Blockchain Technology Will Fulfill Its Purpose By Revolutionizing The World In 2019


The blockchain hype started a long time ago. However, the cryptocurrency boom in the end of 2017 and beginning of 2018 increased the hype ten fold. This is why many experts predicted that 2019 would be marked by a blockchain breakthrough. Many companies and banks are already exploring the possible applications of blockchain technology.


The financial sector is already applying cryptography in payment settlements. Notwithstanding, the fact remains that cryptocurrency is simply one of the multiple applications of blockchain technology. Blockchain technology itself, has the potential to make things like data sharing and recording effortless in a secure environment. These benefits have captured the interest of the corporate sector.


Blockchain Technology Positioned To Change The World In 2019


Cryptocurrency, the most dominant application of blockchain technology, promises to create a world with money that is free from the control of central authorities like governments or banks. Blockchain technology also promises to boost efficiency and reduce cost in any applicable industry. Some of the problems that has slowed down the large scale adoption of cryptocurrency technology are high dependence on energy, governance problems and scalability challenges.


Exchanges and banks have tried to solve this problems by creating private and permissioned blockchains that can be used for large security settlements and one-off transactions. In the first quarter of 2019, banks in Luxembourg are going to start using software from Cambridge blockchain to manage its KYC compliance. Also, Blythe Masters of Digital Asset Holdings is making plans to test the company’s blockchain at the Australian Stock Exchange. The goal is to replace its settlement and clearing systems by the year 2021. These are just few of such projects that are on the way.


Because of the decline in the price of cryptocurrencies, the $20 billion ICO boom has come to a bloody end. BTC fell from $20,000 to $4000 and even lower within the year. If there isn’t any strong recovery in the market soon, BTC may never become the digital gold as it was predicted to be. The good news is that there are still many useful applications of blockchain technology. In the next few months of the year, the industry is expected to experience a great boom.


Even if cryptocurrencies are not going to recover fully yet, there are still many upcoming projects that will help blockchain technology fulfill its purpose in 2019. This will mark the beginning of the third industrial revolution. Governments and private establishments that know the benefit of this technology are already exploring it in a bid to be in front of the revolution.


Bitcoin (BTC) Price Analysis


The first application of blockchain technology, BTC, had a rough 2018. Following the rise to its all-time-high of almost $20,000 in January 2018, BTC started to decline against the USD significantly. As expected, it dragged the entire market along. The bulls tried to regain control of the market but the sell-off was extreme. At one point, the price of BTC fell even without strong selling pressure.
Some investors were hoping that there will be a Christmas/New year’s rally for BTC that will take the entire market up. Unfortunately, this didn’t happen. Even if BTC experienced a slight surge before Christmas, this was nothing compared to how high it sold same time last year.


Bitcoin (BTC) Price Today – BTC / USD
Name Price24H (%)
Bitcoin (BTC)
$3,608.01
0.61%


At the time of writing, Bitcoin (BTC) was trading at $3,763.94. This shows that it is down by 1.61% against the USD. The trading volume over the past twenty-four hours is $4,477,365,403 and the market capitalization is $65,704,773,241. This isn’t a good way to start the new year but this is what is happening in the market.

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