Will Blockchain Technology Sort Itself Out in 2019 or 2020?

Updated: Mar 25, 2019 UTC
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We have already embarked the 2019 journey leaving behind the blockchain challenges faced in 2018. But the question is, how will the blockchain world be this year? The crypto market lost 80% overall value in 2018.

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As we enter a new start to the year, many are still wondering what will the future be like? Where will blockchain stand this 2019, will this technology sort itself out this year or in 2020? Will there be any upcoming trends and development in the blockchain world? It is difficult and challenging to predict what comes next in the future, however, there are certain insights and predictions that everyone looking to pursue a career in blockchain must know. Earlier in the industry, blockchain was less outspoken than predicted, but today things have changed drastically.

Are you ready to see what the future prediction looks like?

Let us have a close look at how blockchain technology is shaping itself for the next 12 months. Learning and understanding blockchain technology can be challenging if one doesn’t know the limitations and lack a general awareness of what blockchain can do.

  •  Organizations moving towards the hype seeking for best-fit applications

65% of people already think that this technology is having a positive societal impact that is moving forward way beyond businesses. And yes, 44% of organizations worldwide have already started adopting blockchain. 2019 is a year where organizations are moving towards a reality where the industries are looking to shift their focus towards solving real-world problems through blockchain technology.

According to a survey by Deloitte, companies are already moving from proof-of-concept projects to real-world applications. The focus will not only be on where blockchain can fit, but where it can best fit.

  • Blockchain industries to work hard making an impact on the market

Organizations still believe that this technology will only be associated with cryptocurrencies and bitcoin technology. But this is not the case today, the blockchain industry is already making an impact in other industries like healthcare, government, video, startups, and banking as well. This impact should happen on a larger scale, this will change the perception of the people. Once a clear signal is sent to the corporates and organizations stating that the projects have nothing to do with cryptocurrencies, blockchain will have a wider adoption.

  • Blockchain will have more mature projects

2018 was a year where they have implemented many profile projects pilot however, the results of these developments are yet to come to full success. Last year had been tough for blockchain since it was a year of testing grounds where developments and research happened finding solutions of hot to improve this technology.

This 2019 will be a year where blockchain will come off age as this technology is converging at rationale levels setting itself one step ahead in entering the maturity phase.

  • 2019 to raise visibility for blockchain

This year is a year that will be filled with several new projects in blockchain technology. Developers and professionals are now focusing on entering this technology domain. Projects ranging from governance, supply chain, and identity etc. will demonstrate how significant blockchain will be in the job market. Organizations are now focusing on adding more blockchain applications.

  • More organizations entering the blockchain industry

Banking is not the only industry the can reap benefits from blockchain. Other sectors and industries are already experimenting on new functions. It is expected for more industries to enter the blockchain industry as in to eliminate inefficiencies and bring in solutions and create new business models.

Blockchain will revolutionize businesses in every way, but it still requires time and effort that industries need to understand before adopting this technology. Nonetheless, by 2020 we can expect successful implementation of blockchain.

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