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Blockchain Boring? The Institution that Says Boring is Coming in 2019

The Massachusetts Institution of Technology (MIT) Technology review magazine published an article on January 2nd regarding blockchain and what they believe the technology will undergo in 2019.

Though the article does begin by momentarily bashing on the technology by beginning the article with the following paragraph.

“In 2017, blockchain technology was a revolution that was supposed to disrupt the global financial system. In 2018, it was a disappointment. In 2019, it will start to become mundane.”

The article continues on the capitalize on the positive capabilities of blockchain technology and their reasoning behind why blockchain will become boring. In this instance, calling blockchain ‘boring’ and ‘mundane’ are really compliments as it implies that the technology is so practical and applicable that it will become a normal part of everyday applications.

The article addresses that the majority of the world’s population is still in the dark when it comes blockchain technology despite its decade old existence. The article claims that 2019 will be the year when many large corporations with present their blockchain developments making blockchain a common household term.

The mass of the article continues on to discuss what MIT deems as the three major (and practical) applications and prospects of blockchain technology.

“Many of the developers who flooded into the space in 2017 are still working in it; innovative-sounding projects are still alive and even close to bearing fruit. And several big corporations plan to launch major blockchain-based projects in 2019.”

The article begins by mentioning private blockchains, what they’re capable of, and who’s working with them. Specifically focusing on Walmart and the Intercontinental Exchange (ICE). These two major corporations among others have plans to launch their blockchain projects in the coming years. Walmart has been working on a food tracking system utilizing blockchain for the past few years. Fidelity has been developing the infrastructure needed to offer crypto custody services to investors on wall street.

The second reason the article presents for blockchains impending normalization is its smart contract capabilities. The articles goes as far as to call smart contracts ‘finally good for something in the real world’. Smart contracts are being investigated by many major legal companies and sources as an alternative to traditional contracts including Rocket Lawyer and LegalZoom.

The last reason supporting this articles hypothesis is state-backed cryptocurrencies. “Though Venezuela’s oil-backed national cryptocurrency, the petro, appears to have been either a scam or a flop, at least 15 countries’ central banks are taking a serious look at launching national digital currencies.”

State-backed digital currencies are seemingly promising and innocent in their possible creation and use, but controversy begins swirling around when you remember the fact that the idea behind the creation of digital currencies was to do away with governing central authorities. Why would we want and warrant the creation of central authority cryptos? The answer to that question is not yet found.

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