The prestigious audit firm Deloitte has published its annual list of technological trends on January 16, 2019, for the year 2018.
Among some of the items there was, considerably, blockchain. The relationship touches on the importance of network technology and names the blockchain as one of the forces behind it. The report also recognized the process that the blockchain has made towards adoption and noted that it is on the way to even greater adoption.
Among some of the sources cited in the report is a projection of the 2018 International Data Corporation (IDC) which states that global spending on blockchain technology could rise to $ 9.7 billion in 2021.
It also notes that blockchain "capturing both mindshare and investment is noteworthy considering that a few years ago the word blockchain was known only through its relationship with cryptocurrencies".
While Cryptocurrency was the first introduction to the world blockchain technology, since then the industry has evolved further. Even in places like China, where Criptovaluta is banned by the government, the blockchain is used by the same government for various reasons.
This, many believe, can act as a gateway to the adoption of cryptocurrency, because if governments can be convinced that they trust the blockchain, they will be more receptive to the currency that came with it.
It also guarantees longevity for the industry, regardless of whether the cryptocurrency is widely used or not.
"Today, blockchain is to trust what the web has been for communication: a deeply disruptive technology that transforms not only the business but the way in which human beings operate and commit themselves," says the report.
Possible progress and possible road blocks
According to the report, the blockchain will probably see widespread use in the next few years, saying:
"In the coming years we will probably see discoveries in gateways, levels of integration and common standards".
2018 has certainly seen a lot of adoption of the blockchain, in particular at the institutional and government level.
In the case of institutions, various universities such as New York University and Tokyo University have started offering courses on the blockchain. Companies in various industries such as logistics and finance have started using technology for different purposes.
On the government level, land registration, tax collection and even telecommunications processes were carried out by governments with the use of blockchains.
However, some possible obstacles to this progress have been highlighted as time-consuming operations, lack of standardization, high costs and complexity of blockchain applications, regulatory uncertainty and lack of collaboration among companies in the sector.