When the first Bitcoin block was mined 10 years ago, it marked the day blockchain technology was first employed for a real-world application. Fast forward to today, the technology is recognised across the globe for its ability to deliver transparency and efficiency. Yet adoption rates have not matched the hype, despite almost every traditional industry starting to dip their toes into these waters.
Show me the code!
2019 will be a critical year for the cluttered blockchain space, when the winners will be separated from the rest. Projects with solid, real-world use cases will begin to see increased support and interest from the general public, while lesser projects that are merely an idea on paper will cease to exist.
The shift in attention towards maturing projects (projects like aelf and others are set to launch their mainnets in 2019) will promote their sustainable growth, further supporting adoption rates as businesses look towards them for concrete and developed blockchain solutions.
Back to growth indicators
As mature projects continue to take shape within the blockchain sphere, investors in projects are also shifting their focus from price and market capitalisation towards active users and transaction volumes. Projects recognise this shift, and are spearheading initiatives that are encouraging more businesses and users to adopt blockchain-based solutions.
Other than creating awareness of the advantages of using these solutions, initiatives such as aelf’s Innovation Alliance also help link businesses with solid projects and lend additional support by providing advice, resource and capital support.
Hi non-crypto world
In the “non-crypto” world, industries that have not yet been disrupted by blockchain technology will increasingly see the benefits of implementing solutions into their processes, including lower transaction fees, effective and efficient management of data, and improved traceability.
In line with efforts supporting growth and adoption, the demand for solutions is set to increase as businesses tap into the transformative and disruptive power of blockchain technology.
Tokenize everything under regulation
Beyond business use cases, retail and institutional investors are acknowledging and taking advantage of the power of blockchain technology to bring unprecedented efficiencies to traditional financial markets. For example, the emerging security token industry, a hot topic in the crypto sphere, is lauded for its ability to bring greater liquidity to financial markets.
Security tokens can be traded anytime, anywhere, and have already been labelled as the bridge between traditional finance and blockchain, and an alternative to equities and bonds. The potential for security tokens to perform as a solid investment tool is expected to bring greater attention to the blockchain sphere in 2019, giving the crypto market and blockchain technology a well-deserved boost.
There is no doubt that blockchain technology will eventually achieve mass adoption across industries. We have witnessed a series of evolutions since its inception a decade ago. From acknowledgement of its transformative and disruptive powers to exploring the potential of the technology, the industry is starting to identify and build on practical business solutions.
To enjoy continued, robust development, the blockchain community will need to ensure that the rising demand for solutions is met with a steady growth in skilled blockchain developers and professionals to facilitate the needs of the industry.
As long as the industry continues to witness sustained interest from businesses and commitment from projects to deliver effective solutions, I am confident 2019 will be the year we start to see the technology being embraced and adopted on a wider scale.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.