Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Articles about Cryptocurrency => Topic started by: PRIBO247 on December 21, 2018, 09:19:17 PM
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Blockchain technology and its cryptocurrency applications have
gotten into the consciousness of the mainstream technology,
financial, and economic communities. The decentralized nature of
Blockchain technology has opened an interesting world of
possibilities on the democratization of operations, systems, and
processes. Cryptocurrency, the most popular application of
Blockchain technology has opened the proverbial Pandora’s Box
on the possibility of money that exists outside the
meddlesomeness of governments and traditional financial
institutions.
2018 has been an interesting year for Blockchain and
cryptocurrencies. For one, the cryptocurrency market has suffered
huge losses that saw the price of Bitcoin dropping more than 70%
to $3500 and the market capitalization of the cryptocurrency
industry has crashed from around $750 billion to about $110
billion. Many people are making increasingly vocal predictions
about where they think the Blockchain and cryptocurrencies are
headed in 2019. This piece is not meant to provide you with
predictions for 2019; rather, it is written to intimate you with
developing trends so that you can take strategic positions.
1. There’s more to Blockchain than cryptocurrencies
Stakeholders in the Blockchain industry are making a concerted
effort to end the long collocation with cryptocurrency to ensure
that people understand the difference between Blockchain and
cryptocurrencies. You can expect to see a concerted effort to push
other applications of Blockchainsuch as smart contracts and
tokenization into the limelight.
Organizations such as the Ethereum Enterprise Alliance,
Blockchain Alliance, and the Hyperledger project are on the
forefront of highlighting and promoting the use cases of Blockchain
beyond cryptocurrencies. Smart investors may want to start
looking beyond cryptocurrencies into startups that are leveraging
Blockchain to unleash new levels of disruption in different
industries.
2. Cryptocurrency exchanges will come under increased scrutiny
Cryptocurrency exchanges function like stock exchanges but they
inherently different and they are largely unregulated in the ways
that stock exchanges are. 2019 could potentially be the year that
regulators pay more attention to the activities of cryptocurrency
exchanges. Regulators are already clamping down on ICOs; many
ICO founders, crypto influencers, and advisors are being
investigated for their roles in what turned out to be scam ICOs.
Interestingly, many ICO scams were perpetrated through crypto
exchanges.
The increased regulation will be ultimately good for the market
and all but the very best cryptocurrency exchanges will remain
when regulation catches up with cryptocurrency innovation. 2019
might also be the year that decentralized exchanges will break into
limelight as people rely on truly peer-to-peer facilitation of their
cryptocurrency transactions.
3. There will be more use of Blockchain and crypto in gaming
Many altcoins are built on nothing more than a beautiful landing
page, well written whitepapers, and a good dose of hype. However,
the gaming industry might be able to find better intrinsic use for
crypto tokens by ascribing value to them within a gaming
ecosystem. Like how tokens are used to pay for rides in
Disneyland, gamers can exchange fiat currencies for tokens, and
the tokens can be used to participate in games, buy gear, upgrade
skins and other merchandise.
Video gaming services might also unlock new levels of
engagement if the virtual tokens can be exchanged for fiat or if the
tokens can be used to buy stuff in the same way that gift cards
work.
4. Government agencies will start exploring the use of Blockchain
technology
Beyond financial services, Blockchain technology is poised to
become an integral part of government processes and
organizations. For one, Blockchain technology can improve inter-
agency data management to make government processes more
streamlined, faster, and efficient. Decentralized Autonomous
Organizations (DAOs) built on Blockchain technology can
eliminate some of the bottlenecks and bureaucracy in the
decision-making process of government agencies.
Of course, it is overly ambitious to think that government agencies
will ditch legacy technologies for Blockchain within the next 12
months; nonetheless, we can expect to start seeing conversations
happening around how Blockchain technology could make a
difference in governance.
http://www.marketoracle.co.uk/Article63821.html
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Thanks for this insightful details about the blockchain space.. I now have an added idea on how the blockchain process works about.. Hopefully this will enlighten other people too.
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You are welcome mate, that is the purpose of this post, to enlighten.