Blockchain Technology Exceeds Cryptocurrencies in 2019
In January 2009, a strange figure called Satoshi Nakamoto started a virtual currency called Bitcoin that operated around a “proof of work chain.” It was a rallying point upon the global financial meltdown caused by corrupt institutions, and cryptocurrencies sprang to heights and explored wisdom. However, the technology underpinning it up came to roost as blockchain technology.
Nobody grasped enough about blockchain to the point where even the first Bitcoin businesses took close to 12 months to impregnate. The ecosystem was restricted to a handful of geeks and developers who had just a notion of how this technology could take over other applications across the entire company operations and management firmament.
The journey through the decade mainly revolved around the cryptocurrency operations, but the distributed ledger technology began gaining drive in the world of ‘FinTech.’ Banks and financial institutions have utilized it for a variety of purposes – from smart contracting to simplification of loan appeals.
Jonathan Johnson of TechCrunch.com thinks that 2020 could be a blockbuster year for blockchain development that will recognize the technology “begin to take its biggest, most world-changing steps yet.” The build-up began a few years ago as industries went into research mode to figure out how useful blockchain would be in tackling supply chains and manufacturing processes and protocols.
Large retailers like Walmart and fast-food companies like McDonald’s now apply blockchain to source materials and food. Brazil lately hired IBM to build a blockchain system that would control the nation’s birth and death record system, which had been prevalent with abuse for decades. There will be many more such use cases of blockchain to be developed in the coming decade.
Experts across the world think that the next decade is where blockchain would come of age as software tools enduring in traditional flues would be built and utilized at decentralized software development stacks. It would also bring out results of open source projects using hyper-ledger as more users would compress their way in creating new integrations that may produce astounding effects.
With China frankly claiming that it would go after blockchain technology as it showed just the possibility that it was looking for to extend its authority over the world economy, it remains to be perceived where the United States and its partners go as clear guidelines in the region don’t yet command cryptocurrencies.
With data privacy earning importance, there could be a blockchain game even in the cloud as prevailing experiments around these areas may yield products in the coming decade.
According to Business Achievers, blockchain would be conventional in the subsequent decade where we will all have our dedicated blockchain IDs, and by 2030 or earlier, there may be more people with blockchain identities – both at the personal level and with their physical and virtual assets.