Blockchain was one of the most revolutionary technologies of 2017, and it was receiving all kind of points from the hedge fund managers as well, as the price was rising time and time again.
But with the last year’s bear market and with more mainstream adoption on the rise, some like the MIT, believes this technology also to become dull and boring.
MIT recently released an article in their Technolgy Review site where they state that:
In 2017, blockchain technology was a revolution that was supposed to disrupt the global financial system. In 2018, it was a disappointment. In 2019, it will start to become mundane.
They say it to become mundane by focusing on three points, which is more focused on mainstream adoption. They are:
- Walmart and WallStreet Adoption
- Increased Smart Contract Usage, and
- State-Backed (Digital) Crypto Currencies
Walmart and WallStreet Adoption
Walmart, the world’s leading hypermarket and grocery store were testing a private blockchain to be used as a food supply tracker for years. And according to the latest article, it is said to be used by next year.
Similarly, ICE (Intercontinental Exchange), New York Stock Exchange Owner and one of the most influential in its domain plans to launch it’s own Digital Asset Exchange in 2019.
In the US, for example, big investment funds are required to store their clients’ assets in individual accounts with banks or other entities—“custodians”—that can protect them from theft or fraud. Securely storing crypto-assets is a technical challenge, however, since unlike transactions made with conventional money, blockchain transactions can’t be undone if they turn out to have been fraudulent.
And as an answer to the above problem, Fidelity Investments recently created a new company called Fidelity Digital Assets.
Increased Smart Contract Usage
MIT elegantly describes Smart Contract as:
Smart contracts are bits of code that execute an agreement between two parties—for instance, a flight insurance policy that automatically pays out if your flight gets canceled.
The problem for the above, which they states themselves is the need for the trustworthy real-time data to be received if a flight is cancelled, which is called as “oracle”.
And to solve the above problem, a company called Chainlink, with a partnership with Cornell is trying to create the first “provably secure, decentralized oracle network.”.
The same company has partnered with another company called OpenLaw which is developing simple smart-contract-based legal agreements.
State Backed (Digital) Crypto Currencies
One of the most awaited thing in the Crypto Space is a State-Backed Digital Currency. But that won’t be an easy road for sure. Petro tried and somewhat failed. And many other countries are trying to deploy their own, cautiously.
With all that in mind, what do you think will be the biggest reason for the Blockchain Adoption? Share your thoughts in the comment section.