Following a volatile moment in the world of cryptocurrency, the future of blockchain technology has seemed less certain. But a robust, ongoing influx of investment from venture capitalists suggests that blockchain is here to stay. As investment in blockchain continues to grow, so does its potential reach and impact on a wide variety of industries, from automotive to financial services to healthcare. Here are 3 signs that blockchain technology will continue to flourish and shape the future:
1. “It attracts a lot of eager, young amazing minds.” says Antonio Sardegno of Hummingbird Capital Partners on CoinGeek’s More than Money series, “[The technology] is intellectually extremely interesting…There are so many eager young minds around it solving real, actual problems in an extremely meaningful manner.” CoinDesk echoes that this energy extends to a vigorous interest in cryptocurrency: “much attention has been redirected towards the exciting world of crypto. This is especially true for millennials and zoomers, who used their downtime during the coronavirus pandemic to figure out how to yield farm tokens, chat in crypto-specific rooms (on Discord and Telegram) and express themselves with non-fungible tokens (NFTs).”
2. It has powerful, real world applications. “Blockchain holds the potential to revolutionize healthcare.” according to the Forbes Technology Council, “With its full deployment, patients can be truly focused on at the center of all operations, which in turn will also be entirely overhauled with better security, privacy and accessibility.” Tech and startup publication Built In states: “Blockchain applications go far beyond cryptocurrency and bitcoin. With its ability to create more transparency and fairness while also saving businesses time and money, the technology is impacting a variety of sectors in ways that range from how contracts are enforced to making government work more efficiently.”
3. It has the capability to fundamentally revolutionize business. Deloitte reflects that “The advent of postal services (circa 400 A.D.) introduced a common intermediary in the collection, transport, and delivery of goods, and it inspired an evolution in commerce. The reliability and regulation of a system to move goods across great distances opened lucrative new markets to producers and distributors. In the 1990s, a vast interconnected global network called “the internet” and a new application called “email” enabled global commerce and communications at a velocity previously thought to be impossible. Today, the boundaries of commerce are once again being pushed and the role of this intermediary is changing given blockchain technology.” Thus, VCs are continuing to invest for good reason. Barrons writes “Big money VCs remaining bullish on crypto and blockchain startups—and backing it with billions of dollars—supports the theory that a crypto winter or Bitcoin bear market can provide the industry with a chance to refocus and build more successful projects.”
As blockchain technology continues to streamline and fortify business, financial, healthcare, and governmental practices, it will become a more durable, fundamental, and widespread apparatus for how we organize ourselves and our industries in the future.
To learn more visit the Connecticut Blockchain Association.