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The past year was a huge one for the blockchain ecosystem. With so much activity, it can be hard to stay on top of all the developments. But that’s not stopping the market from continuing to grow at an accelerated pace. A recent report by Deloitte found that funding in blockchain projects more than tripled in 2018, reaching $1.1 billion. And this is just the beginning… Many believe that the next few years will see even more adoption and funding — especially as more projects are released and tested on mainnet. There are so many different types of blockchain projects out there, and they’re all vying for attention and investment dollars. The same goes for crypto tokens and initial coin offerings (ICOs).
There are so many different types of blockchain projects out there, and they’re all vying for attention and investment dollars. The same goes for crypto tokens and initial coin offerings (ICOs). And while we can’t predict which will be the most successful, there are a few projects we’re keeping a close eye on.
We’ll start with the obvious ones — the ones that have already been around for a few years and have millions of users (i.e. big brands with huge marketing budgets). Facebook’s new blockchain project, called Libra, is one of the most interesting. This will essentially be a new cryptocurrency, and would be part of a broader digital money ecosystem — a new way of storing, sending, and receiving funds online. Other projects like Ethereum, the decentralized computing network, have already been around for a few years now and are continuing to grow. Ripple’s blockchain, designed to make cross-border payments faster and cheaper, has also been around for a few years and is now a legitimate competitor to SWIFT.
Google’s blockchain project, called lob, is also expected to launch in the near future. The project is focused on building a new system for publishers, content creators, and advertisers to manage relationships and make the internet a better place.
There are always going to be limitations with technology, and blockchain is no different. However, with all of the advancements happening, most problems are being solved on the back end — such as scalability and speed issues that, in the past, have held the technology back.
On the front end, however, some issues persist and can sometimes be a turnoff for investors. For example, some projects suffer from a lack of a clear business model. They’re useful, but how will they make money? How will they be sustainable and continue to grow? Others suffer from a lack of clear use cases and a lack of functionality. These projects are still in development and have yet to be tested.
The idea behind them is great, but it’s always nice to see a finished product and have it work as expected.
With all of the hype around blockchain, there’s one important question that needs to be asked — what good is blockchain really doing? The answer is: a lot. In fact, blockchain and social impact are a natural fit.
There are many different blockchain projects out there that are focused on solving problems in the areas of sustainability, education, poverty, and more. There’s SolarCoin, a blockchain project that is helping people earn money for saving energy and taking care of the planet. Trusted Health is helping healthcare providers improve the way they share information. And then there’s ComplyAdvance, providing a blockchain solution for small and medium-sized businesses to manage the growing risk of non-payment from large corporations.
We’re now living in a world where people’s digital identities are becoming increasingly important — especially with the rise of digitized financial services. Blockchain has proven to be an effective way to store and manage digital identities, but there is still work to be done on the usability and user experience side.
Verification can be a lengthy process, and blockchain is still a new technology, so there are many people who don’t understand how it works.
Authentication is also a challenge, and it’s an area that we expect to see more development in. The blockchain is decentralized, which means that there is no central authority that verifies the identity of the person. Instead, the process is automated by a network of computers that communicate with each other and verify that the person is who they say they are.
Blockchain technology has proven to be an effective way to store and manage data. Some of the most popular blockchain projects have found success in the data storage and sharing space. Companies like Sia and Storj offer ways for individuals and organizations to store and share data more efficiently and securely. The goal is to create a decentralized network of computers that store each others’ data securely and autonomously. Users can then rent out their hard drive space to help others meet their storage needs while earning money in the process. ## Financial Services — Payments and Finance The financial services and payments industry is one that has proven to be a natural fit for blockchain technology. There are many blockchain projects that are focused on providing a better, more efficient way of managing finances. There’s PolySwarm, a blockchain-based security intelligence ecosystem. It’s a decentralized cybersecurity marketplace where individuals, cyber experts, and anti-malware engines work together to solve threats. There’s also DACC, a content distribution network that aims to give content creators a better way to manage and protect their content. On the payments side, there’s Payreti, which offers a secure and decentralized way for people to send money across borders. ## Diversification — Agriculture, Auto, and Manufacturing When we think of blockchain projects, we tend to think of them as being related to finance and data. However, there are a few blockchain projects that are focused on other industries. One such project is Farmers’ Trust, a blockchain-based platform that rewards farmers for the effort and work they put into the environment. In addition to providing a way for agriculture producers to document the work that they do, the platform also provides a token that consumers can use to show their appreciation for the farmers. On the manufacturing side, there’s Innonetics, which helps manufacturers optimize quality control and production processes. On the auto side, there’s Autoware, which provides a digital place for carmakers and tech companies to collaborate and create new mobility services. ## Summary The past year was a huge one for the blockchain ecosystem. With so much activity, it can be hard to stay on top of all the developments. But that’s not stopping the market from continuing to grow at an accelerated pace. A recent report by Deloitte found that funding in blockchain projects more than tripled in 2018, reaching $1.1 billion. And this is just the beginning… Many believe that the next few years will see even more adoption and funding — especially as more projects are released and tested on mainnet. There are so many different types of blockchain projects out there, and they’re all vying for attention and investment dollars.