2017 was quite a year for blockchain technology and cryptocurrencies on the whole. It is likely that you have read different predictions for the year ahead, and you might be in the process of deciding which coins you will watch closely as 2018 takes off.
Blockchain technology is relatively old, and until Bitcoin was developed it was relatively obsolete. This could not be more different these days, and this is because both users and developers are not only realising its potential, but also exploring the different possibilities that it can offer. Don and Alex Tapscott, authors of ‘Blockchain Revolution’ wrote;
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
We have only just started scratching the surface in term of what this technology can offer us. Some industries though are starting to incorporate blockchain into their companies; for example, oil companies are using it to help with exploration, and the medical field are in the process of using it to protect patients privacy, as well as sending medical images securely. Finally financial institutions are using the product from billing to keeping tabs on the supply chain.
There is hope that in time, entire industries will use the same blockchain to help with business to business transactions. It has been suggested that 2018 will be the year that we will see the technology start to have an impact on everyday online life. This could mean that you could see your online bank connected to a blockchain.
It is also predicted that they will drastically change the social networking scene, with the introduction of projects such as Nexus and Obsidian. The decentralised Facebook experience that has been offered by Diaspora might also become a reality, despite it not necessarily delivering what it has promised so far.
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