As per a research piece published in MIT’s ‘Technology Review’ journal earlier today, blockchain tech will continue to lose steam as we move further into 2019.
A closer look at the article shows that MIT’s research staff has not really understood the impact that blockchain technology has had across a variety of different industrial sectors (across the globe).
According to the journal, the advent of blockchain systems promised “a revolution that would disrupt the global financial system”, however, with the falling prices of blockchain-based crypto assets and currencies, the premier educational institution claims that the technology has “largely failed” (which is quite an ignorant assertion to make).
With that being said, the piece then goes on to say that as more and more major blockchain-based projects continue to gain prominence , 2019 could finally be the year when the technology “becomes normalized.”
According to the article, smart-contracts are one of the biggest positives to come out of from the field of blockchain tech— since their use is not restricted to any one particular area and can be implemented within a wide array of niche domains including law, construction, digital development etc.
Lastly, the research piece puts forth the case that as blockchain continues on its path of normalization, the crypto sector as a whole will undergo a massive restructuring (which might once again give today’s top 50 altcoins some much needed economic impetus).
Even though the above stated article claims to be unbiased and written solely using objective data, the fact that the crypto industry is receiving more attention than ever before just goes to show how ill informed the folks over at MIT really are. To further my case, we can take the example of the recent endorsement that central bank-backed cryptocurrencies (CBDCs) have received from Christine Lagarde (the head of the International Monetary Fund)
With that being said, there are still certain shortcomings with blockchain that need to be addressed. However, at large, the technology seems to have taken on a life of its own — with many organizations (both large and small) making use of the technology to optimize/enhance their day-to-day business operations.
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