Retail media continues to announce the arrival of blockchain, but there is still work to do. Even though the decentralized ledger is the technology behind bitcoin, there are still many use cases stemming beyond financial transactions.
Swiss bank Credit Suisse looked in depth at the growth of blockchain and collaborated with the World Economic Forum to discover that 58% of executives expect 10% of global GDP to be stored on blockchain by 2025. The year 2025 is also the year that Credit Suisse believes that blockchain will reach full maturity, from the prototype pilot stage it is at now.
As we head into the New Year, some other Blockchain trends include:
- Blockchain will become low-hanging fruit (CoinDesk): According to Oliver Bussman at Bitcoin exchange CoinDesk, blockchain will serve as low-hanging fruit for organizations looking to grow in 2018. Notably, blockchain will see prominence in trade finance with larger banks, similar to the run on payments in 2017. With lower costs, risk profile, and higher transparency, we expect there to be significant adoption. Read more.
- Blockchain jobs become a hot commodity (ComputerWorld): Since the end of 2016, blockchain job demand has seen a 200% growth. With median income of $130,000 and $150 hour rates becoming commonplace in the market, much of these jobs are located in high-tech regions. With aforementioned demand in specific use cases looking to spike in 2018, we can expect a similar rise in salaries. Read more.
- Regulation Arrives (QZ): Where there is smoke, there is also fire. With blockchain gaining prominence, government regulators will not be fair behind, ready to legislate to either ban or protect consumers from engaging in cryptocurrency. What happens will ultimately depend on the country doing the legislating. Read more.
- Scalability Challenges Arrive (Forbes): The underlying infrastructure of cryptocurrency has challenges, especially as organizations and individuals try to maximize their mining. This year will see the rise of new platforms, especially as investors look to lower fees and reduce power usage. Already we have seen the popularity of alternative coins including Ethereum, Litecoin, and Ripple. Read more.
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