Blockchain technology has amassed an explosion of interest since the successful launch of the first established cryptocurrency, Bitcoin, in 2009. Experts define the technology as one that would eventually shape global sectors.
We have seen the crypto space garner a large amount of interest with regulators in various corners of the world breathing down their neck in cynical distrust. However, it would appear that the one thing the majority of this part of the world and the crypto space agree on is the power wielded by Blockchain technology.
Technological advancement took one step forward with the world’s recognition of Blockchain technology. Experts predict that it could just be the cutting edge technology that would revolutionize the global economy especially given the trends that are carving its future. Let’s take a look at them.
Initial Coin Offerings (ICOs)
It would appear the global way of calling attention to Blockchain technology is through ICOs. Not only are ICOs effective and popular in attracting investments by blockchain startups, it is a remarkable way of ensuring the world’s participation in blockchain projects via tokenization.
With the development of the blockchain space and the influx of key actors, one of the major trends that could completely revolutionize blockchain is the development of reverse ICOs. The concept of reverse ICOs is basically similar to the normal form of crowdfunding.
However, reverse ICOs is a method, which according to Investopedia, used by existing traditional and mainstream businesses to raise funds and expand their services to cryptocurrencies. As such, the gap between traditional financial institutions and digital financial systems is bridged.
Reverse ICOs allows an existing real-world enterprises launch a business model, raise funds through an Initial Public Offering and move the business to a decentralised business structure. These enterprises uses reverse ICOs to raise funds for their blockchain-based platforms while offering decentralised solutions to their customers.
Robust Regulatory Environments
With the potentials of Blockchain technology to be fully harnessed by various nations all across the globe, robust regulatory frameworks are being passed into country laws to encourage mainstream adoption.
There are indications that significant amounts of blockchain supporters believe that regulating the blockchain industry will go against its core value-decentralization. However, there is a conviction that global consensus on fairer regulatory approach to the technology would invariably empower the blockchain industry in the future.
In light of the influx of blockchain-based projects and startups recorded in the blockchain industry, a consensus on regulations would reduce the risks involved in investing in blockchain businesses. This will, in fact, speed up the rate at which the technology would be adopted.
With the world leaning towards artificial intelligence day by day, the immutability of blockchain technology could be instrumental in speeding up what needs to be done.
You see, we live in a world where computers still don’t have restricted access on what actions to take and commands to obey. As such, hackers are reining in the fact they could own the internet.
With the power of immutable encryption introduced by the integration of Blockchain technology, the status quo will be invariably amended.
Acceptance of Digital Money
Cryptocurrency crackdowns aren’t exactly news again. However, despite each setback, the crypto sphere appears to be fighting fit. There are in fact several countries willing to take a risk with cryptocurrencies and Blockchain.
It is widely understood that a proper perception of cryptos would mean a deeper comprehension of the underlying technology. And given the world’s move towards a digital economy, cryptocurrencies could be globally accepted and as a result, cement the future of Blockchain technology.
Ifeanyi Egede is an experienced and versatile blockchain technology and cryptocurrency content writer and researcher with tons of published works both online and in the print media. He has helped several startup companies grow their businesses in the blockchain and cryptocurrency space. Ifeanyi has close to a decade of writing experience, and when he is not writing, he spends time with his lovely wife, Tega and adorable daughter, Chimamanda.