What Will The Next Decade Of The Blockchain Look Like?

By Dr Vin Menon on The Capital

Government Regulations

While enthusiasts often oppose the idea of regulating cryptocurrencies, I find myself on the other side. We’ve all witnessed numerous ICO scams, exchange hacks, and plenty of other issues that, quite honestly, are a large impediment to true mass adoption. It’s a situation that calls for regulation, even if the regulation must be loose and not too restrictive. As Julian-Andre Winter (Head, asset management, The Naga Group), says — “regulation is the first key for establishing blockchain technology at it will provide the lacking level of trust.”

Market Stability

The cryptocurrency markets, which are ultimately based on the blockchain, are… volatile, to say the least. Reasons include the ambiguity of regulations in various countries and the early stages in the life of the technology. At the current iteration, it is not without its faults. Though blockchains offer extreme potential in terms of cryptography and cybersecurity, they remain some time away from perfection. Stability should show signs as adoption increases, and institutional support strengthens. This is already occurring, with major names such as Facebook and Wells Fargo entering the cryptocurrency industry.

Smart Contracts

With the evolving nature of the blockchain, countries, industries, and banks have already begun to appreciate the utility of smart contracts. For any technology to be viable, constant adaptation and developments are crucial. We’re set to cross these hurdles, enabling the rise of smart contracts. This should enable a whole host of other applications — from truly digital identities to asset trades, land recordkeeping, and so much more. And this isn’t fantasy. Major cities — such as Dubai, are already well on their way to adopting blockchain across industries, already targeting being a blockchain-powered city by the end of 2020.

Disrupted Industries

On that note, it’s also important to glance at the multiple industries ripe for disruption with the blockchain. As I’ve often talked in length in the past, the blockchain will be ground zero for entrepreneurs of the future. From the education sector and the automobile industry to food retail chains, cybersecurity, and real estate — the potential is beyond exciting. Personally, I remain enthusiastic about the convergence of the insurance sector with this technology. Today’s insurance industry is still almost as archaic and complex in its functioning as it was several years ago in the pre-internet era:

  • Claims settlement is still complex and time-consuming, and
  • The verification process often still depends on a paper trail which is not digital.



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Dr Vin Menon

A blockchain enthusiast and entrepreneur’s musings on the next big revolution since the Internet.