The Blockchain initiative has been hailed by experts as the game-changing technology with the potential to revolutionize industries. According to the MIT Technology Review, the Blockchain technology will be commonplace this year although it’ll become boring. As per the technology review by MIT:
“2017, saw the blockchain technology as a revolution designed to disrupt the existing global financial framework. In 2018, it turned out to be a disappointment. But in 2019, Blockchain technology will begin to become mundane.”
The MIT Technology Review also observed that the distributed ledger technology has widely received praise for its potential to alter and improve the healthcare, and banking sector as well as enhance supply chain management, and the entertainment industry.
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Blockchain Normalization Has Been Facilitated By Major Corporations
The MIT Technology Review also found that the move to normalize the blockchain sector in 2019 has been facilitated by top-corporations like Walmart and Wall Street. Quoting the review:
“Walmart has been testing the viability of the private blockchain system as a food supply tracker. It says it will begin to use the system in 2019 and has reportedly told its suppliers to join the initiative by September this year.”
Walmart and Carrefour Track Produce With Blockchain Technology
Walmart and Carrefour are now using the Blockchain technology for the tracking of their fresh produce.
This move follows a similar initiative by Carrefour the French grocery mega-chain, which is now using the Blockchain technology to improve food safety. It does this by tracking eggs, chicken, and tomatoes as they are moved from farms to retail outlets.
Carrefour, the largest retailer in Europe with 12,000 locations around the globe, believe that Blockchain can help it find and prevent salmonella outbreaks linked to eggs and poultry.
According to a recent report, the automobile industry is also prepping for a Blockchain revolution. Auto executives believe in Blockchain’s promise of secure, improved transparency of information and traceable transactions to streamline the supply chain management. Additionally, the technology review also cited that financial institutions have started to move in pace with the crypto craze.
On the crypto front, Intercontinental Exchange (ICE), plans to launch its digital asset exchange in the early phase of 2019 while Fidelity Investments has recently created an extension to its company known as Fidelity Digital Assets.
Overstock CEO: a Blockchain Revolution is in Full Swing
The CEO and founder of Overstock, Patrick Byrne believes a Blockchain revolution is imminent. Which is why he is exiting his retail business so that he can exclusively focus on Blockchain. According to Byrne:
“The Blockchain technological revolution offers greater potential than anything we have ever seen in history. It is going to be bigger than the Internet revolution, in terms of how it will restructure the society.”
Byrne has now invested in 19 Blockchain startups. One of those ventures called Minds is a $6 million investment open-source, Blockchain-backed crypto social network. Minds is a Blockchain-powered Facebook alternative, as well as Twitter, and Google-owned YouTube. It promises to offer stricter user privacy with zero censorship. Byrne declares that 2019 will be groundbreaking for Blockchain technology. He said:
“You will see Blockchain coming out with products. You’ll see multiple Blockchain products in Q1 of 2019.”