The decline that has extended from last year to this year in the cryptocurrency industry has been nicknamed crypto winter. The storm has been so strong that related businesses had to let go of some members of staff while others had to shut down entirely. Could this be the end of cryptocurrencies? Speculators and critics thought. If you’re one of those who aren’t sure the industry has a future, this article is for you.
What Experts Think About The Future Of The Industry
What Experts Think About The Future Of The Industry
First of all, it is important for you to understand that even if cryptocurrency is the first and most visible application of blockchain technology, both concepts aren’t the same. While the death of blockchain technology will automatically lead to the death of cryptocurrencies, the death of cryptocurrencies will not lead to the death of blockchain technology. The blockchain space is vast and it opens up a door of limitless possibilities. Focusing on the price slump cryptocurrencies are suffering will blind you to the progress that is being made in the industry.
Bitcoin (BTC) Price Today – BTC / USD
| Name | Price | 24H % |
|---|---|---|
 | $0.00 | -0.15% |
According to an article published on Forbes by Alison McCauley, corporations are trying to understand other non-crypto applications of blockchain technology as they relate to their industry. Many of these companies are investing in blockchain technology because they strongly believe that it will have a disruptive effect on the world. This is what some of these leaders had to say:
The CEO of Smith and Crown, Brian Lio said that “the current cryptocurrency market isn’t a good reflection of the developmental pace in the blockchain industry. Many multinational corporations are beginning to explore blockchain technology as they have realized that it comes with a lot of opportunities. They are beginning to understand that it is risky to wait for others to implement the technology first.”
Another leader, Jessica Groopman, who is the co-founder of Kaleido, said that “the cryptocurrency market has entered a winter period similar to how the artificial intelligence market entered before it eventually hit commercial boom. Shakeouts aren’t always bad. They help separate fantasy from fact. This doesn’t mean it’s over for cryptocurrencies. Many of the other industries like AI, digital identity management and encryption techniques are related to blockchain technology. These industries are growing and so is blockchain technology. Blockchain technology is also becoming a common mainstream concept. Regulators are making moves to create a safe environment for cryptocurrencies and blockchain technology to thrive. There has also been a shift from emphases on speculation toward emphasis on the development of practical products.”
Principal At Deloitte Consulting LLP, Linda Pawczuk, said that “in 2019, the supply chain will continue to reign as the most practical use of blockchain technology. This is in line with a survey conducted in 2018 which showed that 53% of executives in various industries believe that blockchain provides in most practical solution in the supply chain industry. From logistics providers, pharmaceutical firms, government agencies, retailers, all the way to technology firms, many companies are starting to apply blockchain-based solutions.”
One thing these comments have in common is that the blockchain industry is developing fast. The cryptocurrency winter may have driven speculators out of the market but there are still many believers who haven’t given up on the industry and have no plans of doing so anytime soon.
