Blockchain Technology and Cryptocurrency in 2019: Top 5 Future Predictions
The concept of a digital currency that began nine years back with just a few people aware of it is now one of the trendiest topics that are being talked about. Blockchain technology has become successful due to its strong adoption of cryptocurrencies like Bitcoin. Correspondingly, Bitcoin investors and every blockchain application development company are keeping a constant check on the new trends that are prevailing in the industry.
Here is the graph representing the growth of blockchain technology worldwide from 2016 to 2021. Globally, the blockchain technology is expected to grow to 2.3 billion U.S dollars by 2021.
Last year, experts made a prediction that blockchain technology will soon go for implementation by several industries. They were expecting that the blockchain application development company will help revolutionize the traditional business processes. However, the pros and cons of blockchain technology show that it is not as easy to do as it seems.
With 2018 coming to an end, the vast majority of investors are gazing towards the future. Whether you are a blockchain enthusiast, a bitcoin trader or a blockchain development company, here are the top 5 future blockchain predictions for 2019.
Top 5 Future Predictions: Blockchain Technology
1. Crypto Exchanges Trading:
The trading enthusiasts looking to trade in the crypto world are finding interest in cryptocurrency trading. It is an alternative way of finding their way into the crypto world. In 2018, cryptocurrencies have seen a significant rise in the number as well as popularity. Have a look at the percentage of the cryptocurrencies average price predictions in USD:
As cryptocurrency development services continue to emerge, so will crypto exchanges and their impact on the crypto world, and the following year will be no exception! The way blockchain technology services are growing, 2019 is expected to be a significant year for the rise of cryptocurrency exchanges.
2. Blockchain Will Collaborate with the Internet of Things:
According to a recent report by IDC, that in near future blockchain technology will collaborate with the IoT companies. The prediction says that nearly 20% of IoT and machine learning consulting companies are looking to incorporate blockchain technology into their products by 2019.
IoT companies are looking to improve their services and increase their sales with the blockchain technology. The primary purpose for integrating blockchain technology is that it renders a scalable and secure framework for communication between IoT devices. And blockchain has already approved its high resistance to cyber attacks. The other reason is blockchain application development has the stability to make automated micro-transactions for smart devices in a faster yet efficient way. Hence, IoT devices can leverage blockchain smart contracts development to enable secured money or data transfer.
In 2019, we are expecting the type of niches to grow and consolidate blockchain technology into their business.
3. Finance and Economy Will Lead Blockchain Application Development:
Though by now, everyone is aware of the concept of the blockchain. Banking and Finance sectors don't need to precede radical transformation to their processes. Various financial institutes are already considering hiring blockchain application development company for their traditional banking operations. They are seeking advice from multiple companies offering blockchain development services.
By 2019, blockchain technology is all set to bring significant savings for banks. It will allow banks to conduct faster transactions at lower costs, overcome the issue of excessive bureaucracy, and enhance its secrecy. Under the strict purview of their monetary policy, even banks are exploring ways to launch new cryptocurrencies. This way, they are aiming to reduce the competitive edge of standalone cryptocurrencies to gain control over monetary policy. However, currently, 69% of banks are exploring the blockchain technology to make their services more seamless, secure and transparent.
One of the future predictions made by Gartner is that, by 2020, the banking industry will procure 1 billion dollars of business value from the use of blockchain-based cryptocurrencies.
4. Government Agencies Will Integrate Blockchain:
Currently, government agencies have their separate database. Therefore each of the agency is dependent for the resident's information on each other. But when blockchain comes into the role, its distributed ledger can offer effective data management to enhance the functioning of these agencies. For example, Estonia has already implemented blockchain technology with X-Road, a decentralized ledger that stores credentials of all citizens. Hence, it is expected that government agencies might outsource programming services for the blockchain integration to experts in the industry.
According to a recent survey by Gartner, it is expected that by 2020 more than a billion people will have remarkable data about them stored on a blockchain, but they may not be aware of it.
5. Blockchain Experts Will be in High Demand:
With the growing popularity and demand, the job market experiences a lack of blockchain app developers and experts. Since the technology is new, there is a lesser number of blockchain engineers and development companies worldwide.
So, in 2019, it is predicted that startups will start working towards getting funding for their services and resources. However, high demand for experienced blockchain app developers will be on top of the blockchain trends in 2019.
Hence, it is certain that blockchain technology companies are ready to revolutionize business processes in almost every industry. But, the complete adoption of blockchain by these business processes will undoubtedly require a great effort as well as time. In view of the above, we are quite sure that the blockchain and crypto industries are moving at a fast pace.
Also, shortly, we can assume that the government will eventually accept blockchain application development and understand its benefits. And, as a result, it will begin to use blockchain for improving financial and public services.
All in all, by 2020, we will see more cases of successful implementation of blockchain technology in the industry.
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