What Awaits Blockchain Technology in 2019?

December 31, 2018 | AtoZ MarketsSince its invention, the blockchain technology was implemented in different business and social areas such as telecommunications finance and energy services. Of all the advantages of using blockchain for business, experts emphasize its transparency and trust. However, several factors have taken hold of the adoption of this technology. Will the situation change in 2019? 

Too Much Hype and Lack of Maturity

Recent article which was published by one of the blockchain-based news platforms shared various IT companies’ directors’ opinions about this new technology. According to most of them, there is too much excitement around the blockchain technology and that the technology still needs maturity. Most of the executives which were surveyed expressed doubt that the costs of implementing the blockchain technology would pay off in the near future. Some said they do not believe that technology can bring any benefits to businesses.

Most Frequent Blockchain Problems

One of the problems, which the blockchain industry is facing currently is the lack of implementation. Despite the fact that the blockchain technology could be applied in many areas, the growth rate of interest does not coincide with the rate of implementation. For example, in India, interest in the blockchain has increased. However, tangible development in terms of changes in business has not happened. Despite all the doubts, some companies, such as United Airlines, believe that 2019 will be the year of the massive introduction of the blockchain technology. This shows that the industry has great potential that has yet to be used. According to the experts of the blockchain, although some managers are not positively related to growth in the industry, it does not mean that it will not grow.

2019 Is the Year of Blockchain Potential Exploration

In 2019, the companies plan to explore the advantages of the blockchain technology that remains to be used. As mentioned earlier, the blockchain is widely implemented in the energy sector. Saiterm, a Dutch energy company, plans to change the global heating market with an Ethereum-based heating system called Spring. Salvatore Morale, a company representative, explained that the new technology will give homeowners the opportunity to reduce energy costs and protect the environment. There is also an idea about the use of the blockchain technology in the automotive industry. According to IBM’s Oxford Institute for Economics and Business Value, 62% of the auto industry executives believe that blockchain will have a significant impact on the industry in the next two years. According to analysts, the financial industry is also ripe for the blockchain implementation. In fact, according to an article published on one of the financial news platforms’, this industry is likely to be the first to feel the heat of the blockchain revolution.

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