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Blockchain technology is constantly advancing, but it struggles to break through to the mainstream. Governments are also struggling to come up with regulations to handle blockchain technology, which scares away some businesses.

Many crypto experts believe, however, that 2019 is the year when blockchain will start to push forward in areas such as identity management and security. Blockchain Tech News spoke with Angel Versetti, co-founder and CEO of Ambrosus, and Sky Guo, CEO of Cypherium, to get their perspective on what could be coming for blockchain this year.

Q.What do you see on the horizon for blockchain in 2019?

Guo. In 2019, blockchain innovation will be focused on identity and privacy. I also think that we can expect the development of regulation in the crypto space, which will present our industry to the world as a leader in security and professionalism.

Q.Will we see significant bank adoption this year?

Guo. We probably won’t see significant bank adoption this year, as many banks are still coming to terms with the changes that blockchain tech poses. However, we will see growing excitement and cooperation between the crypto space and the financial sector. Therefore, this year, we’ll need to build the trust and understanding that will allow these relationships to flourish.

Q. What blockchain innovations are you most excited for this year?

Guo. I’m excited by the potential of blockchain-enabled digital identity, chiefly distributed systems giving people back the control of personal information. In the future, we no longer need to be fearful of massive data breaches such as those seen at Facebook, Marriott and Equifax. This is probably the most important and most foundational change looming on the horizon.

Q. How will businesses address the scalability issue with certain blockchain solutions?

Guo. Distributed technology will become the backbone of a wide variety of industries. Accordingly, different blockchains will be able to suit the specialized needs of particular enterprises. Bitcoin, for example, might come be seen solely as a store of value, unlike Ethereum, which serves as a platform for developers to create new decentralized applications.

Q. What do you see on the horizon for blockchain in 2019?

Versetti: With the amount of the institutional money entering the space and increasing involvement and adoption by such top-level financiers, it’s inevitable that in 2019, blockchain, the underlying technology behind cryptocurrencies will come to the fore.

While there are a number of obvious trends coming down the line, such as the proliferation of security tokens, consolidation of regulatory frameworks for crypto/blockchain, wider use of stable coins and asset-backed tokens and the first big non-scam failures of ICOs and correspondingly big lawsuits, I am more interested in developments in technology and the usage and adoption of technology.

This year, I look forward to seeing new architectures for scalability, the convergence of blockchain and IoT, and the emergence of decentralized apps with pleasant [user experience] designs, which may lead the general public to finally start using them.

I’m also eager to see more creative ideas for cryptocurrencies that make use of decentralization and blockchain protocols, where game theory, cryptography, security, community growth, network effects and interoperability are all taken into account. Those can open new socioeconomic models of operation, the likes of which we have not seen before. These will be political constructs, as much as economic ones. I think these are the things that have the most potential to really change the world and hopefully we’ll see some exciting developments in these areas in 2019.

Q. Will we see significant bank adoption this year?

Versetti. Blockchain looks set to revolutionize business and industries by promising to better store, secure, process and configure data. The banking sector has traditionally been the industry that has suffered most from lack of trust, heavy centralization, and general inefficiency. Blockchain makes finance and financial services easier, more accessible, and more trustworthy but whether that means we will see significant bank adoption this year remains to be seen.

I daresay there is not an ounce more trust in traditional financial institutions today than there was 10 years ago. We are on the brink of another major financial crisis and possibly a bigger geopolitical cataclysm, and thus the core value proposition of bitcoin as a censorship-resistant and truly limited digital asset that is not subject to control is as relevant as ever.

I believe that crypto and blockchain will continue to deliver on their core value and benefits, primarily because there has not been any loss of trust in blockchain and true cryptocurrencies by those members of the public who understand how this technology works. Banks and other financial institutions will have to transform to remain relevant and one way to do this is to embrace blockchain technology in their day-to-day operations.

Q. What blockchain project or solution are you most excited for this year?

Versetti. From my perspective, Ethereum will continue as the greatest innovation in the space. The idea of a decentralized computer, capable of executing any contract in a decentralized and censorship-free environment, has huge implications and potential use cases for a variety of social and economic purposes. While many contenders for Ethereum have arrived, no single project boasts the resilience and ecosystem strength of Ethereum. That’s why, for me at least, it’s the greatest innovation in the space. Its full potential is far from being reached so there is still significant scope for it to grow and develop further.

Q. How will businesses address the scalability issue with certain blockchain solutions?

Versetti. In general, scalability is an issue that will be dealt with at project level rather than by businesses adopting the technology, and there are a variety of different solutions that many projects are already implementing.

For bitcoin, the core developers have been looking into leveraging what has been called the “Lightning Network.” This is basically a second payment processing layer that fits on top of the bitcoin blockchain so that smaller or less relevant payments do not need to be immediately stored on the blockchain, although eventually they are included. This reduces stress on the network and improves scalability.

For Ethereum, there is an ongoing debate about how exactly they plan to scale the network. However, the various solutions that have been proposed (Casper, Plasma, and Sharding) involve similar off-chain or side-chain dynamics to leave the original Ethereum blockchain less congested.

Source:https://www.blockchaintechnews.com/articles/whats-on-the-horizon-for-blockchain-in-2019/

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