By now, you already know that the cryptocurrency market is stuck in a descending trendline. Ever since the price of Bitcoin and other cryptocurrencies fell dramatically against the USD last year, the industry has been unable to recover. Price of cryptocurrencies fell significantly from their all-time highs. The drop was so bad that it was dubbed ‘crypto winter’. Some analysts believe the new price range isn’t going to change anytime soon. This has driven many speculators out of the market leaving only true believers behind. To an extent, this is a good because it has separated the weeds from the wheat.
Cryptocurrency Winter Is Good For Blockchain
According to Malwarebytes, blockchain has different use cases that extend beyond cryptocurrencies. Many companies are building their distributed ledger technology and exploring how they apply to industrial operations. Blockchains provide many advantages to governments, and businesses. It provides security that most traditional technologies cannot offer. This is why there are still many researchers researching blockchain technology even during the cryptocurrency winter.
Bitcoin (BTC) Price Today – BTC / USD
Right now, industry leaders like Maersk, Goldman-Sachs, and Microsoft are working on the application of blockchain technology in businesses. These businesses will use the technology to boost efficiency and security. They will be used to ensure accurate record keeping and transaction processing in a trusted environment.
Keep in mind that if cryptocurrency was the only relevant application of blockchain technology, research into the field would have slowed down or stopped by now. Rather, blockchain is still being applied to modern industry. Companies with active research and development teams can’t help but explore it. The cryptocurrency market is currently finding its natural state and moving to a point of relative stability as cryptocurrencies were designed to be stable rather than volatile.
The fall in the price of cryptocurrencies has removed initial coin offerings and cryptocurrencies from the spotlight. The mainstream media blackout and the reduced pressure has propelled companies to focus more on developing valuable products based on blockchain technology. This is because they understand that decentralised ledgers have the potential to disrupt the world. The kind of change blockchain will bring is incredible. However, such changes don’t happen overnight. The change needs to be accommodated by an entirely new society. It’s going to take some time for this society to evolve into one that can accommodate the kind of development blockchain brings.
Blockchain Is The Future
True, cryptocurrency is the most common use case of blockchain technology. However, it isn’t the only application. Blockchain can be applied in different industries across different societies. The fall in the price of cryptocurrencies can be compared to the dotcom bubble many years ago. After the bubble burst, many small internet companies fell paving a way for companies like Facebook and Google.
The cryptocurrency winter will make blockchain and cryptocurrency more efficient for culling the herd by removing the charlatans. Experts are already debuting professionally designed blockchains. This will make blockchain technology more popular.
Do you think the fall in cryptocurrency prices is a good thing for blockchain technology? Share your thoughts in the comment section.