Blockchain technology is a shared distributed ledger in which all transactions are digitally signed to ensure security, integrity, and authenticity. According to Don and Alex Tapscott: “Blockchain is an incorruptible digital ledger of economic transactions which can be programmed to record not only financial transactions but virtually everything of value.”
Over the years Blockchain technology has made headlines mainly because of the hype that surrounded the cryptocurrency markets. Since Blockchain was brought into the limelight by Bitcoin in 2009 many people thought that the technology was made for the currency only. However, over the years Blockchain has proven to be purely independent and having the ability to streamline different sectors.
Other than in the cryptocurrency sector Blockchain’s biggest impact was felt in 2018. Many international companies adopted the technology to control supply chain departments. Blockchain is making such a huge impact in the supply chain sector since it reduces cost, it’s fast and secure. Through the technology, you can track products up to their destinations. In addition, agreements cannot be changed unless all the parties are involved in making all the deals secure. Some of the companies that successfully used Blockchain in the supply chain departments in 2018 are Samsung, Walmart, FedEx, and Maersk.
The blockchain success will proceed to 2019. Even though the Cryptocurrency market will remain unpredictable and highly volatile people will continue adopting Blockchain technology for other uses. Here are the top predictions for Blockchain in 2019 and beyond.
The first legitimate national digital currency will be launched
It is expected that the first legitimate national cryptocurrency will be launched in 2019. According to Wes Levitt, the head of strategy at Theta Labs the national crypto will be linked to a G-20 member. Many countries have been working to launch a national cryptocurrency. However, no legitimate one has been launched up to now. The only cryptocurrency associated to a government at the moment is the Petro which was launched by President Maduro of Venezuela. However, Petro was never recognized by other countries as it was seen as a deviation from the currency inflation crisis in the country. Many Central Bank Governors have already stated that they are looking into Blockchain technology for a possibility of launching a digital currency.
Introduction of Cashless and Staff-less Shopping
Another expected move in 2019 is the transformation of the retail sector. Through blockchain technology were are likely to witness cashier fewer stores as biometric payment system will become the way to go. Through the technology, the system will be so advanced such that people will be billed digitally.
Adoption of Blockchain across voting systems
In many countries, citizens who live in other countries do not get the chance to vote because of the lack of a secure voting system. In 2019 this is expected to change because of Blockchain technology. A pilot program was already launched in West Virginia which allowed overseas voters vote in 2018 election. The pilot program was successful and more counties and states are expected to work on a similar platform in 2019. This system will be safe since Blockchain cannot be manipulated therefore fair elections will be guaranteed.
There will be increased regulation
Blockchain is gaining popularity and increased attention. This will attract attention from lawmakers and regulators too in 2019. More companies will be expected to start using the technology and therefore the regulation could be could be good for the long-term benefit of the technology.
Increased demand for Blockchain experts
The adoption of new technology comes with the demand for expertise. This has been the case in the past and as the popularity of Blockchain technology grows more experts will be required. The demand for education and training in this area will be high and more universities and colleges will start Blockchain related courses. At the moment there is shortage of these experts and the market is scrambling for the available ones.
Companies and businesses will move from hype to implementation
Towards the end of 2018 in a Global Blockchain Survey Deloitte reported that in 2019 companies will come from the proof-of-concept projects to real application. Companies and businesses are expected to use Blockchain technology to create new business models or even supplement their existing systems. This will completely change the way business is done in many countries.
Biometric travel
Blockchain is expected to change the way we travel. Traveling will not require documents such as passports, the long custom quests or even tickets. Through blockchain technology, travelers will only pause for a camera which will have a facial scanning and then the traveler’s details will pass automatically to immigration and customs in a matter of seconds. Cases of lost documents and even data will be a thing of the past because the decentralization nature of Blockchain makes it impossible for hackers.
Conclusion
Blockchain technology is experiencing massive growth. With its continued popularity, the technology is expected to improve almost all sectors. This year Blockchain is expected to revolutionize the supply chain sector, be used to develop virtual currencies, create new career opportunities among other massive developments. In short, Blockchain is expected to lead the next industrial revolution.
Limelight People are excited about developments in blockchain technology in 2019 and beyond. We are always interested in speaking to passionate people who are interested in opportunities working with Blockchain technology.
