Development On the Chain to Promote Off-Chain Blockchain Adoption?

Development On the Chain to Promote Off-Chain Blockchain Adoption?

In the last decade, blockchain and distributed ledger technology has had an immense impact on a multitude of industries, with 84% of organizations experimenting with the technology, with more than half (52%) of blockchain projects in the research and development phase, according to the PwC Global Blockchain Survey.

The industries making important strides forward with blockchain include financial services, manufacturing, energy and utilities, health care, as well as government sectors, but the potential of the technology is limitless. Ultimately, any business that is looking to simplify the processing method of large volumes of transactions while ensuring the verifiability of these transactions — stands to benefit from the use of blockchain technology.

So, what does the next decade hold for blockchain, and what barriers are there to overcome in order to see true mainstream adoption?

Cryptocurrencies: The next-generation portfolio diversifier

Blockchain technology has often been mistakenly associated with Bitcoins volatility. While blockchain is indeed the underlying technology powering Bitcoin and other cryptocurrencies, it has little to do with its peaks and troughs.

Bitcoin and cryptocurrency price volatility is primarily driven by investors perceptions of the security of their holdings along with the prospects for Bitcoin and other cryptocurrencies to become a reliable portfolio diversifier as institutional adoption increases.

In the last year alone, gold has risen by 10%, while Bitcoin has soared by over 180% against the United States dollar. The U.S. Federal Reserves recent slashing of interest rates for the first time since the financial crisis signals a return to monetary and fiscal stimulus in the form of quantitative easing, which could negatively impact confidence in fiat currencies. If this ends up being the case, we could soon witness capital flight that could result in a decline in the performance of the U.S. dollar, should there be a significant loss of trust in central banks.

One-year crypto performanceOne-year crypto performance. Source: coin360.com

Cryptocurrencies, on the other hand, have proven to be one of the top-performing assets since the start of the year, outperforming other, more traditional asset classes, such as stocks, commodities and real estate. While it might not be prudent to put all of ones eggs in a single basket, the case for includ ...

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Tags: Blockchain, Adoption, Cryptocurrency, Bitcoin And Cryptocurrency, Financial services, Bitcoin, Facebook, Bitcoin and other cryptocurrencies, volatility, United States dollar