Last year was a challenging one for Blockchain, mainly thanks to highly publicised problems on the cryptocurrency market.
With far more to Blockchain than Bitcoin, however, experts anticipate that 2019 is going to be the year that it sheds its old image and is finally used to its full effect.
Here CashLady looks at four Blockchain predictions for 2019 in a little more detail.
2018, a difficult year for Blockchain
Online news site Finextra highlights that 2018 was a tricky year for Blockchain.
It was plagued by the reputation of Bitcoin, which lost more than 80 per cent of its overall value from the beginning of the year.
Governments also placed it under increased scrutiny with regards to cryptocurrency trading.
Blockchain has far more to offer the world than cryptocurrency. A technology that can offer enhanced data management and security of that data, it can offer various industries and sectors a whole host of benefits.
Blockchain predictions for 2019
2018 wasn’t the year that businesses woke up to this, will it be 2019? Let’s find out.
#1 A Blockchain image overhaul
There’s no doubt that Blockchain has an image problem and one of the blockchain predictions from experts is that 2019 will be the year that it goes through a rebrand.
Blind to the benefits of what it can do for them, businesses are reportedly sceptical of the technology thanks to its association with cryptocurrencies, such as bitcoin.
The blockchain industry is expected to enhance its image in 2019, and separate blockchain from cryptocurrency in the minds of business leaders and operations managers.
If the technology wants wider adoption then it’s going to have to communicate it’s use cases, which are totally unrelated to cryptocurrencies.
#2 A name change for Blockchain
Most experts predict that the key to this Blockchain image overhaul is going to be a name change.
Switching terminology from Blockchain to distributed leger technology (DLT) sends a clear message to the world that the technology has nothing to do with cryptocurrencies and everything to do with storage of data.
DLT refers to the consensus of replicated, shared or synchronised digital data, which is shared across multiple sites, countries or institutions with no centralised administrator or data storage.
#3 Blockchain will find it’s best-fit business case
Blockchain was once hailed as the silver bullet for all business problems.
Now experts predict that 2019 is going to be the year that it is brought down to earth and used where it can have the most positive impact.
Global Coin Report notes that Blockchain can certainly help with lots of business problems but that many are,
‘better suited to be solved by alternative technologies. Robotics, AI, and similar technologies are not to be discarded in blind faith in the blockchain.’
So, what the best use cases for Blockchain technology?
According to the news site, we’ll see the rise of Blockchain where it can have the most positive impact – think sectors like finance, where lots of secure data is held, and supply chain where important data is spread across multiple sites and geographies.
Speaking to Forbes, Luka Horvat, Head of the Developer Vertical at Toptal and Blockchain Engineer, offered his prediction for 2019, he said:
“The two biggest areas we’re seeing interest from enterprises in applying blockchain are finance and supply chain.
“We’re already seeing strong progress there in the form of Hyperledger, Ethereum Enterprise Alliance, and Corda. It can be expected that in 2019, corporations will invest additional time and resources in determining how to optimize portions of their businesses through the decentralization and transparency that blockchain offers.”
#4 Blockchain Predictions: Increased opportunities for experts
Experts predict high demand for Blockchain experts in 2019.
As more and more businesses wake up to the benefits of Blockchain, it’s only natural that they will need more experts to help manage its adoption.
The technology remains relatively unknown and misunderstood and blockchain experts remain few and far between.
There is already increasing demand for experts on freelancer websites.
Entering the industry now and gaining experience will likely serve new developers rather well in 2019 and much further into the future as the technology gains traction.