Is blockchain finally becoming normal? At the start of the New Year, MIT Technology Review took a stand, positing that 2019 will be the year in which blockchain finally reaches mass utilization.
The Case For Blockchain Normalization
The piece starts off giving a history of blockchain and reminds the reader that the technology was built up to be a revolution that would disrupt the entire global financial system in 2017. Now that 2018 has come and gone, it’s clear that blockchain hasn’t yet lived up to the hype. That disappointment, according to the authors, has been driven by rapid devaluation of virtually all blockchain-based cryptocurrencies.
Even so, the article continues, there are a host of innovative projects being developed today that are close to making an impact. They cite the fact that major corporations are planning to launch major blockchain projects in 2019, and with those launches, 2019 will be “the year that blockchain technology finally becomes normal.”
Their evidence includes:
- Intercontinental Exchange (ICE), which owns the New York Stock Exchange, will be entering the crypto business.
- Fidelity Investments will also be entering the crypto business.
- The fact that cryptocurrency has shed its “anti-establishment” roots as a means of subverting financial regulation and is now being embraced by several countries around the world.
- The development of smart contract technology will allow users to leverage blockchain in legal contexts.
- International Monetary Fund (IMF) head Christine Lagarde supported the case for central bank-backed cryptocurrencies in late 2018.
Are You Ready For The Normalization of Blockchain?
If MIT is right, blockchain is finally on its way to widespread adoption and normalization, which means companies that are late to the party will find themselves less competitive in the coming years. It pays to invest now, to avoid playing catch-up when the competition is already well on its way.
The only way for businesses to take advantage of technical advancements like blockchain is to have the right team in place. Modern technologies require modern skills and an in-depth knowledge of the market, and today, those professionals are in high demand. Companies will need to know where and how to source talent, and they must be prepared to offer packages to entice those professionals to their opportunities.