The Future of Blockchain Technology in 2020 (Exclusive)
Exclusive on the future of Blockchain Technology
At the start of the new year, E-CryptoNews reached out to blockchain technology industry insiders on the future of blockchain technology in 2020. Here is what they had to say:
Dan Larimer, CTO, Block.one.
“There’s a lot of tribalism in the cryptocurrency space”, but added, “at the end of the day, if blockchain wins, we all win.”“We want to collaborate and work with everyone in the ecosystem that’s pushing forward technologies that facilitate integrity in society,” he said. Discussing Block.one’s vision for 2020 and beyond, Dan said, that his key focus is “integrity”, and that blockchain’s inherent qualities lends itself to being used to “create integrity by design.”“Instead of ‘don’t be evil’, we’re going to create systems where we CAN’T be evil,”
I still do not see a significant boost in mainstream retail adoption of blockchain technology in 2020. Most investment will be used towards education around the technology as companies continue to explore and familiarize themselves with its value, use and potential impact to their respective businesses. However, I do expect a boost in institutional adoption particularly within the finance industry. This includes growth in traditional banking services for crypto based businesses.In respect to cryptocurrencies, I believe the amount of people who own and use Bitcoin will continue to increase but, we will see a significant decline in the trading of altcoins.
I predict that Facebook’s Libra will dominate the spotlight again in 2020. When Libra launched earlier this year, it not only signaled a sea change in the industry, but forced regulators to take cryptocurrency seriously. Government leaders in the United States and abroad are now wrestling with how they’ll handle blockchain technology and crypto payments as we enter a new decade. China’s central bank is doubling down on its efforts to launch a cryptocurrency in response to Libra, and other countries may do the same. In 2020, I expect to see more governments and business leaders announce their own cryptocurrencies, and while this legitimizes the industry, we must stay skeptical. Ask yourself what the motivation is behind these projects, and if they’re in it for the right reasons.
In 2019 we saw many crypto projects crash and burn. Scammers were revealed. Inexperienced teams were exposed. I predict that in 2020, the weeding out of poorly executed crypto projects will continue. We’ll see more and more cryptocurrencies that popped up in 2017 hit zero, and their teams fade away or move on to different projects. I predict 98% of crypto projects and their currencies will go to zero or have no viable exit for their hodlers. As the crypto ecosystem matures, every project needs to have a viable use case, strong funding, strong community, and an experienced leadership team to succeed.
While the price of Bitcoin has been a bit of a disappointment in 2019, I think Bitcoin’s halving in May could spike the price. I expect to see Bitcoin reach $11,000 around this time. The communities that believe in Bitcoin will continue to HODL, regardless of price fluctuations, and by now it’s clear that Bitcoin has proven itself as a long-term investment and store of value. I would further venture to say Bitcoin will hit $2 million a coin in the next five years, as long as the core dev team doesn’t destroy it accidentally from within, thus causing a crypto catastrophe and pushing the entire crypto ecosystem from decentralized freedom into government-backed cryptos that they will feel safer in.
Rebecca Aspler Director, Product Management, Blockchain at Unbound Tech.
I believe that 2020 will continue the movement of enterprises from blockchain exploration and proof of concepts into consortium-based, production-based systems. When it started to show value within the traditional FIS and fintech sectors, where cross institutional, clearing and settlements of assets and securities are becoming a major area of improvement for institutional financial services organizations. That has opened the door to opportunities in other industries, showcasing the added value of blockchain technology.
Today, we see additional industries — such as automotive, supply chain, media and others — starting to move from experimental projects into production-ready systems. This progress emphasizes the critical need to secure these blockchain-based transactions, especially because of their immutability and reliance on sensitive private keys to control the underlying assets – regardless of the data that is being exchanged between the various parties. This need is likely to keep fueling the accelerated development of appropriate key management and protection solutions, and leveraging innovative technologies.