Bitcoin and other cryptocurrencies have been an extremely hot topic lately, with both positive and negative speculations about its future. Despite the growing interest in cryptocurrency and its underlying blockchain technology, new crypto ventures are far from overwhelmingly successful -- in fact, TechCrunch reported that more than 1,000 cryptocurrency projects are already dead.
Much like the Dot Com bubble of the late '90s and early 2000s, many experts believe that these failed initiatives are simply part of the natural "boom and bust" cycle, and blockchain is just beginning to find its footing in the larger economy.
Here's what members of Forbes Technology Council predict will happen with cryptocurrency -- and its nascent supporting technology -- in the coming years.
1. Widespread Distributed Data Models Blockchain has highlighted a critical aspect of the way data is going to work in the coming decades, and that is a world where data will be 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
2. 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
3. Standardization And Collaboration
One of the areas of advancement in blockchain will be the standardization of interoperability among the different blockchains. 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 are able to "collaborate" in an open standard. - Thiru Sivasubramanian, SE2, LLC
4. 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
5. A Potential Ecosystem Of Specialized Chains
Defunct cryptocurrencies have created a significant amount of “public technical debt,” 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 Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?
6. 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
7. 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
8. 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 blockchain for identity verification, other security measures, contracts, payments and more. - Chalmers Brown, Due
9. 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
Forbes Technology Council is an invitation-only, fee-based organization comprised of elite CIOs, CTOs and technology executives.
Find out if you qualify at forbestechcouncil.com. Questions about an article? Email [email protected].
Much like the Dot Com bubble of the late '90s and early 2000s, many experts believe that these failed initiatives are simply part of the natural "boom and bust" cycle, and blockchain is just beginning to find its footing in the larger economy.
Here's what members of Forbes Technology Council predict will happen with cryptocurrency -- and its nascent supporting technology -- in the coming years.
1. Widespread Distributed Data Models Blockchain has highlighted a critical aspect of the way data is going to work in the coming decades, and that is a world where data will be 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
2. 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
3. Standardization And Collaboration
One of the areas of advancement in blockchain will be the standardization of interoperability among the different blockchains. 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 are able to "collaborate" in an open standard. - Thiru Sivasubramanian, SE2, LLC
4. 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
5. A Potential Ecosystem Of Specialized Chains
Defunct cryptocurrencies have created a significant amount of “public technical debt,” 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 Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?
6. 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
7. 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
8. 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 blockchain for identity verification, other security measures, contracts, payments and more. - Chalmers Brown, Due
9. 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
Forbes Technology Council is an invitation-only, fee-based organization comprised of elite CIOs, CTOs and technology executives.
Find out if you qualify at forbestechcouncil.com. Questions about an article? Email [email protected].
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Francisco Gimeno - BC Analyst Blockchain has just started to have an impact all around. The ten predictions here have all the same idea: blockchain (and crypto) have a real value which will fundamentally transform Finance, business and all society, but it needs time to continue develop its potential into a transformed reality. This is what enthusiasts of blockchain need to strive for.