What to expect in the upcoming year: 5 predictions for blockchain development in 2018
2017 turned out to be very intense and incredibly successful for blockchain: fast growth of developments on its basis is now more like a new technological revolution, and startups using distributed ledger technology received more than $240 million investments.
Experts already started to make predictions whether this success will continue in 2018 and what expects blockchain and the crypto community in general. Here are five main predictions for the coming year.
Blockchain technology is going beyond the financial market
IDC Health Insights suggests that blockchain will influence other industries no less than financial industry: health sector alone will move 20% of its activity to blockchain developments by 2020, and we can expect a boom of startups in this area in 2018.
Such spheres as recruitment, law (property rights in particular), real estate and many others will not be left without innovations. Specialists at Blockchain Research Institute, founded by IBM, are convinced that blockchain is a new digital revolution.
Blockchain and Internet of Things
The Internet of Things is a revolutionary technology itself, but blockchain takes it to a whole new level. This combination of security and computing power, which, according to experts, will really make systems like smart homes into the technology of the future — reliable, safe and able to solve almost any task the user can think of, to the point where devices will be able to exchange payments without any human intervention.
A significant breakthrough is expected in this area in 2018.
The importance of smart contracts in modern business is hard to overestimate. The idea of a contract that automatically executes the term set in it, can not be changed without all parties being informed and excludes the possibility of fraud has existed for a long time, but only thanks to blockchain it became a reality.
More and more companies are working on the basis of smart contracts, and the number of platforms offering help with drafting them is steadily growing. A system of smart contracts for creating and controlling complex international insurance policies is being actively developed right now. First launch of such systems is expected in 2018.
The very idea of cryptocurrency in its pure form is the idea of money that is not controlled by any state or organization. Nevertheless, governments eventually saw the advantage of virtual payment tools and started to think about creating their own cryptocurrency.
Russia is a pioneer in this matter. Many other countries followed its example and finally decided on their opinion on blockchain and digital currencies. Some are totally against it, but many countries welcome innovations and promote their development. So we will probably see first national cryptocurrencies in 2018.
Failure of many blockchain projects
This prediction unlike the previous four is not so optimistic but is still worth acknowledging: blockchain is a revolutionary idea and its revolutionary nature is what’s dangerous about it. A lot of companies and developers rushed to create their own blockchain projects, without researching whether they are really necessary and simply following to the general excitement. As a result — a lot of projects that are shallow in nature and do not have clear goals, concepts and development programs.
Blockchain will completely change the world, that is a fact, but this process is gradual and takes time.