The year of 2016 has clearly established that blockchain technology is only here to rise. Throughout the year, TheBlockchainAcademy.com has been with the readers, both individuals and corporate businesses, in an effort to highlight the blockchain potentials they can embrace and utilize to give a new dimension to the ways they work, save costs and carry out transactions. Now when the year is about to an end and we are almost standing at the point where we have to revisit our vision for the coming year and redefine business strategies, I thought to share this valuable post presenting the top 10 blockchain predictions for the 2017, made by industry experts so far.
Here I will refer a very prominent and active Bitcoin investor, Barry Silbert’s thoughtful predictions. Barry is the founder & CEO of Digital Currency Group and expects 2017 to be a great year for the Bitcoin’s Price. The annual DCG’s Bitcoin & Blockchain summit brought a number of thoughts regarding the blockchain technology future and of course, important implications for the blockchain investors and venture capitalists. Overall, we all are excited about adopting Bitcoin and its underpinning blockchain technology, in supply chain, trade finance, cross-border payments, credibility and verification, and as a speculative form of investment.
Prediction 1: Bitcoin price will be higher on 12/31/2017
In view of the stellar performance of the currency since past few years, the price can certainly be higher, if not to the moon.
Prediction 2: Materialized micropayment models
Bitcoin micropayment solutions have already been integrated into data-storage, web browsers, social media sites and more. Micropayments, being as little as a fraction of a cent, could eventually be exchanged via internet using bitcoin. This can transform the ad revenue model on its head by disintermediation. It can also pay consumers and content creators directly.
Prediction 3: First >$50 mm M&A transaction
The Bitcoin space has witnessed some great million-dollar acquisitions and mergers. Therefore, topping USD5 million is quite possible, in particular, as the newly born cryptocurrency industry progresses and matures.
Prediction 4: SEC & ICOs
We know very well that Security and Exchange Commission (SEC) is well familiar with Bitcoin. However, some have cautioned the regulators’ next move is to close in on initial coin offerings (ICOs). The Security & Exchange Commission can deem these as the securities that might be subject to the regulations. Though a lot of among us in cryptocurrency space ignore such warnings, they, at present, do so at their own risk.
Predication 5: Intense competition in Identity solution
Identity is a touchy and critical subject on the Bitcoin blockchain. However, blockchain Identity solutions could surely solve a lot of real life problems. These can include anything from verification of identity to the registration of millions of undocumented users all around the world– something the United Nation is looking into, at present.
Predication 6: Blockchain POCs around supply chain
The hype of blockchain has entered almost every industry. One main area where blockchain technology can be advantageous is the global trade and supply chain. In fact, this is the industry that has already been testing and using blockchain technology. For instance, Tsinghua University in China and IBM just partnered up for improving food quality through supply chain.
Predication 7: Bitcoin exponential growth in Japan, Middle East Asia and India
The volume of the Bitcoin’s global transaction has been on a constant incline since its start. In addition, tech-oriented countries such as India, where mobile commerce seems massively booming, witnessed robust growth in adoption of Bitcoin. Similar cases are of Japan and Middle East.
Prediction 8: Bitcoin based Remittances going to hit USD 1 billion run rate
Remittances or cross border payments are one of the most promising use-cases of Bitcoin, since they are faster and less expensive than legacy service providers. Bitcoin remittances can depose incumbents like Western Union as Bitcoin infrastructure keeps improving. This might be accompanied by plummeted smartphones costs worldwide, solving the proverbial “last mile” issue.
Prediction 9: Bitcoin’s higher accessibility to retail & institutional investors through ETF(s)
Bitcoin ETFs carry massive potential to pull institutional investors into Bitcoin. While SolidX’s XBTC and Silbert’s GBTC are making Bitcoin more palatable to conventional investors, the much expected “Coin” ETF and others would help filling the gap between legacy finance and cryptocurrency.
Predication 10: Bitcoin as Store-of-value rises as a key theme
Bitcoin has been labeled as “digital gold” and I think, for good reason. Industries expect traditional investors to start recognizing Bitcoin in a more serious way and add it to their portfolios.
Whether you agree or disagree with the predictions, it is for sure that the coming year is going to be of bitcoin and blockchain, somehow or the other. How many of these predictions will actually turn into reality, we are eagerly waiting to see in 2017.
Copyright Bryant Nielson. All Rights Reserved.