Just like every other business, blockchain technology has had its ups and downs over the past year. In fact, this resulted in taking crypto investors on what is perfectly described as financial and emotional rollercoaster. During the last quarter of 2017, the Bitcoin (BTC) price rose to its ATH of $20,000 USD. However, this year was an entirely different ballgame altogether. Put simply, BTC crashed to its all time low, trading at $5,165 USD on Sunday.
Understandably, many are scared of investing in cryptocurrency due to the incessant slump. Consequently, they watch from the sidelines, thinking of their next line of action. No doubt, this makes perfect sense given that such investments have more foreseeable risks than benefits.
Blockchain technology is taking over
Blockchain technology is gradually becoming a common part of the tech world. Hardcore crypto enthusiasts are increasingly turning to this innovative technology, hoping for a decentralized world. With promises of security, transparency and efficiency, a couple of months back saw venture capitalists jump on the crypto bandwagon.
According to Fortune, experts firmly believe that the blockchain, robotics and artificial intelligence (AI) will be the biggest tech changes the world will see in the future.
Which companies are venturing into the crypto space?
Big corporate names that have already joined the cryptocurrency space include Google, IBM and Microsoft. Indeed, the companies have openly disclosed that they are experimenting with the technology. Although it took some time for these companies to join the crypto fray, there are a lot at stake.
Consequently, the global market for the blockchain and its ilk hovers around $700M USD. From experts’ projection, the value is expected to rise to $60B USD by 2024. However, it is unclear why these companies are trying out blockchain technology now. The U.S. investment watchdog, the SEC, announced last week that it would start a massive clampdown on regulatory abuses in the industry. Therefore, it sends a positive signal to investors that the blockchain space is worth a try.
Details of new entrants
One of the startups making waves in the blockchain industry is AERGO. It raised 30M USD to play the role of high-scale hybrid blockchain. A brainchild of Blocko, one of Korea’s largest blockchain developers, AERGO has the backing of smartphone giant Samsung.
Apart from AERGO, other corporate companies are partnering with blockchain companies. These firms include Air New Zealand, Lufthansa, Air France-KLM, and Air Canada. Indeed, there is no denying the fact that the blockchain will stay put for decades to come.
However, one question that remains unclear is how long the proponents would toil to achieve blockchain’s mass adoption.
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