As much as cryptocurrencies have been one of the best technological inventions in the past year, we cannot be blind to the fact it gave birth to the blockchain. The blockchain has been one of the best innovations we have received over the past 10 years. It is aiming to make our lives easier and more efficient.
The blockchain is a public digital ledger which transactions and data are inputted or recorded. This public ledger can be seen by anyone but cannot be altered.
Different cryptos can use the blockchain in different ways, depending on how their blockchain works or what it’s used for but it is essentially the same all around. Different industries are starting to realize how efficient the blockchain can make their company. For example, the insurance industry can keep all records on the blockchain and so can health care companies. Your credit score along with all the information can be put on the blockchain which can help make buying something on credit much faster.
Top 5 Reasons 2018 Will Jump Start Mass Blockchain Adoption
1. Countries and Regions
Many governments have begun talking about incorporating the blockchain into their everyday works.
- Switzerland: The leading countries in the blockchain development is coming from the Nordic countries. They have already seen what it can do and many startups in the space are coming from Switzerland like ShapeShift, Bancor, and Melonport.
- Dubai: As much as you would think Dubai would be one of the last to lead the way in this innovation, they’re becoming a leading nation in helping the transport, education and energy industries starting using it.
- Singapore: Singapore has been increasingly using this technology and has announced that the Monetary Authority of Singapore already announced it will tokenise the current currency on the Ethereum Network. They have already set $225 million USD for blockchain research and development.
2. Big Corporations
One of the biggest growth the blockchain will see is going to come directly from big corporations starting to introduce it into their daily business activities. IBM and Microsoft are technology companies leading the way for this but IBM is taking advantage in this space. They have teamed up with insurance companies to create a customer known-your-customer (KYC) and it has claims history and medical records in there. IBM has also started working with trade finance platforms on the blockchain. This will streamline all your data into one spot so you don’t need to keep filling out applications for credit cards or to buy a new car.
An initial coin offering or ICO is very similar to an IPO in the way that it’s a new company trying to raise money to start up from the ground. With the amount of ICO’s that are coming out and government regulations coming into play, this space is going to get much more legit. Being legit means more real business going around and with ICO’s being bought directly through cryptocurrencies, the blockchain is going to get much busier. There has been more regulations and laws coming out against initial coin offerings and this is good. The more laws there are in place from people being scammed, the better chance the cryptocurrency will be legit.
4. Adoption from New Industries
Some industries have been dominating the use of blockchain but older industries are having a tougher time. For example, the insurance niche is just getting into it knowing they can store people’s data on there and the insurance industry has been around for a long time.
However, tech companies which are usually newer have already started using it. Supply chain was one of the first to start using it because it’s so efficient for it. Being able to track where your clothes come from along with how it’s made is useful for some people or companies. This will not only cut slave labor or sweat shops but it will have accurate data of your apparel. You can know if your shirt is really 100% cotton or does it have another material in it that you might be allergic too like polyester. Education systems in the middle east and Asia are starting to use it too.
Jerry Cuomo, the Vice President of Blockchain Technology said it best.
“The industries that will have consumers sit up and pay attention to blockchain in 2018? IBM predicts they will be travel (loyalty programs), government (identification, voting, and land registration), luxury goods (ensuring people aren’t getting defrauded), and anti-counterfeiting (rights management) of electronics, media, and entertainment.”
5. More Blockchain Platforms Cryptocurrency
One of the biggest reasons that 2018 will see a huge development growth in blockchain technology is because of the blockchain platforms that are coming out. Not all of them do the same thing and that’s why it’s a bullish niche to be in. Ethereum is the biggest one and it is slowly creeping up to Bitcoins market cap. Many more are becoming the sand box and playground for Bitcoin blockchain developments like Ark. Neo is considered the Ethereum of China.
Neblio is another example that is aiming at making more people be able to build their own ICO. They’ve created a platform that can be used in 8 different coding languages. Waves platform already has a very beginners step to create your own cryptocurrency. The amount of people that are learning coding and programming is increasing every single day. This will only add fuel to the fire to go about create your own token and coin. Eventually every big company will use their own token to make day to day operations at the company easier.
Author: Alex M