BitClave - Crypto Predictions: What to Expect in 2018
There is no way to predict the crypto future. Even the most optimistic experts and supporters of bitcoin couldn’t predict a 1700% rise in price. But that’s what we saw in 2017. Everyone is expecting more good things to come. Here are some of the predictions from BitClave team for 2018:
Blockchain Expanding Beyond Finance
More companies are going to start using blockchain applications. Healthcare industry has been running pilot projects for record-keeping and tracking drugs. These will start to become mainstream. More legal documents will move into blockchains. Large companies with huge supply chain networks will start using blockchain to track products and services.
Blockchain and the Internet of Things
Internet of Things (IoT) is seeing rapid growth. But maintaining centralized control over IoT systems is a major bottleneck for the networks. The decentralized blockchain is a potential solution and we can expect to see more companies using blockchain to cost-effectively and efficiently manage their IoT systems.
Adoption of Smart Contracts
Smart contracts can automate a lot of manual tasks in various industries. With smart contracts, transactions can automatically take place whenever certain conditions are met. Insurers like AIG are investing in blockchain applications to improve their current programs. There will be more efforts like this in 2018.
Even though there are backlashes against the rise of cryptocurrencies from countries like China, South Korea, Kuwait and more, the power of blockchain technology is too strong. Russia is announced “Crypto Rouble”. Estonia has already estcoin. The central banks of Japan, China, Sweden, and the UK are trying out their own digital fiats on blockchains. So 2018 will see more government-backed digital currencies.
Failure to Launch or Succeed
The promise of innovation and profit have brought a lot of new players into the blockchain and crypto world. By the laws of natural selection, a lot of these players will get weeded out. So there will be corrections in 2018. But anyone genuinely excited about the field should keep working hard. Hard work will bring success in the long-term.
New Business Models Will Emerge
If blockchain is internet 2.0, then businesses running on the current internet will have to adopt. The digital disruption will force businesses to change. We can expect to see the new models start to take shape in 2018. Innovators who can come up with new ways to take advantage of blockchain can disrupt the behemoths of the industry.
People Will Continue to Work on the Scalability Challenge
Today blockchain based solutions cannot compete with the PayPals, Visas, and Mastercards of the world. It takes 10 minutes for a bitcoin transaction whereas Visa can perform it in seconds. So the best minds in the blockchain industry will keep trying to solve the scalability problem.
ICO Process Will Evolve
With billions of dollars pouring into ICOs, 2017 was a significant year for blockchain investment. It is a testament to the democratization of the venture capital market. But next year, expect more traditional venture capital firms with experience in IPOs to delve into this space.
From today’s perspective, 2018 seems like a year of great promise. There are a lot of opportunities. It should be another year of growth and prosperity for crypto and blockchain.