According to some experts blockchain revolution in 2019 year slowed down a little, and contributed to this, among others negative opinions about this technology and regulatory problems are spread. So the question is what will it be for blockchain this year, will it really plunge into crisis or will it face challenges?
Further blockchain future - opinions are divided
The greatest admiration for blockchain technology seems to be behind us. IN report prepared by the Gertner Group, even some sort of blockchain fatigue has been noted.
Other experts point out, however, that many solutions have not been implemented, which can push this technology to the margins.
On the other hand, as noted at the annual conference World Economic Forum, hundreds of production systems in various industries are based on block chains.
What's more, new blockchain platforms are constantly emerging, which proves the growing interest in this solution, and not only companies but also governments of many countries are turning towards block chains.
Three challenges for blockchain in 2020
On the one hand, therefore, the crisis of blockchain technology is forecast, on the other, its wider use is being observed. None of these positions can be clearly denied, because the further fate of this solution depends largely on how it will meet the challenges it faces, and three of them seem to be of the greatest importance.
First of all, blockchain has a problem with PR.
This concept, despite a number of benefits that it brings, is still associated with crime and the dishonest method of making big money.
Already, many institutions associated with this technology take various initiatives to change this state of affairs.
Secondly, blockchain must meet regulatory issues.
Regulators are committed to protecting consumers and markets, which seems perfectly natural. Too much distance from technology that raises such interest of market participants, however, may lead to stunted economic growth and limited innovation.
Hence, it can be assumed that the country that will be the first to develop a blockchain-friendly jurisdictional model, while ensuring adequate protection for consumers, will derive tangible benefits from economic growth.
Thirdly, blockchain technology still seems to be insufficiently mature.
First of all, areas such as interoperability, scalability, usability and security need to be improved, including data rights.
How blockchain will meet these tasks cannot be clearly predicted, but there are many indications that this technology will not only enjoy great interest, but will also enter new areas, providing a great opportunity for economic development, both on a global scale as well as for individual countries.