In 2017, the world was shaken by Bitcoin’s (BTC) bull run that saw a peak of US$20,000, effectively bringing blockchain technology out of obscurity and into the mainstream consciousness.
Blockchain is often considered new technology by industry novices, but cryptocurrencies and its underlying distributed ledger technology have actually existed since 2008, when a person or group working under the name of Satoshi Nakamoto first published what was known as the Bitcoin Whitepaper.
In 2016, the total number of Initial Coin Offerings (ICOs) stood at just 29, with funds raised totalling around US$90 million. Two years later, the figure for ICOs reached 1,257, with total funds raised exceeding US$7.85 billion, indicating growth of over 4,200% and over 8,600%, respectively.
Nevertheless, blockchain technology is still far from seeing widespread adoption for various reasons. Scalability and other technical limitations remain significant obstacles to wider blockchain acceptance.
There is also the issue of expectations exceeding application, thereby making it necessary for investors and others working in the sector to practice due diligence when assessing opportunities. Another key stumbling block has been public perception amid an ongoing bear market and bad actors among the industry, leading to an overall lack of trust in the system.
Lastly, given the rapidly evolving face of technology, it has been understandably difficult for investors and the public to possess a comprehensive understanding of cryptocurrencies and blockchain.
In spite of these challenges, blockchain has immense potential to impact many industries, with global spending projected to increase by 88.7% from 2018. As the blockchain achieves greater heights, so too is the technology expected to see more trust and acceptance among investors and the mainstream public.
About Asia Blockchain Review
Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.
Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.
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