‘Boring’ Blockchain Could Become Mainstream in 2019: MIT



  • Blockchain — which has been hailed as a game-changing technology that could revolutionize whole industries — will be so commonplace in 2019 that it’ll become “boring,” according to the MIT Technology Review.

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

    MIT observed that distributed ledger technology has been widely praised for its potential to transform healthcare, banking, supply chain management, and even the entertainment industry.

    Major Push By Walmart and Wall Street

    MIT said the move to normalize blockchain in 2019 is being facilitated by mega-corporations like Walmart and by institutional momentum building on Wall Street.

    “Walmart has been testing a private blockchain system for years as a food supply tracker,” the Technology Review noted. “It says it will start using the system next year and has instructed its suppliers of leafy greens to join by September [2019].”

    0_1547028247866_walmart-and-carrefour-use-blockchain-to-track-produce

    This follows a similar move by French grocery mega-chain Carrefour, which is using blockchain to improve food safety by tracking chicken, eggs, and tomatoes as they travel from farms to stores.

    Carrefour — Europe’s largest retailer with over 12,000 locations around the world — says blockchain can help it detect and prevent outbreaks of salmonella linked to eggs and poultry, which are a major problem in the food industry.

    A recent report indicates that the auto industry is also betting big on blockchain. Auto executives believe that the blockchain promise of secure, traceable transactions and improved transparency of information can streamline supply chain management.

    0_1547028315803_WxWwABVl

    All of these moving pieces suggest that notwithstanding the current Crypto Winter, the industry is laying the foundation toward mainstream adoption.

    Overstock CEO: Blockchain Revolution Is Here

    This is why Overstock founder and CEO Patrick Byrne is exiting the retail business — so he can focus exclusively on blockchain.

    “The blockchain revolution has a greater potential than anything we’ve seen in history,” Byrne told Fox Business. “It’s bigger than the Internet revolution, how it’s going to restructure society.”

    0_1547028379892_vVkD34Ja

    Accordingly, Byrne has invested in 19 blockchain companies. One of those ventures involves a $6 million investment in an open-source, blockchain-based crypto social network called Minds.

    As CCN reported, Minds is a blockchain-based alternative to Facebook, Twitter, and the Google-owned YouTube that promises strict user privacy and absolutely no censorship.

    Patrick Byrne vows that 2019 will be a groundbreaking year. “You will see blockchain really start coming out with products into the world,” he said. “You’ll see blockchain products in Q1.”



  • Interested to see how common blockchain will be, even to the commonfolk.



  • Even the entertainment industry, huh.



  • Ooo a blockchain-based crypto social network. With no censorship? That's something we've got to see.



  • How groundbreaking is 2019 going to be? We shall wait and see.



  • @elixir That is something to look forward to. Zero censorship is going to be difficult.



  • Ah, food safety is on their minds too, that's a great move on Carrefour's part.



  • @bell Yeah. Quite an unexpected move on Carrefour's part.



  • @hola55 Well, we shouldn't be too surprised that they are putting in good effort.



  • @bell True. They do want to keep up with the times too.



  • @hola55 Haha, yeah. So they jumped on the bandwagon.



  • @bell Soon, everyone else will follow suit.



  • @hola55 Many already are.



  • @bell Yes, indeed. We can already see so many companies joining in on the effort to promote blockchain technology.



  • @hola55 Yeah. Perhaps some are just more obvious and the others



  • @bell I agree. The implementation of blockchain in one's business is quite the evolution in any industry.



  • @hola55 It is. An it does offer a lot of benefits such as being cost-saving and it tackles security issues



  • @bell That is a big help in today's day and age. Everything is so costly and full of security issues



  • @hola55 Yeah. But I'm guessing the security issues won't be fully covered, because there is always a chance to breach



  • @bell Well, there is always something better out there, even if it doesn't exist at the moment. There's always a higher mountain


 

1
Online

75
Users

296
Topics

1.7k
Posts

Cryptoro Club - Cryptocurrency & Blockchain community | supported by YANBONG | COIN131