With the future of Bitcoin and Blockchain coming into question, a panel of experts united on November 30th at the Blockchain Conference in Chicago whe
With the future of Bitcoin and Blockchain coming into question, a panel of experts united on November 30th at the Blockchain Conference in Chicago where they cast their educated predictions as to what awaits the digital currencies in 2017. These specialists foresaw a number of steady trends for the coming year, including the rise of the Bitcoin price, the increase of its use for shopping, as well as a rise in the investments made in startups using Blockchain.
Bitcoin Acceptance on the Rise
It’s been approximately eight years since Bitcoin saw the light of day and with every minute it grew bigger and bigger. An increased number of people and businesses choose to deal in digital currency because of the recent increase in its price as well as the fact that’s it’s simply becoming a mainstream phenomenon everyone is familiar with.
The CEO and co-founder of the company Digital Mint, John Solomon, recently explained the success he has achieved in his Bitcoin distribution business and how it ought to be taken as an indicator of its anticipated growth in the coming years. To paraphrase what he said, at his business they have observed an increased tendency by their consumers to use Bitcoin, especially when shopping on holidays or during big sales. Tone Vays of LibertyLifeTrail also adds his own thoughts to that, raising the point that digital money is bound to grow because it provides business owners a simple and easy way to deliver their services all around the globe without having to deal with the inherent risks of credit card fraud.
The Predictions for Blockhain Investment
In the course of this whole year, that is 2016, it was noted that more and more institutions were interested in the creation of various prototypes using Blockchain solutions, leading to the birth of projects like DragonChain and Hyperledger. It’s only logical that in 2017 more of that will follow, only on a bigger scale.
The founder and CEO at Blockbridge Advisory, Susan Poole, explained that the youth of today is especially interested in Blockchain startups and they are expected to be the driving force in terms of investments. At the moment they are also projecting to expand into large niches including digital distribution of content, the insurance business, and the healthcare industry.
How Blockchain Affects the Internet of Things
The concept of the Interent of Things is quite intriguing, bringing the vision of a world where everyday objects have internet connectivity for everyone, and Blockchain technology will be quite helpful in that transition. Its technology allows for all those devices to communicate with each other, giving them the capability to send and receive encrypted data.
Blockchain Startups Invited to Illinois
The shift towards digital currency has already begun at the official level as the government of Illinois is seeking to put in place regulations that would welcome Blockchain and Bitcoin startups, hoping to set a positive trend for everyone else to follow. The Department of Commerce and Economic Opportunity is even advocating the implementation of Blockchain for legal purposes, including birth records, mortgage payments and state records for example. While it may take a bit of time, the good news is that the first big step has already been taken: the first land records office in the U.S. to recognize Blockchain solutions was opened not long ago, the Cook County Recorder of Deeds.