There is no doubt that we are living in a digital world, and blockchain is the world’s leading software platform for digital assets. Using new technology to build a better financial system, blockchain platform production is key. There are five reasons why blockchain will become mainstream this year.
The future is cash-free.
Cryptocurrencies have a series of characteristics that make them stronger than most physical money-based currencies out there. The key, of course, is the blockchain, which is the next revolution currently happening. Since everyone will be able to access the code behind the currency, everyone will also be able to ensure that no one is taking shortages that benefit themselves, implying a true democratization of monetary systems.
The attractiveness of this is significant in crypto’s financial growth and development, as it allows more than a narrow focus on payment systems due to blockchain’s ability to encode and store highly sensitive information and personal details through the use of smart contracts. Some companies, however, are doing more than that. According toForbes, Dispatch Labs is one blockchain company that is developing an “advanced blockchain protocol that facilitates the upload and control of programmable files for dApp developers.”
The architecture of Dispatch’s programs is said to enhance the utility of blockchain by “enabling decentralized encryption and programmability of any type of data file, not just smart contracts,” thereby creating a foundation in which developers can work on solutions to issues without data constraints.
Economic and governmental agencies are interested in cryptocurrencies.
Cryptocurrencies are becoming a matter of interest for banks and governments around the world. Just like bitcoin was once a topic discussed mostly by techies and nerds, but is now making headlines on a regular basis, cryptocurrencies and blockchain technology have now become mainstream topics.
Due to the growth of discussion for economic and governmental institutions, it is now seen as having the potential to disrupt the current monetary models. Through discussions on the introduction of regulations by economic institutions and through the increase of interest by investors, as well as platforms run by decentralized organizations will make its adoption inevitable.
Dispatch Labs, states as its vision, the creation of “the platform for disrupting a host of industries by enabling the development of secure, decentralized peer-to-peer applications on a scale never before possible” in order to “facilitate the things an ubiquitous, democratized blockchain can do for the world.” By increasing the utility of blockchain technology, the functionality will allow mainstream use.
Cryptocurrency is showing growth of the asset class.
At the end of 2017, cryptocurrency markets had generated an amazing 3,300 percent in returns, making it the most lucrative and fastest growing asset classes available today. Digital currencies provide investors with the ability to recognize significant returns in a relatively short period of time, according to CoinCodex.
Figures on the return of investmentfor Bitcoin, Ethereum, and Litecoin highlight massive gains that indicate the benefits of long-term investment and sticking to the principles of buying and holding in the cryptocurrency market.
Blockchain will be business-ready.
In order to ensure business-readiness, Dispatch allows business applications to easily transition to blockchain without the worry of speed or functionality issues. In this way, business applications will also become less vulnerable to hacking and security breaches.
According toHackernoon, Dispatch Labs technology is likely to create the biggest disruption in 2018, propelling the industry forward and creating an opportunity for blockchain to become mainstream. The Dispatch blockchain is a “shared ledger, growing linearly while the data managed by the chain can continue to grow exponentially.” Also, Dispatch “enables the decentralized management of data storage,” allowing for dApps that “build and run operations on the access, manipulation, and distribution of that data.”
The need for future potential.
Perhaps the most telling of all is the future potential of blockchain technology. While other systems are finding their value diminished in this digital age, Blockchain’s ability to combine the security of cryptography, the storage and transmission of encoded data, and peer-to-peer networks to create a shared database means that its use in various industries is endless.
The beauty of blockchain is that something can be unique and stored digitally, without needing an equivalent in the real world, meaning there are limitless possibilities for contracts, wills, deeds, certificates, and, of course eventually a digitally integrated global economy. Through a global economy, we could see enhanced economic growth and decreased world poverty.
What excites you most about blockchain technology becoming more mainstream? Tell us what applications you’re looking forward to in the comments.
About the Author
David Wither
I've been a startup consultant for 15+ years. In that time period, I've seen the good, the ugly, and the weird. I love writing about all three aspects of entrepreneurship, while also adding in a few lessons I've painfully had to learn in my life, with the hope that my readers will avoid such pains. I am a proud graduate of USC and also a below average surfer.
