2018 – the Year of the Blockchain

Over the last five years, more than $2 Billion has been invested in blockchain-based companies by venture capital firms and in 2017 alone, Initial Coin Offerings (ICOs) raised over $4 Billion. Last year, Walmart (in collaboration with the Blockchain Food Safety Alliance) designed a blockchain solution to enhance food traceability and safety – one of approximately three dozen prototypes that were launched globally by companies in 2017. These initiatives in industries as diverse as Energy, Transportation Finance, demonstrate the wide applicability of Distributed Ledger Technology. 

And yet, thus far cryptocurrency is the only industry where blockchain technology has been implemented on any large scale. Despite its limited adoption to 2018 will be a year of widespread industry disruption by blockchain technology as the lessons learned from last year’s initiatives become today’s business tools. We will see the implementation of blockchain solutions accelerate as businesses incorporate these tools.

I have identified the following base components that are the building blocks on which all further applications of the blockchain will be built:

These building blocks, along with the stability of technical tools will dramatically improve the quality and quantity of the solutions deployed. They will enable the sharing of a single verified occurrence of information that will ultimately supplant today’s state-of-the-art data sharing. This is the essence of the Blockchain Revolution – the transfer of trust to a blockchain network! Rather than thousands of copies of the same information that are currently stored in unconnected databases throughout the world, verified data will be held in a distributed blockchain.

In order for to adopt these changes, more attention needs to be spent on educating 0Presently, there are only about 12,000 people worldwide that have knowledge or experience in Distributed Ledger Technology (including technical and nontechnical professionals). Nonetheless, there is a projected need for 20,000 new professionals over the next 12 months alone. 

The arrival of the blockchain will disrupt a large segment of the professional and will impact the roles of executives, creating new ones, while redefining or eliminating existing roles. Gaining knowledge about the blockchain will improve your ability to participate and direct these changes.

In Q1 2018, I am launching a training initiative "Blockchain and Business" that will give business professionals an in-depth understanding of the blockchain and its potential to change the business world. For more information go to Blockchain and Business

Edwin Carlson

CEO, SmartBit Auto

Global Blockchain Lecturer on Blockchain and Business