It’s an absolute certainty that blockchain and dApp development will still be relevant in five years. Blockchain and cryptocurrencies are barely beginning to grab the attention of large corporations and the mass media. Blockchain is beginning to pique the world’s interest. Bitcoin is the most widely used blockchain, but even Bitcoin has tons more room to grow. How many of us have actually participated in a transaction using Bitcoin? Probably not many of us.
What signals lead us to believe that blockchain will still be relevant in five years? The market cap. At the height of the dot-com bubble, the market cap was nearly $10 trillion. Many experts are predicting that blockchain will be as revolutionary as the internet was to the world. Today, the total market cap of all cryptocurrencies stands at $340 billion. That’s only 3.4 percent of the dot-com bubble market valuation right before it popped! That was in the late ’90s. Imagine the potential cryptocurrency market cap if a true mania hits in 2018-2020. It’s going to be big.
Another indicator that blockchain will still be around for years to come is the fact that large corporations are only beginning to explore blockchain. It takes corporations years to make massive changes, so there is still a lot of development to be done with regard to blockchain. The list of corporations exploring blockchain is growing larger each and every day. Walmart, JPMorgan Chase, Goldman Sachs, Amazon, Facebook, Microsoft, Google and many more are beginning to dive into cryptocurrencies and blockchain. For corporations to create their own blockchain, or use an existing blockchain, and decide whether it improves their business, will take many years.
Blockchain will continue to grow, but in five years or so, something major will probably come along that will lead regular people to use it daily. The internet was an incredible technology, but for the longest time, it was seen as something for only businesses to use. Regular people did not see the need for accessing the internet from home until email and online shopping became popular. Once those two innovations occurred, regular people like you and me couldn’t stop using the internet. Our lives were changed forever.
That’s what led the internet to where it is today: deeply integrated into our daily lives. A similar innovation has to occur with blockchain that forces the masses to take notice. Recently, a blockchain company called Civic created an instant identity verification application. It was used at a conference in New York for people to instantly receive free beer. All they had to do was download the app on their phone, and their identity was verified. With the app, the vending machine instantly recognized who was over 21 years of age and was able to give them a free beer.
More innovations like Civic are needed to truly make blockchain part of our daily lives. Because of these immense possibilities, blockchain will still be relevant in five years. If you have a business, dApp development is something that you need to look into if you want your business to remain on the cutting edge of innovation. A blockchain developer can create a dApp that will allow your business to take full advantage of blockchain technology.