Blockchain is in a state of infancy right now as many of the technology experts say. Developers are still exploring their use cases and are being exploited new ways of adopting them. The Internet has evolved into what is now over a long period of time, similarly to blockchain, the evolution is still ongoing. Security, scalability, use cases, settlement and trading volumes are today the main blockchain research topics and it is expected that in the near future there may be a strong solution to these problems. According to Doug Wick, the VP of ALTR products believed that in the future the blockchain would see new phases as the definition widened. He has declared,
The definition of blockchain will be expanded and more spin-off technologies will be introduced. The concepts at the root of the blockchain that focus on integrity and data security are valuable in many contexts, but as they are examined by hundreds to thousands of use cases, they are addressed essentially with the same crypto-blockchain technology used to support cryptocurrencies. Expect to see more variations that go beyond the slow and public blockchains focused only on transactional registers in faster and more flexible concepts.
Most of the applications distributed on blockchain are just experiments and new use cases are explored on the run. These applications are not directed or directed to a single organization / institution and to its specific use case. As in centralized domains, there are applications that solve more specific rather than general problems, it is hoped that blockchain will evolve in a similar way. Once the institutions are deeply immersed in the blockchain, it is expected that 2019 would lead to more cases of use and would face small problems rather than larger generals that require the adoption of more institutions. According to Doug,
We will begin to see the real blockchain applications at the production level, both privately and within the individual organizations. Most blockchain applications today are experiments deployed on open source crypto-blockchain projects that require adoption by many parties or industries and may take decades to achieve traction. In 2019 you will see Blockchain adopted to solve small challenges within small trusted systems such as individual companies. Some of these solutions will cover data security, asset management, supply chain management, identity management and other systems where digital trust needs a solution.
Further explaining his idea of blockchain evolution in the near future, Doug explained,
We will enter the era of blockchain disillusionment. With cryptocurrencies coming back dramatically to the earth, the articles on how this blockchain stuff might have been all hype since the beginning are already starting to be written. Expect that the clamor is exhausted as we enter a period when entrepreneurs rely on the construction of companies with blockchain and blockchain spin-off technologies. In the spirit of Gartner's hype cycle, we will work towards a more pragmatic use of blockchain to solve problems only where it makes sense and to evolve the technology to solve these problems more appropriately.
The main concern of the institutions at the moment are the regulations that prevent them from plunging into the blockchain, while the institutions could be responsible for the adoption of blockchain, the developers should introduce new cases of use for them and the regulations are expected for 2019.