen next year. In fact, it is quite unlikely that it will happen at all when considering adding a central authority to cryptocurrencies rather challenge the point first of all.
But with all the new projects to be launched in 2019, current work solutions and not just ideas, real institutional funds and support, blockchains could become boring, but they will certainly start to be useful.
Do you agree with the MIT forecast? Share your thoughts below!
Images courtesy of Shutterstock
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