What You Can Expect With Blockchain in 2018
2018 is the year of the Dog in Chinese Astrology (Communicative, serious and responsive). Very apt for what is going to be a game-changing year for Blockchain, cryptocurrencies and Initial Coin offerings.
Just in case you thought the chatter surrounding blockchain, Bitcoin, and Ethereum was overwhelming in 2017, get ready for 2018. This year is going to be massive for blockchain technology, the tech behind the cryptocurrency sweeping the world: Bitcoin.
Bitcoin’s value, per one singular coin, surged from less than $1,000 on January 1, 2017 to more than $18,000 by mid-December. The rise has created hype and understandable concerns about Crypto bubbles. But even more important than the value of Bitcoin itself is the technology underpinning the cryptocurrency — blockchain, which is a decentralized ledger technology that tracks the Bitcoin transactions.
Blockchain has the ability to transform how all businesses interact. IBM, Deloitte , Microsoft have all come out with Blockchain platforms and initiatives to promote Blockchain for Enterprise however it will take a Google or Facebook to bring Blockchain into the mainstream.
Adding to the current Crypto hype Mark Zuckerberg announced in a recent statement in his now annual New Year Speech that he is very much aware of the centralized versus decentralized debate going on and that counter trends such as cryptocurrencies offer capability to put power back in the hands of people “ I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services.”
Facebook adopting blockchain would create a massive shift in opinion in what the potential use cases for the technology are. Hitherto confined to early adopters and the fintech space — Blockchain could burst into mainstream enterprise should one of the tech giants adopt.
How will your business take advantage of this technology evolution ?
If you’re interested in mastering the technology behind Bitcoin for yourself or your organization, here are a few ways the crypto tech will be leveraged in 2018:
1. Investment
ICOs (Initial Coin Offerings) brought in more than $4 billion during 2017. More companies that aren’t necessarily blockchain focused are going to turn their attention to ICOs as a way to raise capital this year. Why? ICOs are incredibly efficient, permitting startups to raise money from their future customers.
2. Marketing Media
Besides the capital value, startups can use cryptocurrencies to incentivize interest in their network. Businesses can reward individuals for uploading content, sharing it with friends, and spreading the word through a cryptocurrency. Through blockchain, companies can reach to the individuals that are actually helping with organic growth on a daily basis.
3. Reliable Records
Lack of transparency is something that has really hindered how people go about making investments and working with companies today. Blockchains create permanent records of transactions, as they happen. The record is spread across multiple computers that comprise a network, so hackers have to hack every single computer to make a change. It’s impregnable. Since blockchain is so safe, governments have started looking into the less-corruptible alternative that could come with a blockchain investment.
4. Converging Tech
Centralized, consolidated tech is something every company wants today. Blockchain merges with other emerging technologies, like machine learning and Internet of Things. Plus, blockchain can help validate official documents like passports, removing the longstanding process that once required cross-checking between tech entities.
5. Aid and Support
Aid agencies, like the WHO, have looked into blockchain for aid payments. Since sending money cross borders using cryptocurrencies reduces fraud, since blockchain records every step of the transaction, smart contracts are being made to allow aid to be delivered with special exceptions. This model could be applied to health insurance, medical data, voting, food safety, renewable energy, universal basic income, and a variety of other use-cases that were once ignored because of the lack of transparency and assurance.
Blockchain in 2018
Whether it’s Bitcoin, Ethereum, or a plethora of other cryptocurrencies being built out of blockchain technology, 2018 will be underscored by blockchain headlines through its duration.
