Let’s get it out of the way and say that 2018 has been a difficult year for the blockchain space.
With a dominant bear market in place and many projects abandoned by their founders, some say this is part of the process similar to the Dot Com bubble while others could argue that injecting a large amount of funds into ideas soon to be “Revolutionary” is a recipe for disaster.
For more on this see the list of abandoned projects: https://www.coinopsy.com/dead-coins/
It is, however, important to note that blockchain technology and cryptocurrencies are two very different things. While cryptocurrencies are one use case of how blockchain technology can be applied, we saw a lot of progress in how blockchain technology has begun its journey into becoming a solution for various industries – thus generating high expectations for 2019.
“As the blockchain technology that supports not only cryptocurrency but many other business applications, matures, we are already seeing the real value emerge. The impact of distributed ledger technology may be greater than any of us realize — it has the potential to change economics, business and society, and we’re just beginning to scratch the surface of what’s possible.”
– Allison Clift-Jennings, Filament.
What does 2019 hold for the technology and space?
We looked at some of the industries leading experts to see what they had to say about the current state of the market and any predictions for the new year. We found that two of the main topics of discussion for 2019 are how regulation will continue to impact the space and the introduction of security tokens. In a recent article published by valuewalk.com – Brent Jacob, Head of Blockchain Affairs at Utopia Music stated the following when discussing his predictions for 2019:
“..We will also see a lot of buzz in the blockchain space, especially as it relates to security tokens and the new tokenization economy, where once illiquid assets are being made liquid and accessible to nearly all investors. This will create an immense opportunity to allow just about any asset (or idea for that matter) to become investable, crowdfunded or fractionally owned. By increasing the universe of available investors not only will the amounts of investable capital and total number of projects that can be brought to life increase, but also innovation will be greatly enhanced. Though this will also necessitate a large regulatory regime change, as regulatory bodies are forced to find sensible solutions in an evolving sector to ensure investor safety and transparency…”
“The main obstacle the industry will deal with in 2019 is regulation playing catch up. With fintech innovation moving at warp speed, the industry must adapt and have an open dialogue with regulators to ensure progress does not grind to a halt. In Capitalism 3.0, innovators must see regulators as their partners, and include them early and often in discussions in order to establish a sense of understanding and get the guidance from said regulatory bodies on a pathway forward which makes sense for all parties…”
What about DLT-Based Government Systems?
Estonia has been on the map for its adaptation of blockchain technology in many different sectors, such as e-identity, healthcare, education, business and finance, mobility services and e-governance. Named ‘the most advanced digital society in the world’ by Wired with an ambitious future ahead, who will be next?
In a recent article published by Forbes, Rohan Pinto from 1Kosmos BlockID stated the following:
“Distributed ledger technology (DLT) is here to stay. Dubai has vowed to replace all government systems with DLT-based digital structures by 2020, which indicates that DLT will just grow over time. While the transition from a paper-based system to digital has been underway for a long time, DLT provides the underlying trust, immutability and transparency that such systems desperately need.”
With development comes knowledge, something some experts believe there needs to be an emphasis on and I couldn’t agree more. In order for the technology to work we need to understand how it operates and its potential capabilities. Max Kordek, CEO and Co-Founder of Lisk sated the following:
“We’re dealing with extremely futuristic propositions here and there is work to do. We must strive to meet industry challenges, such as the lack of formal blockchain education and the need to keep attracting top talent into the industry. Most importantly, however, the blockchain industry needs to continue driving the technology’s research and development and share their cumulative knowledge through a strong, global open-source development culture. I believe the disruption this technology will bring won’t be fully realized over the course of just one year.”
Identity protection has also been a big topic in 2018 with big shoes to fill in 2019. Nick Dryden, CEO and Founder of Sthaler / Fingopay shared his views on what’s to come in the new year:
“2019 is going to be the year of the biometric…when as citizens, we move beyond cash, plastic cards and devices. Using our individual uniqueness, traits that have been ours since birth to prove who we are quickly and efficiency. The next vital part of this journey is to ensure we all have control of our identities, a basic human right, we have the right to remain anonymous, we retain the right to be forgotten.”
It’s safe to say that the space is still at its early stages and there is a lot of room for growth and improvement. Personally, I’m extremely excited to see what the future holds for the technology. What are your predictions for 2019?
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18 December 2018
To read the full articles and sources, please visit the links below:
Dead Tokens: coinopsy.com
E- Estonia: https://e-estonia.com/