Today, 11/2/19, MIT Technology Review published an article announcing that Blockchain will finally become normalized in 2019. Despite being independent, this journal belongs to the Massachusetts Institute of Technology (MIT) in the U.S. It was stated in this article that Blockchain had been a huge revolution supposed to revolutionize the global financial system in 2017, but it had caused disappointment in 2018.
Even so, many of Blockchain-related businesses are still innovative, and some are to be exploited. Moreover, some big corporations are set to launch Blockchain-based projects in 2019. Therefore, this year is the time of normalizing Blockchain for people. For instance, MIT considers the involvement of big Wall Street companies like New York Stock Exchange owner, i.e., Intercontinental Exchange, and their hefty investments in cryptocurrency businesses as one of the reasons for the revolution in this industry.
Another reason introduced in this article is the development of smart contracts, which can be applied in legal cases; as a result, the saying “code is the law” can be realized more comfortably. Smart contracts are a piece of code that are signed between two people, thus eliminating the need for a third party or excessive costs to draw up the contracts. This idea was first proposed in 1990 and then planned for by Ethereum in 2013. The last point of discussion in this article is that the normalization of Blockchain technology can lead to evolutions in the ideological structure directing cryptocurrencies and Blockchain. The role of cryptocurrencies as an anti-government movement is about to end, and it will have a different role henceforth. The reason, according to this article, is the development of national cryptocurrencies such as Petro in Venezuela. Even though this particular cryptocurrency is more like a fraud, 15 other countries have stated that they intended to create their own national cryptocurrency in the coming year. Furthermore, another piece of good news published in the fall of 2018 to further help normalize Blockchain, is the support on the part of Christine Lagarde, IMF chairman, from the central bank-backed cryptocurrencies (CBDCs).
The advent of cryptocurrencies created and verified by governments is at odds with the original purpose of these cryptocurrencies. All of the above reasons besides Blockchain involvement in the areas related to governments can clearly prove that in the year 2019, Blockchain will be exciting no more.