Fundamental Facts about Blockchain and Cryptocurrencies
In 2017, investors from all over the world invested more than 6 billion dollars in Blockchain and crypto startups. The price of Bitcoin was booming; new cryptocurrencies were entering the market, then suddenly, the market crashed. But it was only the crypto market that had a decline in 2017, the Blockchain market, on the other hand, saw a surge to itself. Because of the problems that the crypto market was facing, the world of Blockchain had to become more innovative...
In 2017, investors from all over the world invested more than 6 billion dollars in Blockchain and crypto startups. The price of Bitcoin was booming; new cryptocurrencies were entering the market, then suddenly, the market crashed. But it was only the crypto market that had a decline in 2017, the Blockchain market, on the other hand, saw a surge to itself. Because of the problems that the crypto market was facing, the world of Blockchain had to become more innovative.
No longer was Blockchain only focused around cryptocurrencies. Today, Blockchain presents a world of amazing possibilities. Different domains, industry to finances, health to education, are investigating the potentials of the Blockchain technology. Experts believe that Blockchain is increasingly taking over every aspect of our life. They propose the following five ways in which Blockchain will evolve in the near future.
1. Blockchain’s Position in the U.S. Economy
The greatest economy on earth, U.S. economy, is doing pretty good these days, in fact, the U.S. economy is in its longest bull period ever. But economists believe that this bull run will end for the U.S. economy soon. When that happens, Blockchain will take over and attract investors who are hungry for a market to invest in.
When the bear market of U.S. economy begins, cryptocurrencies will provide a reliable alternative to U.S. dollar and fiat money.
2. Blockchain Will Take over the Game Industry
Gamers and gaming companies have always been comfortable with alternative modes of payment and currencies. For them, the Blockchain technology and cryptocurrencies are as natural as any other technological innovation that must be accepted.
Soon, all in-game payments in the world of gaming will take place based on cryptocurrencies, and the Blockchain technology will take over the gaming industry.
But the gaming industry will not just use the Blockchain technology for payments. Companies, like Sony, have plans to launch Blockchain-based games, multiplayer Blockchain-based games, and generally games that are built upon the structure of Blockchain technology.
3. Blockchain Will Not Be Regulated by the U.S. and Thus Will Grow
It cannot be denied that most major innovators and investors in the field of technology throughout history were either from the United States or lived there. When most new technologies and innovations came to existence, like the internet, U.S. regulators held a position that very much helped the growth of this technology. They just waited.
The U.S. has done this in many cases, and so far it has held this position with respect to the unique innovation that is known as the Blockchain technology. This position helps innovators, developers, investors, and basically, anyone who has a vision for this technology to be able to do their work with absolute freedom.
4. Stablecoins Will Grow More and More
Stablecoins take the Blockchain technology and cryptocurrencies to a whole new level. Simply put, stablecoins are cryptocurrencies whose value can be tied to anything in the real world. This means that the value of cryptocurrencies will no longer be unstable. In this way, the value of a cryptocurrency, a stablecoin, will be tied to a real-world asset, like gold, silver, or even U.S. dollar.
Economists believe that very soon stablecoins will replace fiat money, even before cryptocurrencies replace fiat money.
5. The World Will Accept that Blockchain Does Not Have Just One “Killer” Application
Since the advent of the Blockchain technology and then cryptocurrencies, investors, entrepreneurs, CEOs, industries, and the general public have considered cryptocurrencies, specifically Bitcoin, to be its only real and “killer” application. But, the decline in the crypto market that occurred in 2017 showed that Bitcoin is not the only big player in the world of Blockchain.
Numerous other cryptocurrencies came to the scene and showed that they could be very valuable, applicable, and worthy.
However, that is not where it ends. The world is realizing that Blockchain is not only for cryptocurrencies. The Blockchain technology can be used in almost any aspect of our world, and everyone is starting to recognize that. The Blockchain technology can be used to maintain and control the economy, healthcare services, education services, cargo transfer services around the world, and numerous other features. It is only a matter of time until the Blockchain technology becomes a part of almost everything in this world.
[Blockchain-expo] “The Future of Blockchain Technology”, Kate Mitselmakher, 11 October, 2018
[Forbes] “Blockchain Becoming Integral To Leading Vehicle Brands With The Future In Mind”, Darryn Pollock, 31 Aug, 2019
[Forbes] “Five Predictions For The Future Of Blockchain And Cryptocurrency”, Adam Efrima, 13 Jun, 2019
Dr. Pooyan Ghamari