The fact is that the topic of Bitcoin and other cryptocurrencies has been extremely hot lately, with positive and negative speculations about the future. There is a growing interest in blockchain technology but still new crypto ventures are far from overwhelmingly successful.
However, as many experts support, this failure is simply a part of the natural ‘’boom and bust’’ cycle, and blockchain is just starting to find it’s footing in the larger economy. Let’s now see what members of Forbes Technology Council predict about the future of cryptocurrency and its nascent supporting technology.
- Widespread Distributed Data Models
Blockchain has showed up an important aspect of the way data is going to work in the coming years, and that is a world where data will ever increasingly distributed. Any solutions for next-generation data problems must come to grips with this fact, and plan for a day where critical data is distributed among many geographies and even across on-premise and cloud data centers. -Billy Bosworth, DataStax
- DLT-Based Government Systems
Distributed ledger technology (DLT) is here to stay. Dubai has vowed to replace all government systems with DLT-based digital structures by 2020, which indicates that DLT will just grow over time. While the transition from a paper-based system to digital has been underway for a long time, DLT provides the underlying trust, immutability and transparency that such systems desperately need. -Rohan Pinto, 1Kosmos BlockID
- Standardization And Collaboration
The standardization of interoperability among the different blockchains will be one of the areas of advancement in blockchain. While it is inevitable that there will be several blockchains with a specific business purpose, true benefits for the consumer or enterprise will be realized when they can “collaborate” in an open standard. – Thiru Sivasubramanian, SE2, LLC
- A Growing Need For Credible Crypto Backing
Money, regardless of whether it’s physical or digital, needs credible backing. When there are no trusted parties handling the transactions, then a distributed ledger becomes key, like blockchain. However, if a cryptocurrency is an official currency, then there are already technologies in place to ensure transactional integrity and prohibit tampering with transactional data. – Claus Jepsen, Unit4
- A Potential Ecosystem Of Specialized Chains
A significant amount of ‘’public technical debt’’ has been created by defunct cryptocurrencies and their smart-contracts might still get triggered. As we calibrate and confirm industry-grade blockchain use cases — healthcare information exchange and crypto claims settlement, for example — we will likely end up with an ecosystem of specialized chains, operating security and utility chains in parallel. – Florian Quarre, Ciox Health
- Ultimate Transparency Across Industries
Blockchain’s structure is built as a distributed ledger that ensures complete privacy and control of all data to all users. Any changes to the blockchain are always completely transparent and accessible to the public. The use of a single publicly available digital ledger makes it easy to spot hacking attempts, while also reducing the messiness associated with systems containing multiple ledgers. – Antonio Altamirano, Tangelo Technologies.
- Autonomous Negotiation And Trade
Blockchain technology is actively progressing. After the foundations for distributed consensus and exchange of value, we already see the early steps towards secure distributed data and common standards, aiming at distributed autonomous applications in a few years. This opens the opportunity for autonomous negotiation and trade among applications that can make markets more efficient. – Bruno Guicardi, CI&T
- Blockchain-Based Security Measures
I see more focus being placed on the powerful potential of blockchain for financial and non-financial applications. More investment is being put toward building out tools and platforms built on for identity verification, other security measures, contracts, payments and more. – Chalmers Brown, Due
- Cryptocurrency Is Just Going Through Normal Product Cycle
Inflation and deflation of a bubble do not mean that an industry is not worthy. People get super excited only because they see huge potential in a product or service. In this inflation-deflation cycle, we shouldn’t be surprised to see some dead potatoes. Cryptocurrency and blockchain have immense potential and we shall see it in coming years. It just takes time, as all the good things in life do. – Vikram Joshi, pulsd
- 10. Continued Maturity And Strength Of Blockchain
As the blockchain technology that supports not only cryptocurrency but many other business applications, matures, we are already seeing the real value emerge. The impact of distributed ledger technology may be greater than any of us realize – it has the potential to change economics, business and society, and we’re just beginning to scratch the surface of what’s possible. – Allison Clift-Jennings, Filament
Writer: Lefteris Daniilidis
Graphic Designer: Nhi Ngo