2019 is the year in which blockchain will become mundane, according to the MIT Technology Review, a magazine that is wholly-owned by the United States Massachusetts Institute of Technology (MIT).
The article includes overview of the recent history of blockchain, claiming that the technology was “a revolution that was supposed to disrupt the global financial system” in 2017, but that it was a disappointment in 2018 — due to the significant decline in the valuations of virtually all blockchain-based crypto assets and currencies.
Nonetheless, according to the Review, together with several major corporations’ plans to start blockchain-based projects this year, 2019 is thus reportedly set to be “the year that blockchain technology finally becomes normal.”
As an example, the Review refers to the coming entries of big Wall Street players such as New York Stock Exchange (NYSE) owner Intercontinental Exchange (ICE), and investment giant Fidelity into the cryptocurrency sector.
Another one instance is the improvement in smart contract technology that will enable its use in multiple legal contexts — making the crypto adage “code is law” one step closer to becoming an accepted reality.
The article claims that this normalization of the technology and the sector will entail a significant reshaping of the ideology that gave cryptocurrencies and blockchain their first impetus. Crypto as an anti-government movement is being upended by the advent of national cryptocurrencies — Venezuela’s Petro, or other states’ plans for their own state-backed coins.