Blockchain in 2019: Excitement Dwindles as it Hits the Mainstream

Blockchain was presumably invented by Satoshi Nakamoto in 2008 in order to facilitate a public transaction ledger of the most well-known cryptocurrency, Bitcoin. Satoshi Nakamoto has never been truly identified, but his legacy lives on.

Over a decade on from Satoshi Nakamoto’s White paper Bitcoin: A Peer to Peer Electronic Cash System, even people not keeping a close eye on the tech world have heard of blockchain, even if they aren’t exactly sure what it is, how it works, or what it does. In the decade that followed its creation, innovators have been exploring how to use blockchain technology for a range of applications. Cryptocurrency is the obvious choice, but we have also seen plenty of ‘thinking outside the box,’ and some exciting new uses.

People have cottoned on that blockchain isn’t just damned to a life aiding cryptocurrency, and some weird and wonderful ideas have arisen. Some of these ideas are innovative and also sensible, those ideas where you go “why didn’t anybody think of this sooner?” One example of this is when a Brazilian politician used blockchain to publish his party’s government plan in a time fraught “fake news.” However, some of the suggested blockchain applications are also downright bizarre.

Some bizarre suggestions that come to mind are a “Thanksgiving Turkey Tracker”, and tracking the growth and sale of legal marijuana. MIT is also looking to develop a blockchain system that would verify their alumni’s credentials.

2019 will see blockchain technologies being adopted in a major way, bringing it into the mainstream. Some major companies are developing their own blockchain applications, and this trust by huge companies in the public sphere will filter down until blockchain becomes normal, and maybe even a boring part of everyday life. Below are some of the major blockchain projects taking place in 2019.

  • Walmart will be rolling out their blockchain-based food supply tracker in 2019.
  • Intercontinental Exchange (ICE), who owns the New York Stock Exchange, is planning to launch a cryptocurrency exchange early in 2019.
  • Smart contracts are right on the verge of being useful. Up until now the applications of smart contracts have been limited because they rely on real-time reliable data, which is only now becoming a reality.
  • Some states, such as Venezuela, are started to back cryptocurrency, again bringing it further into the mainstream.

2019 is set to be an interesting year for blockchain as it continues to climb its way into the mainstream.

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