Industry executives and experts share their predictions for 2019. Read them in this 11th annual VMblog.com series exclusive.
Contributed by Chao Cheng-Shorland, Co-founder & CEO, ShelterZoom
Blockchain’s Big Leap
Most of the noise around blockchain is generated by bitcoin and other cryptocurrencies. While the crypto markets are certainly newsworthy, they tend to overshadow blockchain’s many other use cases. Blockchain’s security, transparency and efficiency innovations in particular have applications to businesses and consumers alike.
Massive industries such as financial services, supply chain and real estate will continue to assess and implement blockchain applications as they move away from the “traditional” way of doing things and their legacy technology. And consumers will gradually start using blockchain applications — even if they aren’t aware it’s blockchain — as the service providers they interact with most start building on this technology. All of this bodes well for blockchain’s future.
Here’s what I see ahead in 2019:
1. MORE PEOPLE WILL BUILD THEIR BUSINESS MODELS ON BLOCKCHAIN
The slow pace blockchain spending in previous years will change in 2019. Due to the growing consensus of blockchain’s potential impact in major areas of business – and proof of development – more corporate leaders and entrepreneurs will venture into building their business models on blockchain. As reported by PwC, on an individual basis, most firms have spent less than $500,000 on blockchain. However, a solid 11 percent of the survey’s respondents have spent more than $10 million.
Blockchain is offering not just the technology to build on, but also a reduction and streamlining of operations that incorporates speed and accuracy. Because of this, more companies will allocate additional funds to blockchain in the next few years. International Data Corporation expects annual blockchain spending to reach almost $12 billion by 2022. Further, we predict that more projects will build their business models on blockchain and a “snowball effect” will ensue.
2. PUBLIC SECTOR AGENCIES (GOVERNMENT) WILL ALLOCATE RESOURCES AND FUNDING TO ACCELERATE BLOCKCHAIN PROJECTS AND SOLVE REAL PROBLEMS
Governments will continue to take notice of the advantages that blockchain is offering. Although many governments are skeptical of the applications of blockchain and cryptocurrencies, several countries, such as Estonia, are now incorporating blockchain applications into their official operations.
3. CRYPTOCURRENCY WILL BE MUCH MORE WIDELY USED – EVENTUALLY ENTERING THE MAINSTREAM MARKET
A major change in the medium of currency exchange – from coins, notes and payment cards to digital currency – is possible in the near future. Although the replacement of money as we think of it today by technology still causes significant apprehension for most people, the ability to transfer value from one person to another is a proven cryptocurrency use case.
4. COMPANIES WILL COME UP WITH NEW SOLUTIONS FOR LEGAL DIGITAL CONTRACTS BEYOND EXISTING SMART CONTRACTS
In 2019, the smart contract function is expected to explode in popularity by not only administering the execution of agreements between parties, but also implementing other aspects of legal contracts, such as resolving contractual dispute settlements by forming a legal digital contract that is fully binding between the parties.
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About the Author
Chao Cheng-Shorland is the co-founder and CEO of ShelterZoom Corp. Chao is a highly experienced enterprise architect and an Australian entrepreneur. She has been featured in many publications such as Where Women Work, CCN, Inman News, REAL Trends, Elite Agent Magazine and The Registry. Chao was one of the recipients of the Chief Executive Women program in 2014. In 2016, she established her own Enterprise Architecture and Invention consulting business, iFuture Services. In 2017, she co-founded ShelterZoom Corp. with Allen Alishahi. Under their joint leadership, ShelterZoom has delivered one of the most innovative real estate platforms to the market.
