At the start of the new year, it feels right to not only look back on the year we have just left, but also to consider what we have to look forward to in the coming year ahead.
For anyone with even a hint of interest in the world of crypto will know that 2017 was a really interesting year for blockchain technology. It is safe to say that some things did not go to plan, there were some unexpected delights, such as Bitcoin reaching a new high, and some rather unpleasant lows…Bitcoin price crash springs to mind.
So, what does 2018 have in store?
- It will be chaotic
The chaos that we have seen in 2017 will not be going anywhere. It is set to be another booming year, but will definitely face hiccups along the way.
It is likely, that despite the volatility that comes with cryptocurrencies, we will see further widespread buying. With the futures market now increasing, more institutional investors will be able to join in.
This does mean though that private investors should be a little more wary, as, for Bitcoin to sustains its rally, the scaling solutions must be able to translate into the real world. As no cryptocurrencies can truly play the most basic role of currency as a stable medium of exchange, we will be unlikely to see cryptocurrencies emerge as a payment network.
- Blockchain will become more mature
2018 is set to be a big year for blockchain and it will move rapidly from exploration into mission-critical production scenarios.
It is expected that blockchain will become a widely adopted mainstream technology, and the acceptance and adoption is expected to grow rapidly.
The possibilities for blockchain technology are endless and we are likely to see much more in the coming year.
- The year of smart contracts
Thanks to the acceptance and maturing of blockchain technology, we will see smart contracts being incorporated into everyday transactions. This will add speedy and secure automatic verification and processing of pre-defined contracts.
The smart contracts applications are expected to be rolled out across all industries, and new ecosystems with smart contract technology will arise as integration platforms between existing
industries.
- New approaches on scalability and performance issues
Scale and performance is one of the most challenging issues that blockchain technology faces. Current blockchains are lagging behind significantly in transaction speeds compared to traditional corporations, and this will be addressed in the coming year.
We will see major breakthroughs in scalability as well. Not only will there be a search for new platforms, we will also see alternatives to current blockchain technology that will ensure that we see faster, more scalable transactions, as well as minimise the energy consumption.
- Greater attention to security issues
One of the main problems that people have with cryptocurrencies is that they are not considered to be secure. 2018 will change this though, and it will be the year where corporates CIOs will increasingly exploit the potential of blockchain technology.
It will be the year that blockchain will start to transform fraud management and identity verification, allowing blockchains security features to really come into their own.