Following the Initial Coin Offer – ICO boom in 2017-2018 along with Cryptocurrency – Bitcoin’s all-time high nearly $20K last year the blockchain and cryptocurrency has experience roller coaster ride. Cryptocurrency and its virtual world is full of surprises, you can’t predict the future howsoever skilled expert you are. Still, industry experts claim that cryptocurrency and blockchain market will set a new era in 2019 al and beyond. As per the industry experts, the technology will adopt mainstream SMEs, large scale organizations, financial institutions, and charities. The technological advances will allow Blockchain to become a more prominent player in our everyday life.
The “Still I am not sure what Bitcoin and Blockchain is” box
A blockchain is an incorruptible digital ledger that records the financial transactions made in Bitcoin and other cryptocurrencies in several computers and provides a safe and secure network, without needing to trust others.
On the other hand, Bitcoin is virtual money that Bitcoin holders send each other in as a digital payment, and their transactions are securely stored in the Blockchain ledger. The best thing about Blockchain is it’s a middleman similar to Bank that ensures that the same person can’t spend other people’s bitcoins twice, and the transaction made by the participant is legitimate.
Let me elaborate in-detail,
I want you to consider blockchain as a Google Spreadsheet work. The users with whom Google Sheet has been shared have rights to edit at the same time. All the users can see every change made by other users as it happens. There is no need to wait for other user’s approval and worry about what will happen if one gets lost. As Google sheet maintain all the records of changes made in the spreadsheet.
Blockchain works just like Google sheet. Maintain all the financial transactions in a digital ledger and no one has right to make changes in the database without the consent of involved parties. However, there is no single location to store database as all the records are decentralized.
How Blockchain Technology will revolutionize the World In 2019
Cryptocurrency is dominating the Blockchain technology and promises to create a world with virtual money that is decentralized and free from the control of central authorities like banks or governments. Blockchain technology has successfully boosted the efficiency and reduced the cost by creating private and permission blockchains. Blythe Master, a former executive of Digital asset holdings, has decided to validate the transactions at the Australian stock exchange. Whereas, banks in Luxembourg have started using blockchain for KYC compliance. The goal of such organizations is to settle by the year 2021, and much more projects and industries are in-line. The era of ICO seems like come to an end as BTC has fallen from $20,000 to $3600 and even lower within a year. Fortunately, the blockchain technology is there and expected to experience a great boom.
If the cryptocurrency isn’t able to recover, then still many upcoming projects will help blockchain technology to fulfill the purpose and revolutionize the industry. The industries who have already identified the potential of blockchain have started exploring as an alternative and viable solution.
Blockchain Impact Beyond the cryptocurrencies
Government
The blockchain is a solution for the long lines at the DMV. With the help of blockchain, it is possible to ease bureaucracy, increase safety, efficiency and transparency. So, whether its unemployment of employees or legitimacy of the election, everything can be taken care of with distributed ledger.
Healthcare
Wouldn’t it be great if our medical information can be stored in a central database? The sensitive information can be stored in a secure platform? Hospitals and other healthcare organizations can leverage the benefits of safe and centralized database with the advent of blockchain that will also update you about authorized doctors and patients.
Internet of Things
IoT includes almost everything and anything including, doorbells, buildings, cars, even refrigerators with network connectivity and sensors. These devices are operated from a central location and handle the communication, but they are chances that hackers can gain access. However, blockchain has the potential to address the security concerns and increase the capabilities of IoT.
Rentals and Ride-sharing
Airbnb and Uber seem like a decentralized network, but the property owners are in control to charge for their service. Blockchain has the potential to create a decentralized peer to peer ride sharing applications and allow care owners to auto pay for fuel, parking, and tolls.
Tokenisation in Real Estate
For the small investors, real-market is not freely accessible. Transforming real-estate on blockchain will allow people to expand and invest the market in small parts that were not possible earlier.
Identify the Best-fit Blockchain Applicatione
2019 has already started and industries and organization have shifted their focus toward the real-world problems that blockchain could actually solve and make viable changes to its operations. Proof of concept is a best way to identify the potential of your idea and understand how and where it will be the best fit. Hire skilled blockchain developer to get it done right.
More Matured blockchain Projects will be There
The trend took place in 2018 and will continue in 2019 as well. More and more businesses are looking for a potential opportunity in Blockchain, and some of them have simply adopted and got a favorable result, whereas others are rapidly evolving the crypto market.
It is indeed true that the prices of cryptocurrency have dropped a lot and social media platforms and news channels are talking about its cons, but never discuss the potential of this technology. But, blockchain is here to stay, and soon it will be future. The blockchain is relatively new, and every other industry is experimenting as possibilities for innovation is endless. So, let’s prepare ourselves for a revolutionizing future where autonomous and distributed technology will have a significant role in our personal life as well as business.