MIT Tech Review: 2019 Will See ‘Boring’ Blockchain Hit Mainstream Adoption
2019 will see blockchain become so commonplace that it’ll be ‘boring,’ MIT Technology Review reports in an article published on January 2.
The report states that “blockchain technology was a revolution in 2017, with expectations that it would “disrupt the global financial system.”
Author Mike Orcutt then notes that:
“In 2018, it was a disappointment. In 2019, it will start to become mundane.”
The MIT write-up makes a note of the considerable impact distributed ledger technology (DLT) has had on various sectors of the global economy.
The emerging technology has received widespread recognition as having already helped to inspire transformative innovations in the banking, healthcare, entertainment, and supply chain management sectors.
Walmart and Wall Street’s big plans for blockchain
According to the MIT review, developments towards normalizing blockchain in the next year will get a massive boost from global corporations like Walmart.
A similar push will come from the rapid rise of interest in crypto on Wall Street, with the momentum taking blockchain to a whole new level of use.
Per the article, Walmart has for the last several years, tested “a private blockchain system” which the behemoth wants to use to enhance the tracking of its food supply.
And as the MIT report states, Walmart has revealed plans to have the blockchain system operational by next year. And the multinational retailer could drive further adoption after it allegedly “instructed its suppliers of leafy greens to join [it] by September” this year.
Walmart’s move follows in the footsteps of Carrefour, a leading French grocery store that uses blockchain to track supplies from farms to its stores.
With a global presence in 12,000 locations, Carrefour has previously said that blockchain could be instrumental in efforts to detect salmonella outbreaks, one of the biggest problems facing the food industry.
The car industry is also reported to be eyeing big moves in the blockchain industry, with an IBM study showing that over 60 percent of execs in the auto industry view blockchain as having the potential to enhance security, transparency and streamline the industry’s supply chain management.
Wall Street companies will have an impact
The report by MIT Tech Review also pointed out that financial institutions have for the last couple of years expressed growing interest in cryptocurrency.
Wall Street giants Intercontinental Exchange (ICE) and Fidelity have also made inroads into the crypto industry with new products. ICE, which owns the New York Stock Exchange, will launch bitcoin futures using its Bakkt digital asset exchange.
Fidelity on its part created the Fidelity Digital Assets platform that will offer custody services to institutional investors entering the crypto space.
Investment giants like BlackRock have also been seen as potential big players in the race to offer crypto-related products to clients.
Blockchain Revolution Is Here
The immense potential that blockchain technology has also attracted Overstock, with its founder and CEO Patrick Byrne saying that blockchain was a revolution, unlike “anything [we’ve] seen in history.”
Bryne, who has stated that he’ll focus on the blockchain, said that the technology is “bigger than the Internet revolution,” especially in “how it’s going to restructure society.”
Byrne has reportedly invested in several blockchain companies, including plunging $6 million into Minds, a blockchain-based social network that could challenge centralized platforms like Facebook, Twitter, and Google’s YouTube.
According to the Overstock CEO, 2019 is the year that blockchain makes its greatest impact. Echoing the MIT call, he said blockchain products would come out beginning Q1.
The bigger picture is, therefore, one where 2019 promises to be the year both cryptocurrency and its underlying technology hit new heights in terms of global adoption.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.