Earlier this month I attended Consensus 2019, the leading blockchain and crypto event. And oh boy, let me tell you, there was some great food for thought. Between a presidential candidate speaking in favor of blockchain technology and tech giants such as IBM, Amazon Web Services (AWS), and Microsoft all making announcements of further plans for blockchain, the future looks bright for the technology.
Cryptocurrency is not going away
One bite of information that really stood out was that cryptocurrency is not on the decline. Anytime soon, at least. Below is a modified pie chart I made from what I gathered at the conference. As you can see, the biggest slice of the blockchain space is cryptocurrency. While it seems like that will be the case for the foreseeable future, enterprise adoption of blockchain, with platforms like Ethereum, Fabric, and Corda, is accelerating.
More and more players will enter the enterprise blockchain space, and more platforms will be created. Even now, big organizations across domains like Healthcare, Logistics, and Financial Services are exploring what blockchain technology can do for them.
Don’t get me wrong—the crypto space will continue to be a big slice of the pie. What this means is that the blockchain pie as a whole will get bigger.
Some slices will get bigger than others
Stablecoins, a form of cryptocurrency designed to address the price swings seen in other cryptocurrencies, are gaining in popularity. The indication is that stablecoins will continue to grow in the crypto space and will slowly take the place of tokens and alt coins.
I can’t wait to see what Consensus 2020 brings, and I look forward to seeing if these taste changes in the industry will continue. What trends do you think are in store for blockchain?
Are you currently exploring the possibility of implementing blockchain technology in your organization? The OFS tech team would love to show you a demo of our accelerators and prototypes and exchange ideas on how you can start working with blockchain technologies. Contact us here.
About the Author
Ganeshram Ramamurthy is ObjectFrontier’s technical director and heads technology for presales. For many years, Ganesh has been designing and developing enterprise applications across various domains. He has a keen interest in emerging technologies and is now spearheading blockchain initiatives at OFS.