The Global Emergence of Blockchain Technology
In the the last decade we have seen undeniably rapid growth in the adoption of several blockchain projects for the purpose of real-world application. Since the creation of Satoshi Nakamoto’s landmark whitepaper, the blockchain industry has progressed in a way that seems unfathomable, and the remarkable part is that it’s still in its infancy. Years ago the early cryptocurrencies were seen as purely speculative investments, which is not what Satoshi Nakamoto envisioned bitcoin’s primary use case to be, but as time progresses we are beginning to see various utilities for tokens, which is diversifying their methods of use for real-world adoption and ecosystem integration. Consequently, blockchain is growing in popularity at a rate that positively correlates with this.
If we extrapolate the graph of expected growth in the blockchain industry for the next several years, it will come as no surprise that cryptocurrencies may very well make a strong case for contributing to the obsoletion of fiat currency. As we begin to see large corporations adopting blockchain for various purposes, this should be an indication of what is to come in the near future. Companies are slowly finding out about the benefits of cold storage on an immutable ledger, among other purposes, to prevent manipulation and information being tampered with. Thus, there is an element of credibility and security that blockchain provides in certain industries that can vastly improve efficiency and performance. At the current rate of growth, we can expect continued rapid global expansion for real-world purposes, including data storage, asset protection, and transaction verification and facilitation on platforms such as Elysian. With blockchain still being in its infancy, we are on the brink of a movement that will transform the entire world.
The Impact of Mass Adoption on the Cryptocurrency Market
Those that have been involved in the market for at least a year are aware of the bull market at the end of 2017 that basically opened the flood gates for millions of dollars in new, amateur money to enter the market. While this may appear to be detrimental currently because of the bear market, it is only temporary. Novice traders are guilty of rookie mistakes such as panic selling and purchasing at high prices. However, as time passes, traders will become much smarter and inevitable regulation will most likely occur. This will remove a lot of the volatility in the current market that still leaves many people on the outside skeptical. In addition, the mediocre projects in the industry will not survive either simply because they are scams, they ran out of funding due to improper allocation, or they are weeded out by both current and future strong projects. So essentially, what we may very well see in the next few years is a market that is more saturated due to the prevalence of strictly legitimate companies.
Acclimating as a Civilization
As a culture it is vital to embrace this transformation and adapt accordingly to thrive as a civilization. This includes pro-blockchain stances from reputable government officials and corporate leaders. Blockchain will undoubtedly be integrated into our daily lives within the next decade at some point, so it is vital to use all the resources available to allow it to reach its full potential to improve various aspects of both day-to-day life and business operations. Technological advancements over the last several decades have changed society drastically, and this trend will continue as blockchain becomes more popular. The current generation of millennials hold the key to the future in their hands if they are able to integrate this technology into society to improve the overall efficiency and quality of life. There is a legitimate reason to be optimistic about the future!
