Three Experts Share Their Views on Blockchain and Cryptocurrencies

By Yasmin Chamchoun

Who can forget the ‘crypto bubble’ in 2018? Towards the end of December 2017, it seemed as if cryptocurrencies were on the rise, then without warning they quickly collapsed by losing more than half their value the following month.

Most notably, it was Bitcoin that had suffered immensely. It had briefly reached an all-time high of just over $19,700 in December 2017, yet by February 2018 it had dropped to $6000 and by the end of 2018 it declined even further to $5500. The unexpected peak and crash of cryptocurrencies in a short period of time had a major impact on investors, businesses and the general perception of the blockchain and crypto market world-wide.

Before this point many people were already sceptical about cryptocurrencies for reasons such as the presumption that it has no real value, it is decentralized- not government backed (which may be appealing to some), security/hacking concerns and most importantly that many people do not actually understand how it works. Since the ‘crypto bubble’ some may argue that it is also in fact volatile, leaving people even more sceptical about it.

Nonetheless, who can deny the heightening exposure and increasing adaption of blockchain technology in the business and finance world. With the likes of FedEx, Mastercard and Microsoft all adapting blockchain technology and let’s not forget Facebook launched its very own cryptocurrency ‘Libra’ this year, more and more people are starting to trust this new digital exchange platform, or at the very least are intrigued in learning more about it and how it works.

I had the opportunity to speak to three influencers in blockchain who were happy to share their views on the after effects of the 2018 ‘crypto bubble’.

SZCZEPAN BENTYN, CEO AND FOUNDER OF PERSONAL TOKENS

Twitter: https://twitter.com/Bentyn

What do you believe was the overall impact of last year’s crypto bubble on the current state of blockchain?

“Every bull run on Bitcoin always was a significant factor in the development of all blockchain-related projects. The price increase inclines more interest in retail and institutional investors. Thanks to bitcoin bubble in 2017 many projects had a chance to get funding and many of those projects did their job on creating products and DeFi (Decentralized Finance) solutions.”

How have things matured since and where do you think the sector is headed in the future?

“Raising prices on the crypto market forced regulators all over the globe to work on legal frameworks and acknowledge it’s existence. We now have tools that were only a dream a few years ago like decentralized margin trading, decentralized stable coins, decentralized autonomous organizations frameworks etc. We also see huge improvements in user interfaces, client supports and regulatory compliance. We will see more successful projects evolving and an increase in user adoption globally. This will be catalyzed by the next bull run bringing more people to use this technology and recognize current solutions as cheaper, faster and safer.”

DEAN ANTHONY GRATTON, TECHNOLOGY FUTURIST & COLUMNIST

Website: https://www.deananthonygratton.com

Twitter: https://twitter.com/grattonboy

What do you believe was the overall impact of last year’s crypto bubble on the current state of blockchain?

“Nothing. Blockchain is not entirely understood by consumers or industry and, once wider adoption occurs, the technology may become pivotal in providing greater security within the cryptocurrency sector.”

How have things matured since and where do you think the sector is headed in the future?

“Maturity with blockchain will succeed with education – we need to understand more about the ‘pros and cons’ of the technology and ultimately what it can do.”

ANDY SPENCE, WORKFORCE ADVISOR, GLASS BEAD CONSULTING

Twitter – https://twitter.com/AndySpence

What do you believe was the overall impact of last year’s crypto bubble on the current state of blockchain?

“The crash in crypto valuations was good for the long-term success and adoption of using blockchain type technologies. It shook out the weakest propositions, encouraged more buyer scepticism and forced more robust business cases.”

How have things matured since and where do you think the sector is headed in the future?

“My knowledge is mainly with start-ups building work infrastructure in hiring, paying contractors, work-matching, digital credentials etc. See Blockchain Workforce Update #2

Before the crash, it was pretty easy to raise money without the usual scrutiny of VCs and Angel investors etc so we saw start-ups funded that would not normally have passed VC screening, resulting in higher fall-out.

After the crash, founders had to go back to traditional sources of funding, sometimes with their tail between their legs! This has reduced the fall-out, forced more robust investor pitches with better business plans.

There are pros and cons to VC investment of course, but many have industry connections and experience and have generally improved the business propositions.

I now see industry incumbents getting more involved in using blockchain solutions, perusing some of the early pioneers and thinking about industry collaboration initiatives that could truly change how we do things in the world of work anyway.”