Blockchain and Cryptocurrency gained prominence in 2018. Multiple countries popped into these two segments, while others integrated blockchain into their existing infrastructure. Moreover, with the acceptance of these technologies, 2019 is most likely to witness the continuation of this trend and disruption.
1. The blockchain is the trendsetter
Many corporate leaders and entrepreneurs are planning to build their models on blockchain due to its growing consensus and its impact on significant areas of business and the proof of their development. Apart from the technology, blockchain reduces and streamlines the operations that incorporate speed and accuracy. As per a report by International Data Corporation, blockchain spending will reach almost US$12 by 2022. More projects will be based on the blockchain concept thereby giving rise to the snowball effect.
2. The government will allocate resources and funding
Some governments are skeptical about the blockchain implementation, but some governments continue to notice the advantages that blockchain are offering. Hence, the government will intervene to allocate resources and fund organizations to accelerate blockchain projects and solve real problems.
3. Cryptocurrency and its widespread adoption
Cryptocurrencies are a revolutionary system of value and payment procedure. A shift in the currency exchange from coins to notes and payment cards to digital currencies will be witnessed soon. Moreover, a minimal fee is levied on these currencies, and since it is transacted on blockchain technology, businesses will have a more transparent and fair system of transactions.
4. Businesses will Benefit
A powerful and prominent blockchain application is a smart contract. A smart contract automatically executes once the terms and conditions agreed by the parties involved are met. Moreover, the smart contract function will soon be accepted worldwide and explode in popularity as it will not only administer the execution of agreements amid the parties but will also include other aspects like legal contracts which will resolve disputes and form a legal digital contract.