New Deloitte 2019 Tech Trends Report Highlights Blockchain’s Advanced Networking Feature as Vital to the Digital Future
Prominent audit firm Deloitte published their annual tech trends list on January 16, 2019, for the year of 2018.
Among some of the entries was, remarkably, blockchain. The report touches on the importance of networking technology and names blockchain as one of the forces behind that. The report also acknowledged the process blockchain has made towards adoption and noted that it is on the path towards even greater adoption.
Among some of the sources quoted in the report is a 2018 International Data Corporation’s (IDC) projection that states that the global spending on blockchain technology could grow to $9.7 billion in 2021.
It also notes that blockchain “capturing both mindshare and investment is remarkable considering that a few years ago the word blockchain was known only through its relationship to cryptocurrencies.”
While Cryptocurrency was the world’s first introduction to blockchain technology, the industry has since evolved beyond that. Even in places like China, where Cryptocurrency is banned by the government, blockchain is being used by the same government for various reasons.
This, many feel, can serve as a gateway towards Cryptocurrency adoption because if governments can be convinced to trust blockchain, they will be more receptive towards the currency that is built off it.
It also ensures longevity for the industry, regardless of it cryptocurrency becomes widely used or not.
“Today, blockchain is to trust what the web was to communication: a profoundly disruptive technology that transforms not only business but the way humans transact and engage,” the report stated.
Possible Progress and Possible Roadblocks
According to the report, blockchain will likely see more widespread use over the next few years, saying,
“we will likely see breakthroughs in gateways, integration layers and common standards in the next few years.”
2018 certainly saw a lot of adoption of the blockchain, particular at an institutional and governmental level.
In the case of institutions, various Universities such as New York University and the University of Tokyo began offering courses in the blockchain. Firms in various industries such as logistics and finance began using the technology for a number of purposes.
On the governmental end, land registration, tax collection and even telecommunications processes were carried out by governments with the use of blockchain.
However, some possible roadblocks to this progress were highlighted such as time-consuming operations, lack of standardization, high costs and complexity blockchain applications, regulatory uncertainty, and lack of collaboration between firms in the industry.