The blockchain craze has gripped various industries amid the continuous struggle of the crypto market. Therefore, if you were thinking that the slump in the prices of crypto will adversely affect the growth of the blockchain market, you are wrong.
As a matter of fact, the blockchain craze has continued to grow as the value of the blockchain market in 2018 has already surpassed the figures recorded last year. Also, a recent report shows that the number of mergers and acquisitions in the crypto space is at an all-time high. Obviously, the blockchain craze is just the beginning.
More importantly, it was discovered that majority of the biggest firms in the world are in one way or the other investing in blockchain projects or initiatives, which is a clear indication that no one wants to be left out of the blockchain movement.
These stats and reports have led some to compare the blockchain disruptive effects to that of the analog to digital transition. Already, blockchain has given birth to one of the most controversial innovations - cryptocurrency. In particular, cryptocurrencies like Bitcoin, as seen in the Bitcoinfy´s expository infographic you´ll find below, have completely transformed the way we transact.
On the other hand, some skeptics have likened the blockchain craze to a classic example of a bubble. These stem from the fact they believe that blockchain is yet to power a groundbreaking application as many of the current use cases of the technology are particularly more pronounced in developing countries.
However, this skepticism is a clear case of misinformation on the true capabilities of the blockchain technology.
Blockchain Is Beneficial For Both The Developed And Developing Regions
The ever-growing list of the possible applications of blockchain encompasses various beneficial optimizations of existing facilities and systems in both developed and developing countries. If we are to take a look at the countries leading the way in blockchain researches and implementations, we will discover that developed countries are topping the list.
This is evident in the rate at which China is investing in blockchain. Note that cryptocurrencies remain illegal in China; nonetheless, blockchain has flourished in the region as this country leads the way in the global record of blockchain-related initiatives and patents.
In fact, China is planning on completely replacing its charity tracking system with a blockchain-enabled tracker. This also puts to bed the notion that the unavailability of large-scale implementations of blockchain is a debacle to its mainstream adoption.
The functionalities of blockchain are critically missing in traditional systems, so there is bound to be an increase of the blockchain-enabled systems. In their simplest form, the validation processes in blockchain platforms deter unethical practices and disputes. We can support this claim with the introduction of smart contracts in various middlemen dependent industries.
These industries include the shipping industry, the entertainment industry, and the legal industry. Self-executing contracts are improving the processing times in these industries while reducing the cost of doing business.
In a way, some of the skepticism surrounding the blockchain is justified as history shows that innovative technologies take considerable time to achieve their full potential. The same is true for blockchain, as some issues regarding scalability continue to plague the implementation of the technology. Nonetheless, this does not take anything away from the disruptive capacity of it, and the demand for the technology will only continue.