Home News Blockchain 2019 Will be an Important Year for Blockchain, Cryptocurrencies Says MIT

2019 Will be an Important Year for Blockchain, Cryptocurrencies Says MIT

January 03, 2019 13:14
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MIT Technology Review, a publication owned by Massachusetts Institute of Technology (MIT) released an article on Thursday describing that 2019 will be an important year for cryptocurrencies and blockchain technology.

The article said, “In 2017, blockchain technology was a revolution that was supposed to disrupt the global financial system. In 2018, it was a disappointment. In 2019, it will start to become mundane.”

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It further added that when it comes to cryptocurrencies, the Intercontinental Exchange (ICE), the owner of the New York Stock Exchange and one of the most influential players on Wall Street, plans to launch its own digital asset exchange in early 2019. And Fidelity Investments recently created a new company called Fidelity Digital Assets.

The report said, “The main thing Fidelity brings to the table is a so-called custody service for crypto-assets. Cryptocurrency enthusiasts have argued that big investors like hedge funds, family offices, and sovereign wealth funds are itching to put billions of dollars into digital assets but can’t because there isn’t enough regulator-approved infrastructure.”

Talking about blockchain projects in the pipeline, it further touched upon companies such as Walmart which have kickstarted their own private token system in a bid to make supply chain more transparent.

In October Walmart had reached out to Crypto-News India about leveraging blockchain. At the time it had said, “Walmart Inc. is pleased to announce the development of a new blockchain service WalmartLeafy.com, the decentralized financial asset management network, to realize the world’s most reliable retail money transfer system and the ability to finalize transactions in less than 2 seconds. Suppliers will transition ecommerce payments from cash to digital on the Ethereum network in the form of ERC20 Tokens. By combining WalmartLabs payments business expertise with advanced blockchain technology implemented on the WalmartProjects platform, the aim is to offer a new retail payment network service from fiscal year 2019 compatible with IoT and other new technologies.”

The article in the MIT Technology Review also touched upon smart contracts. It said, “Smart contracts are bits of code that execute an agreement between two parties—for instance, a flight insurance policy that automatically pays out if your flight gets canceled. In principle, they would eliminate the need for all sorts of costly intermediaries. The idea has been around since the 1990s, and Ethereum was devised in 2013 specifically as a blockchain that could run smart contracts.”

Wouldn’t it be fantastic if 2019 was indeed the year blockchain and cryptocurrencies became the new normal?

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