In 2017, blockchain technology must be applied in real life

The future of blockchain technology is bright, although there are some uncertainties. Over the past few years, the technology has continued to receive attention, but there are still no real projects that can really gain traction. Looking ahead to 2017, some changes need to be made as the initial blockchain hype ends.

Will blockchain technology explode in 2017?

So far, there has been a lot of excitement when it comes to blockchain technology. A lot of capital and startups are exploring the technology. However, the initial hype period is over and it’s time to show some results. Some experts predict that 2017 will be the year when blockchain will gain substantial application.

Integrating blockchain technology into existing systems will be one of the main challenges. More and more financial institutions are willing to make such attempts. It is important to remember that this is far more than just using blockchain for internal structures. There is no point in testing it unless multiple parties are using the technology in the same department. 2017 may start this integration process, although it is unlikely that these tasks will be completed in a few years.

Although most financial institutions are focused on private blockchains, the technology is still valid. Through strategic collaborations, such as the R3CEV consortium, innovation can flourish. Moreover, multiple parties are willing to integrate the technology into their operations. Perhaps we will see the adoption of open blockchain standards, but for now, this is just a dream.

There is an urgent need for real-life blockchain applications. The hype cycle is over, although there will still be many new concept prototypes. 2017 will need some real-life applications. To achieve these, we need to look beyond finance, and this process is currently slow.

At the same time, next year is likely to see more competition between blockchain vendors. This is by no means a bad thing, no matter which standard is adopted. Competition drives innovation, and both businesses and consumers benefit. It will be a very interesting time to develop APIs for mainstream real-world applications to access blockchain services; that’s for sure.