The experts at Red Hat, a software solution provider enterprise-class open source, predicted what will happen to the market of cryptocurrencies and blockchain technology in 2019.
According to Mike Bersell, chief architect at Red Hat, in 2019 we will see more rules and laws concerning cryptocurrencies, which can affect how people view technology distributed registry (Distributed Ledger — DLT), and consider whether government bodies that they need regulation.
The expert notes that the issue of security of personal data every year becomes more acute and with the popularity of smart contracts the authorities have no choice but to start to regulate the industry.
“Smart contracts allow you to record complex transactions. I think there is a realization that this is a difficult area from the point of view of technical issues, legislation and jurisdiction, protection and related security risks. In the near future the cultural impact of these technologies will become more visible. It is not so obvious and not always good as you could expect,” he said.
The expert also reminded about the issue of mining. According to him, over the next year, people will begin to realize that cryptocurrencies significantly affect the environment. The standard consensus model proof of work used by most crypto-currencies, causing horrendous damage to the environment. The amount of electricity used when mining cryptocurrencies, is shocking: according to some estimates, it is equal to the consumption of the whole country, and it is not a reason to be proud of the industry.
In turn, Ian hood (Ian Hood), chief architect, Global Service Provider, Red Hat, predicts the continuation of the blockchain boom next year.
“In 2019, the blockchain will continue a winning streak in various fields, offering innovative opportunities for the protection and organization of distributed transactions of virtually all types. Electronic transaction networks and in the cloud represent an increasing part of our personal and professional life. First answer, of course, come a financial transaction, but do not forget that we all need the assurance that our personal data, medical records and legal documents stored securely and are guaranteed to not be modified on the fly,” he said.
In 2019, I’m sure the hood, we will see how the mechanisms end-to-end encryption (VPN, SSL, crypto key) that protect your data when sending over the network, will become an integral part of the application and the blockchain technology will be a key element of cloud applications in healthcare, real estate, telecommunications and many other industries.
In addition, the expert predicts, the technology of the blockchain will continue to contribute to the creation of new innovative applications in all industries for the distribution and protection of transactions of almost any kind.
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