2018 wasn’t a particularly great year for Blockchain but it’s still being tipped as a technology that – when applied correctly has massive potential for transforming day to day life in business.
Even though 2018 saw the cryptocurrency Bitcoin drop in value many of the big players like IBM and Walmart still have faith and are continuing to forge ahead with confidence that Blockchain can provide great value for organizations which are always on the look-out for innovative solutions especially those that centre about secure recording of transactions and record keeping.
What Blockchain is promising us is that in 2019 there is going to be less from the scammers (regulators had to step in on Blockchain in 2018) who were offering Blockchain as a miracle solution together with get rich quick schemes.
Instead we are now seeing a far more mature approach in the Blockchain arena such as Walmart which is currently investing in solutions to back up food safety standards in order to trace individual items right back to the farm where they originated – useful if there is a health scare at any time.
Having a tamper proof system is vital nowadays, especially when consumer security is concerned. Blockchains technology is still enjoying a healthy relationship with the gambling industry – particularly at the online casinos sites where players can enjoy an exciting game of roulette together with other classic casino and slots games and paying for their games using bitcoin. The advantages of funding an online account using this system are tenfold – especially as many players are understandably concerned about identity theft.
In fact, in the IoT (the internet of things) the use of Blockchain technology to source data and devices actually doubled in 2018 and this promising trend is set to continue well through next year and possibly beyond.
All that is really required to see Blockchain take off is for increased numbers of organisations to recognise the potential of distributed, encrypted ledger technology in this field. Any attacker would have to have an amazing amount of computing power to push their way in to just one node, and as Blockchain is decentralized attackers can’t find and bypass security.
With the number of connected devices predicted to rise over 26 billion during 2019 the amount of information that will take place machine to machine will be at a speed which no human would be able to match or keep up with manually – therefore it is expected that Blockchains will be made use of to log and monitor these transactions and communications.
There is always a high when new technology arrives and that high is always followed by a low – what 2019 is promising us is that Blockchain together with Bitcoin will reach that steady level without any drastic peaks or lows.