CryptoCurrency And Blockchain Development: The Technology In-Vogue
According to Infoholic research, “By 2022, the cryptocurrency and the blockchain market is estimated to witness the annual growth of 35.2% across the globe.”
There are multiple reasons behind the steep growth of the technology market that includes lower transaction fee, increasing number of online transactions, speedy transactions and changing consumer behavior. The ease of transaction, robust security, and high level of authentication are the prime drivers of blockchain technology that has quickly drawn the attention of business owners, financial institutions, banks, and individuals.
Moreover, the cryptocurrency market that’s worth $19 billion has picked up the pace in the market in a tenure of less than a decade. It has become all-imperative for the cryptocurrency enthusiasts to stay updated with major trends in cryptocurrency.
Take a look at what’s there in the blockchain’s next chapter to come in 2018:
You will see more Blockchain development
Recognizing the potential of blockchain in terms of distributed ledger system, no third-party involvement and top-grade security, the technology can be envisioned to transform various industries with different use cases.
Increasingly, the financial services, banks, and exchanges are embracing blockchain to avail its virtual currency capabilities. Also, it offers the opportunity to the traders to launch the assets in the market that trade along with cryptocurrencies. The virtual trading trend is certain to go wider in the coming time.
Going ahead, the smart contract development enables the automation of digital securities issuance and financial derivatives trading. However, the companies are in the testing the water stage and soon the full-fledged products will make the way to the market.
The usage of cryptocurrency will continue
The cryptocurrency is free from government control and no national government can interfere with cryptocurrency exchange across the borders unless a drastic action is initiated. In addition, high level of security appeals the businesses. These are the reasons for the cryptocurrency’s mass adoption by the businesses. However, the U.S. Securities and Exchange Commission (SEC) and U.S. Commodities Futures Trading Commission (CFTC) keeping an eye on bitcoin and other cryptocurrency development in near future.
According to a bitcoin expert, Gil Luria of Wedbush Securities, the increasing acceptance of bitcoin as payment will surge up the bitcoin price to double by 2025, that’s expected to break the mark of $4500.
It’s also touted that bitcoin remains the widely held token to run the blockchain and high transaction volume ascend the bitcoin price. Though, the positive price moves associated with virtual currency is not certain because there are many unknown factors that impact its value.
Exchanges fall into scrutiny
The trading exchanges are the best place for the cryptocurrency investors to buy and sell the digital currencies at ease. At exchanges, not just individuals, startups or businesses trade while banks also invest, which makes the exchanges a honeypot due to the centralized transactions that means all the data is stored in one place.
Thus, exchanges are more susceptible to theft or data hacks.
This is why regulators are looking closely at exchanges for consumer protection and avoiding any sort of mishappening. Stepping ahead, a few regulations are already created and implemented that includes- blocking the exchanges, blocking money laundering, advanced ways for identity authentication and others.
Regulatory test-driving will reach the top
The enthusiastic spike in blockchain & cryptocurrency development and investment in the digital currency by the majority of financial institutions carry both pros and cons in the bag. The potential use cases definitely benefit the businesses, but the absence of regulation may put the financial transactions at stake. The US Commodity Futures Trading Commission (CFTC) is positively engaging and working on the blockchain development enforcement and regulation.
The regulations will not wave the growth and innovation in the blockchain use cases, while they will be helping the businesses to continue their move towards cryptocurrency experimentation and reach new heights embracing transformative technology.
Introduction of blockmarket
The Syscoincommunity has supported the release of a decentralized marketplace, that’s referred as blockmarket. The blockmarket is the next-gen desktop wallet that offers an unprecedented opportunity to the businesses to create a web-based front-end marketplace and sell the commodities in the exchange of cryptocurrency.
However, the platform is not just meant for the sellers, while it’s the marketplace to both sell and buy the products without having any middlemen, transaction fee or political interference in between. Presently, only the desktop version is released and the mobile version is in the development process.
The last word
In a short duration, even less than a decade, blockchain and cryptocurrency are one of the technologies that have evolved at the lightning pace. There is a great transition from the state of their obscure existence to the point where everyone including financial institutions, government, leading enterprises, and start-ups are talking about them and taking it seriously.
The gradual advancement of the technology is showing no sign to cease with new upcoming trends evolution. In the coming years, we can expect more in blockchain app development, uplifting in the bitcoin usage, the rise in the price of cryptocurrency, increasing regulations implementation and blockmarket success. All because of the outstanding benefits that blockchain and cryptocurrency offers.
Well, it’s just the beginning. We can expect to see more trends to watch in 2018 and beyond. Stay tuned with us to know more about the blockchain development and the latest trends.