In 2019, we saw enterprises adopt blockchain progressively. Cryptocurrency and blockchain are gradually being taken seriously by enterprises, especially after giant tech companies such as IBM, Microsoft, AWS, Oracle, and countless more began experimenting with cryptocurrency and blockchain. Also, in the cryptocurrency space, top Banking services providers and payment companies such as Wells Fargo, JPMorgan, Circle, Square, and Skrill all recorded positive growth effects of deciding to provide cryptocurrency services.
In the past three years, the numerous times that cryptocurrency has attracted the attention of mainstream light, it still hasn’t provided a complete solution to solve a problem entirely. There is a saying that goes like ‘Blockchain is a solution searching for a challenge.’ The complication is, as blockchain and Cryptocurrency gears to be fully operational and usable for the fourth year consecutively, the attractiveness of the tech and its commercial spinoff, cryptocurrency is beginning to lackluster.
According to an article at the Verge, authored by Adrienne Jeffries and titled ‘Blockchain is meaningless,’ it explained that the perception of blockchain, the advancement of digital ledger cryptographically which supports Bitcoin and numerous others cryptocurrencies, is currently being utilized to portray everything from a recent database for Walmart supply chain to a system for cross-bank transactions. The term is increasingly becoming extensive, which makes it to begin losing meaning.
Despite blockchain being over ten years old, it still is a very young technology. It was able to operate behind the scenes and be usable by a fraction of the Global population before being pushed forward and was required to tackle some of the world’s problems. However, blockchain is still facing some operational challenges, from speed, scalability and cost, interoperability, and the centralized /decentralized fight among the public and private chains.
2020 needs or could be the turning point for the blockchain industry, and there are indications that companies are willing to try out the technology. The fintech payment company, Square headed by the friendly Jack Dorsey had for long had been interested in cryptocurrency. They incorporated it into their platform and have found a niche usage, making it favorable for future usage.
For several reasons, Bitcoin has set its application to be a store of value for numerous reasons. First, it has, for many instances, been on an upward trend in terms of value appreciation and makes it something that people do not want to lose. Secondly, it is not a favorable means of payment because it is not instant and comes with variable transaction fees. But, Dorsey acknowledged that his payment company is taking the risk with Bitcoin and make it easier to use for payments by creating a Lightning Network. The Lightning Network is a second layer payment protocol that works on top a Blockchain-based Cryptocurrency, such as Bitcoin.
