At the recent Blockchain Economic Forum in Davos, Nouriel Roubini and Tim Draper not only debated the viability of implementing blockchain but provided fascinating insight as to what the future of blockchain could look like. In this article, we’ll go through what exciting new blockchain applications had Davos buzzing—and what applications of blockchain you could expect in the market over the next few years.
It’s all about the money..and more
At the Blockchain Economic Forum, Tim Draper (a well-known venture capital investor in the areas of blockchain and cryptocurrency space) excitedly told the audience that bitcoin will be the solution for everything—and that in the next 5 years, we can expect to see crypto as the preferred payment option in all transactions (on a similar note, we’ve recently started accepting cryptocurrency as a payment option for our own services—guess we’re on trend!).
Of course, bitcoin is more than just a means to pay for a purchase. It includes the necessary payment platforms to process the payment itself. That’s why Draper invested in a bitcoin-only payments processing startup. The startup, Open Node, uses a lightning network to create quicker and more convenient transactions for bitcoin payments.
Draper also put his money into China’s first blockchain-based security platform, called Vechain, which could signal an international wave of blockchain-based security platforms that will come to fruition in the near future. He’s also invested in a pan-African payment platform, a startup that stores global data on a decentralized system, and a platform to help companies accept electronic payments. As you can see, once we start looking at the entire ecosystem of bitcoin, versus solely as a currency, the number of opportunities for bitcoin and blockchain skyrocket for startups and investors.
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Unstable Crypto Prices
Many investors are wary of investing in crypto-related startups because of the instability in prices. However, Tim Draper believes otherwise: he believes that crypto will eventually make up 2/3rds of the world’s total currency value, but only once people can easily spend and invest in crypto. Clearly, Draper takes a long-term point of view on crypto—but will day traders and short-minded investors be able to stomach the large price fluctuations?
Regardless, crypto (and the larger field of blockchain) is disrupting the way that financial systems operate. However, it still remains unclear whether we’ll see a full-fledged, de-centralized cryptocurrency system in the future, or whether financial institutions will attempt to provide a type of framework in which crypto can operate.
Niche or cross-functional capabilities?
The ultimate question remains: is cryptocurrency a niche innovation, or does it have cross-functional uses? Many eager investors and startups (ourselves included!) are waiting to see how the cryptocurrency ecosystem develops, and to what extent we can expect to see cross-functional collaboration.
We’re curious to hear your thoughts! What is the future of cryptocurrency (and of blockchain), and to what extent will we see innovation that goes beyond bitcoin as a currency?
Contact us and let us know your opinion.
