Back in the last quarter of 2017 and the first quarter of 2018, cryptocurrencies took the world by storm as most of them saw meteoric rises in valuations across the board. It was unprecedented and the few that were already well-positioned investors in blockchain saw windfall ROIs like never before. This is all good, especially for these particular investors, but how was this phenomenon beneficial to the overall blockchain technology industry. Well, for one thing, all the farce attracted the ‘right’ attention. Traditional investors, lawmakers, venture capitalists, and regulators even the average Joe paid attention. Even though blockchain had been around for close to a decade, 2017 was arguably the year that blockchain gained mainstream momentum.
Cryptocurrencies are the most successful application of blockchain but they are not the only application. Blockchain has so much potential outside bitcoin and Ethereum among other digital assets. So far, the use and application of cryptocurrencies have been the leading application but there are other useful and clever applications with even greater potential for disruptive innovation than even cryptocurrency. However, most of these applications are still under development. This just goes to show that we are at the beginning of a great journey. Well in this cryptocurrency post, we will discuss some predictions on the future of blockchain and how it could come to pass. We’ll highlight some developing innovations that could upend the current economy as we know it. We will also talk about some developments in the space, not necessarily innovations but whose occurrence affects the innovations in blockchain.
Central Bank Digital Currencies (CBDCs)
CBDCs are digital currency versions of government-issued fiat currencies. For instance, the Chinese Yuan is issued by the People’s Bank of China. If China, succeeds in implementing its digital Yuan, this will be a CBDC since it is also developed and issued by…