Blockchain tech is still in the early stages, but companies such as IBM are rapidly coming up with a variety of ways to use it. Analysts have been suggesting use cases since bitcoin’s meteoric rise a couple years ago, but we are only just now starting to see some of those use cases implemented. Meanwhile experts continue to look years in the future in an attempt to predict where the technology will be used next.
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Panelists discuss the future of blockchain tech
Canaccord Genuity analyst Michael Graham attended the Money 20/20 conference this week to learn more about cryptoassets and blockchain tech. Among the panels he covered in his report on the conference were two focusing on the future of the technology. Experts shared their predictions for how the blockchain will be used more than 10 years from now and also about what they think the next phase for cryptoassets will be.
According to Graham, the general consensus about blockchain tech right now is a feeling of “optimism and excitement for what lies ahead. He also said experts see blockchain and distributed ledge technology as being in the early innings still, even though bitcoin, the first viable cryptocurrency, is now nearly 10 years old.
Blockchain tech in 2030
Graham feels the panel about the future of blockchain was the “most contentious” panel on the technology. BTCC Co-founder and CEO Bobby Lee faced off with IBM Blockchain Leader Dave Maddox, Juno Consultant Jill Carlson and Bloq Chairman and Co-founder Matthew Roszak. Each expert had their own view of what blockchain will look like in 2030.
For example, Lee said he hasn’t yet seen any use cases for blockchain beyond cryptocurrencies. He sees major limitations for blockchain that’s “truly unique and differentiated from traditional databases.” A true blockchain requires some information to be publicly verifiable.
Maddox disagreed with Lee, saying that IBM has already successfully implemented its blockchain strategy with more than 500 engagements and about 25 others in production. He mentioned one as a food trust network for Walmart, Carrefour and others in the food industry.
