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Blockchain – which has been hailed as a revolutionary technology that could revolutionize entire sectors – will be so common in 2019 that it will become "boring", according to MIT Technology Review.
"In 2017, blockchain technology was a revolution that was supposed to break the global financial system," said the Technology Review. "In 2018, it was a disappointment, and in 2019 it will start to become commonplace."
MIT noted that distributed ledger technology was widely praised for its potential for transforming healthcare, banking, supply chain management and even the entertainment industry.
Major Push By Walmart and Wall Street
MIT said the move to normalize the blockchain in 2019 was facilitated by mega-corporations such as Walmart and the strengthening of the institutional moment on Wall Street.
"Walmart has been testing a private blockchain system as a food supply tracker for years," the Technology Review noted. "He says he will start using the system next year and has instructed his suppliers of green leafy vegetables to join by September [2019]".
This follows a similar move by the French food chain Carrefour, which uses blockchain to improve food security by tracking down chicken, eggs and tomatoes as they travel from farms to stores.
Carrefour – Europe's largest retailer with over 12,000 locations worldwide – says blockchain can help detect and prevent salmonella outbreaks related to eggs and poultry, which pose a major problem in the food industry .
A recent report indicates that the auto industry also bets on blockchain. Auto executives believe the promise of blockchain of secure and traceable transactions and better information transparency can simplify supply chain management.
62% of Auto Exec believes that the blockchain can interrupt the industry within 3 years: IBM study https://t.co/E0v1iM5asX
– CCN.com (@CryptoCoinsNews) December 12, 2018
The MIT Technology Review also pointed out that financial institutions are starting to enter the crypto mania:
On the cryptocurrency front, the Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, plans to launch its digital stock exchange at the start of 2019.
And Fidelity Investments has recently created a new company called Fidelity Digital Assets.
All these moving elements suggest that despite the current Crypto Winter, the industry is laying the groundwork for mainstream adoption.
Overstock CEO: Blockchain Revolution is here
This is why Overstock's founder and CEO, Patrick Byrne, is coming out of retail, so he can focus exclusively on the blockchain.
"The blockchain revolution has more potential than anything we've seen in history," Byrne told Fox Business. "It's bigger than the Internet revolution, how it will restructure society."
& # 39; Blockchain Revolution & # 39; it's bigger than anything we've seen in history: CEO Overstock https://t.co/XtuoEW5DHc
– CCN.com (@CryptoCoinsNews) November 27, 2018
As a result, Byrne has invested in 19 blockchain companies. One of these initiatives involves an investment of 6 million dollars in a blockchain-based open source encryption network called Minds.
As reported by CCN, Minds is a blockchain-based alternative to Facebook, Twitter and YouTube owned by Google that promises a strict privacy of the user and absolutely no censorship.
Patrick Byrne swears that 2019 will be a revolutionary year. "You will see that the blockchain will really start producing products in the world," he said. "You will see the blockchain products in the first quarter."
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