The Bitcoin gold fever is at its peak and the blockchain masterminds are working hard to extend the scope of this technology. There is a lot of free space to wonder how everything will turn out and it comes down to two ultimate scenarios.
- The blockchain technology takes over the old system, gets adopted worldwide and becomes the primary system not only for currencies but also for different technologies
- The second scenario would be the “Pokémon GO” scenario where everything gets forgotten in a couple of years and only enthusiasts remain to deal with it.
Ultimate scenarios aside, let’s take a look at the near future and the current state of Blockchain. The things are looking pretty well, and here are several realistic predictions for this technology.
The Cryptocurrencies Will Continue with the Increasing Value Trend
Although there was a drop in the value of Bitcoin, the overall trend shows that the value of all cryptocurrencies is rising. Despite the fact that there is a lot going on when it comes to this area of IT and finances, it is safe to say that the blockchain technology is still in its infancy and the real rise of value is yet to come.
This is depiction of main trends of each era, making blockchain the currently active one.
Blockchain Will Slowly Transform Businesses
The blockchain is slowly being incorporated into major industries such as financial services, transportation, healthcare, and others. There are a lot of innovations in these industries when it comes to the blockchain. However, the process of implementation is slow and it is still unlikely that it will overtake the complete industries.
An overview of how blockchain can help the environment.
ICOs Will Flourish
In 2017, we have seen hundreds of ICOs with unique and revolutionary ideas being funded through tokens. The trend of ICOs is on the rise and we expect that the number of ICOs in 2018 will be much bigger. However, this also means that the number of scam ICOs will rise as well.
The Biggest in the Business May Consider Using Blockchain
It is not completely inevitable that the conglomerates such as Facebook or Google start considering the implementation of this type of technology into their systems. Although the blockchain may currently represent a threat to the biggest IT companies, they will certainly figure out a way to embrace decentralized technology and use it for the best.
Cryptocurrencies May Affect Whole Countries
Since cryptocurrencies now play a big role, it is possible that the countries will have to adapt their systems and laws in order to introduce them as such. Some countries, such as China, have banned cryptocurrencies completely and this will certainly have an impact on their and world’s economy.
Potential Attack on the Cryptocurrency System is Possible
The blockchain technology is technically impenetrable right away but this may not always be the case. Theoretically, anyone who wants to hack one such decentralized system would require immense computing power.
However, hackers are not the only people who attack and sometimes spoken word may hurt more than a line of code. There are influential people and businesses which constantly predict failure and badmouth the blockchain technology and these types of actions are predicted to increase with the increase of the technology’s popularity. So far, the ill-spoken words did not seem to hurt the progress of this amazing technology.
To sum up, the current situation is more than satisfying and the best of the blockchain technology is yet to come – if everything goes well.