With nearly 2 years of investment experience in this emerging, yet surprisingly significant industry, we believe that 2018 will see strong conventional consumer adoption of blockchain technology. From a worldwide effort towards decentralization to technology finally catching up with the main ideas, all pieces of the puzzle are finally lining up. There has never been a better time to invest in this industry which is luckily now!
How Decentralization became a trend:For a very long time, the word “blockchain” was basically synonymous with the word “Bitcoin” for many people. In actual, we must understand that bitcoin and blockchain technology are indivisibly linked but not limited by one another. The digital currency was formed around 10 years ago in 2008 but only saw its first real-world solicitation on May 22, 2010, when Laszlo Hanyecz famously purchased two pizzas for 10,000 bitcoin, which is $5,540,000 a pizza on today’s rates.
Since then, Bitcoin and the many altcoin digital currencies have been taking the world by storm. Bitcoin is just the tip of the iceberg; blockchain is the iceberg mostly under the water as far as consumers have been concerned.
Blockchain is the distributed ledger system behind bitcoin, challenges the whole concept of how we build and spread trust. Within a distributed ledger system, trust is intrinsic to the system as a whole. This is already being applied in principle to a wide variety of very different industries.
1- Airbnb has made a distributed system of trust around the accommodation.
2- Uber is following in terms of transportation.
3- Wikipedia and Social Media are transforming communication and the spread of information.
Blockchain technology is a unique technique which permits more industries to engage in this trend of decentralization and this is happening, right now.
The time is nowThe world sees a collective number of businesses across a range of industries making the first tentative footsteps in blockchain platform adoption. They are recognizing that there is a persistent need to get ahead of the curve and take off the competition. Prime interest in the sector is coming from tech giants like Amazon, IBM & Microsoft and major Wall Street banks JPMorgan, Citigroup, with technology companies such as Infosys, TCS and HCL apparently functioning on blockchain-based products to support the commercial industry. The UAE is one of the speedy growing economies in the world and is ambitious to become a global technology hub, so they are aggressively implementing blockchain technologies.
The Dubai Blockchain Strategy will complement the economic vision for all sectors in the city which will cement Dubai’s status as an international technology leader. According to a plan by the Smart Dubai Office (DSO), blockchain technology will be used for all government documents by 2020. In Dubai where blockchain is already used for health records, the government will be fully powered by blockchain till 2020. Dubai’s Museum of the Future announced the formation of a research group focused on blockchain technology and high-profile brands such as IBM, Emirates Airlines and Careem are all functioning on new applications in Dubai emirate. Dubai has also fascinated the attention of Cisco and SAP, thousands of start-ups and the bitcoin exchange, BitOasis.
Meanwhile, the demand for blockchain technology in finance and financial services is also growing on a worldwide scale, more in the developing world. Over 1.5 million smart devices and phones are being used actively by people who have no bank account, solely to use substitute financial services.
2018 is not only the year to invest in using blockchain technology. We believe that blockchain technology is finally ready to take on the systematized, controlled and highly traditional methodology of investments in all of the sectors. The products we are using for contributing to blockchain technology aim scalability and security. Block Labs is assisting understanding many of the grey areas previous blockchain-based investments have found challenging. Fundamentally, we are building the infrastructure and we are confident that an increasing number of investment firms will follow suit.