There is a great amount of talk about a blockchain development company at the early stages of 2019, a time when the traditional foundations of the financial industry look set for major change.
Like any disruptive influence that announces itself to the rest of the world, there were doubters and dissenting voices adamant that such technology could not work in the real world.
What has been established through private initiatives and innovations is contrary to those beliefs, establishing a series of networks and algorithms that is changing attitudes and the way in which we consider banking and financial transactions.
By using an incorruptible digital ledger where anything of value can be recorded, this is an economic model that refuses to be ignored.
Here we will outline a number of key facts about the technology in 2019.
At The Infancy Stage
Despite some strong gains over the past 12-24 months that has seen the technology emerge, written off and comeback again, a blockchain development company should still be considered at the infancy stage in 2019. Comparisons have been drawn with this encrypted data platform to the Internet during the late 1990s, a time when the old dial up model was being engineered as the roll out started to occur around households and commercial sectors.
Bitcoin the Pioneer
Any operator that starts a career in blockchain development should trace their path back to Bitcoin, a brand that will be remembered as a pioneer for the encrypted technology. Its inception occurred in 2010 and while it has been something of a slow burn until 2016, it has grown to over 8 million unique accounts to expand exponentially since that time. It truly was the canary in the coalmine.
Big Brands Are Circulating
The saying “follow the money” is applied to a number of different scenarios, and now blockchain development can be added to that list. When the major commercial conglomerates begin to throw their weight behind an idea, momentum begins to swell. Microsoft and IBM are two of the biggest players on the market and they are already investing hundreds of millions in programmers and departments to craft their own models.
Hacks and Security Breaches Most Vulnerable at Early Stage of Development
Given that the technology is not stored in any one single location, the earliest phase of blockchain development means will make it the most vulnerable to security breaches and hacks from outside sources. Working through a shared database means that there can be any number of entry points and at that emblematic stage, there are illegal hackers who will circulate to corrupt the data and attempt to profit from the information if possible. The fact there is no singular centralized system is both the greatest strength and greatest weakness of blockchain technology.
Trend That Is Expected To Dominate The Markets
In 2018 there would be a number of experts in the industry who were adamant that the stage of blockchain development will begin to reach its full potential by the year 2023. By the year 2024 there have been projections around the $20 billion mark for the aggregated value of the sector, a figure that will make it one of the central drivers of the economic landscape around the world. There will be external and internal factors that will see these figures fluctuate in one direction or another between that time, but what is clear is that this technology is no going away anytime soon.
Summary
The topic of blockchain development is exciting analysts and financial experts and concerning for organisations who are satisfied with sticking with the status quo. This is a disruptive presence, but much like the digital switch at the turn of the century, it is up to private and public entities to adapt to the new environment and embrace how this can save communities on time and money.