What Will 2019 Bring For Blockchain Technology?


Ever since the emergence of blockchain technology, a lot of use cases have been discovered. Of all the benefits using blockchain presents to businesses, transparency and trust are the most common. Blockchain helps keep the supply chain of businesses transparent and free of third party manipulation. Still, the adoption of this technology has been slow. Why is this so?


An article published recently by smartereum.com talked about how CIOs across various companies feel about blockchain technology. According to most of them, there is too much hype surrounding blockchain technology and this is clouding the fact that the technology still needs to mature. Most of these executives do not think the cost of implementing blockchain technology is worth the rewards near-term. Some said they do not believe the technology has significant advantages to business enterprises.


About Blockchain Technology


Blockchain technology is a distributed digital ledger that securely stores data across multiple systems and enables peer-to-peer transactions. It creates a trustworthy source of truth thus eliminating the need for intermediaries during transactions. The kind of verification provided by the technology creates a paradigm shift in how we establish trust. It has far reaching implications.


One of the challenges facing the industry now is lack of implementation. The technology is igniting interest in many places but the pace of interest growth isn’t the same as the pace of implementation. In India, for example, there has been an increased interest in blockchain technology but there hasn’t been any tangible development in terms of business shifts.
Notwithstanding, some executives believe that 2019 will be the year for mainstream adoption of blockchain technology. Some senior executives at United Airlines said blockchain technology is going to reach mass adoption next year. This shows that there is a lot of potential in the industry that is yet to be tapped.


Applying Blockchain Technology In The Energy, Automotive And Finance Industries


The fact that some executives are not positive about the growth in the industry doesn’t mean it will not grow. There are still many advantages of blockchain technology that are yet to be exploited. In 2019, companies will explore these aspects. For example, blockchain has a strong application in the energy industry. Saiterm, a Dutch power company is making plans to disrupt the heating market globally with an Ethereum based system. Spring, allows users to get coins back as credit when excess energy is generated.
Salvatore Morale had this to say about the technology:

“We, believe that Spring provides homeowners with a great opportunity to reduce the amount they spend on energy while also protecting the environment. The use of pellet boilers, gas and oil have led to an increase in greenhouse emissions over time. Thanks to infrared technology, future homeowners will be able to work and live in maximum comfort while reducing global warming.”


There are also many applications of blockchain technology in the automotive industry. According to the IBM Institute for Oxford Economics and Business Value, 62% of the executives in the automotive industry believe that blockchain is going to have a disruptive effect in the industry in the next two years.


The finance industry is also ripe for blockchain implementation. In fact, according to an article published by Forbes, this industry will most likely be the first to feel the heat of the blockchain revolution.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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