Opinions

2019: The Year Blockchain Becomes Mundane?

Blockchain is literally everywhere. The mobile company you use is probably knee deep in blockchain projects; your local coffee shop might be using it as a solution. Heck, even the local library has something “blockchain tech-y” up its proverbial sleeves. And while it is rather amazing to see the new technology being implemented all around for its abundant use cases, it is one step closer to becoming dreadfully ordinary. The prestigious Massachusetts Institute of Technology (MIT) certainly believes so.

An article published by the MIT Technology Review puts forward the argument that 2019 is going to be the year in which blockchain will become mundane. The article was published on the 2nd of January 2019 in Review, which is an independent magazine but wholly owned by the United States MIT.

The article provides a brief overview of its take on the rather recent and short history of blockchain. It claims that the technology was “a revolution that was supposed to disrupt the global financial system “in 2017, that is. But in the following year of 2018, it was a disappointment. The article makes this claim in light of the substantial decline in the valuations of virtually all blockchain-based crypto assets and currencies.

As we enter the new year the magazine reasons that several innovatively sound projects, based on the blockchain tech are still alive and are in fact very close to being lucrative. That, combined with several large corporations’ plans to launch major blockchain-based projects this year, 2019 will thus reportedly go down in history as “the year that blockchain technology finally became normal.”

The article further explains, that as the whole hype around blockchain subsides, their offerings of regulator-approved infrastructure for crypto are a major breakpoint in the journey of the sector becoming mainstream.

The article wraps up with its final argument that, the whole normalization of the technology and the sector as well, will demand a significant restructuring of the basic ideology behind cryptocurrencies and blockchain tech. The whole concept of anti-government that is at the root of all things crypto, is being overturned as governments are jumping in and launching national cryptocurrencies. Like Venezuela’s already-launched controversial oil-backed cryptocurrency the Petro, or other states’ plans for their own state-backed coins.

Once you really think about it, the article makes complete sense. At this rate, who knows, blockchain could be as normal as mundane as the Internet has become.

Abeer Anwaar

Abeer holds a Bachelors degree in Media studies and covers blockchain startups for BlockPublisher. An optimist, excels in the art of the written word and swears by the joy of all things sweet. Contact the editor at editor.startups@blockpublisher.com

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