Among other things, the evolution of digital assets depends on how many people adopt this concept, both on a large scale and individually. On a large scale, the adoption of cryptocurrencies must come from the industries and commerce areas.

In this context, I invite you to see if and how the adoption rate of digital assets has increased in 2019. This way, you can make an idea about the position of the crypto market in the current socio-economic system.

The adoption of cryptocurrencies in 2019

In these weeks of the year (2019), I have analyzed the evolution of the crypto market from several points of view. In some previous articles, you could see the most important aspects of blockchain technology and crypto regulation.

Today we talk about the adoption of cryptocurrencies and we are interested in how blockchain technology integrates into different domains.

The higher the adoption rate, the more cryptocurrencies will be able to prove their real functionality, becoming a feasible, efficient and useful tool.

Let’s have a look at the most important crypto events this year.

The adoption of cryptocurrencies in the Commerce Area

Nestle, Carrefour, and IBM

The food industry has taken an important step. Nestlé, Carrefour, and IBM made a collaboration in order to use blockchain technology. The project will facilitate the pursuit of Mousline potato puree, one of the most popular food products in France. Buyers will be able to scan a QR code from a specific package in order to find out exactly where the potatoes come from. The users will also be able to track the potatoes from the initial point to a specific Carrefour store.

The fish and seafood industry

And the marketing of fish and seafood could benefit from the innovation of cryptocurrencies. The National Fisheries Institute Business Association has announced that it is running a blockchain project, also with IBM. The system is called Food Trust and it is used to close up the supply chain for fishing companies.

Wines and blockchain

The beverage industry is not left behind. Blockchain Wine company develops a blockchain wine platform that provides information on the quality, provenance, and authenticity of new and vintage wines. This application is designed for a few countries in Asia, such as Japan, South Korea, Thailand, China, and Singapore.

Pharmaceutical industry

Drug manufacturers also see blockchain technology as a great tool to streamline and modernize the pharmaceutical industry. In the middle of this year, four US drug companies joined MediLedger, a blockchain pharmaceutical platform. The giant Walmart announced its intention to join, too.

Gazprom, Ikea, Givenchy, and Louis Vuitton

The largest gas company in Eastern Europe, Gazprom, has announced the implementation of blockchain technology in contract management. The platform will allow data exchange between all participants in a specific contract and will improve data security.

Also in the commercial area, this year Ikea Iceland made the first e-money transaction on the Etheruem blockchain.

And the luxury products industry is also heading to the crypto area. The conglomerate that owns big brands like Louis Vuitton and Givenchy wants to use blockchain to verify the authenticity of luxury products.

The gaming industry and the adoption of cryptocurrencies

Neither the gaming industry has been indifferent to the new technology on the market. Blockchain games have become a real success in the cryptocurrency world. Players can choose from many different offers, hoping to have fun and win some rewards.

The most popular crypto games this year were:

• EOS Dynasty
• My crypto hero
• EOS Knights
• Steem Monsters
• Prospectors

Also, the Bitcoin Lightning Network became the host of the first crypto rewards game. The website Satoshi’s Games has launched Lightnite, a multiplayer game in which the interactions between players are converted into crypto microtransactions.

Let’s not forget the traditional games industry. Ubisoft, the developer of video games Assassin’s Creed and Prince of Persia has officially entered the crypto market. The company announced that it has entered into a partnership with Ultra, a blockchain game distribution platform. Ubisoft has recognized the importance of this technology to the gaming industry and has begun to investigate its applicability.

Crypto Mobile Phones

In September, Pundix announced the launch of the blockchain BOB phone by the end of this year. The device allows the use of decentralized applications and offers access to blockchain services.

Samsung and Huobi also launched phones for the crypto space. If Samsung has integrated a crypto wallet into Samsung S10, Huobi Global has released Acute Angle, a crypto phone that costs a little over $ 500.

It is an Android-based phone and it offers a wide range of options for cryptocurrency traders. The device includes rewarding users with the NODE token for using it and for interacting with the crypto community from the phone.

The phones from HTC are also available on the market. The first model, HTC Exodus 1 allows users to swap between certain cryptocurrencies from the wallet. The next version, Exodus 1s, launched in October and can support a complete Bitcoin node. The price of this latest device is only 219 euros.

Education and the adoption of cryptocurrencies

Since the beginning of this year, the Massachusetts Institute of Technology (MIT) said that blockchain will become an integrated technology in the financial industry. As an example of this imminent transformation, they took into consideration the future plans of major Wall Street players who have announced their entry into the crypto market.

The University of Malta launched a Master’s Degree in Blockchain and more than 35 students signed up for the first year. Companies in the country have already expressed interest in hiring graduates.

Last year, the Maltese government granted 300,000 euros to fund blockchain scholarships.

Hungary has also made a step in education on blockchain technology. Edutus University offers the first specialized course in blockchain in Eastern Europe.

Bitcoin ATMs

In November 2019, the number of bitcoin ATMs exceeded 6,000, 65% of them being in the United States. Only 20% of all bitcoin ATMs are found in Europe, most in the UK and Austria. Asia holds only 2 percent, which means about 120 ATMs across all continents.

Bitcoin transactions

The price of bitcoin had big fluctuations in 2019 but did not reach very high value. However, the number of transactions increased dramatically. Analysts predict that in 10 years bitcoin may exceed Visa and Mastercard.

Also, CoinMap.org has shown that the adoption rate of bitcoin has increased by over 700% in recent years. The number of businesses accepting bitcoin payments has increased from 1 800 in 2013 to more than 15 000 in September 2019.

Final Thoughts

The adoption of cryptocurrencies is growing worldwide, at an interesting speed.

2019 was a year dedicated to innovation and the adoption of blockchain technology. But from the perspective of price evolution, this year was like a cold spring.

The community has big expectations in 2020. The bitcoin halving might bring big fluctuations is prices. But it might also help the market stabilize.

What do you think about 2020 and digital assets?

Disclaimer. This article is also available on the CryptoLand website.