Gartner, a research company, predicts that by 2021 most of the blockchain technology implemented today could be obsolete. This is due to a fragmented market and the fact that the community has “unrealistic expectations”.
Blockchain Platforms Will Need Replacement
As the Gartner report explains, most of the Blockchain implementations today will soon need a replacement. This could happen by 2021, as the enterprise interest in blockchain will only rise. Due to this rise in interest, it is suspected that so will the number of new Blockchain-related vendors.
“Blockchain platforms are emerging platforms and, at this point, nearly indistinguishable in some cases from core blockchain technology,” says Adrian Lee, the senior research director at Gartner.
Also, Gartner suggests that by 2021, most of the current blockchain implementations could be obsolete.
The Blockchain Market is Fragmented
The report explains that today the blockchain market is quite fragmented because of the fact that in most of the cases, blockchain use is mainly done in a “complementary fashion”. Putting it in simplified words – blockchain enterprises still don’t know how to sell their newly implemented blockchain solutions. They usually advertise it with such words as “fast transactions”, “secure”, and “security”, but Gartner suggests that the consumers are still quite confused about what exactly these features improve and what benefits does blockchain add to their existing services.
Moreover, Adrian Lee suggests that the current individual blockchain environment will change as he believes that there won’t be a single dominant blockchain platform:
“Due to the lack of an industry consensus on product concept, feature set, core application requirements, and target market, we do not expect there to be a single dominant blockchain platform within the next five years. Instead, we expect a multiplatform world to emerge,” he writes.
Blockchain Evolution is Around the Corner
Gartner even plays around with predictions about the future blockchain market value. They believe that by 2025, the business added value by blockchain will grow up to $176 billion. In addition to this, they calculated that later the value could surge even up to $3.1 billion by 2030. Those are shockingly high numbers, but I guess we all knew this already before Gartner, but couldn’t put it down in numbers, right? Adrian Lee believes that we will see rapid growth in blockchain tech, and it is just around the corner:
“Product managers should prepare for rapid evolution, early obsolescence, a shifting competitive landscape, future consolidation of offerings and the potential failure of early-stage technologies/functionality in the blockchain platform market,” says Lee.
We Will Experience a Technological Revolution
While we still have time until 2021 or even 2025, this rapid growth and fragmentation seem somewhat logical, if we compare the evolution of blockchain to the evolution of the internet. The Internet has seen significant growth in the past couple of decades, so why wouldn’t blockchain? Some 90s kids remember how it used to be when they needed to connect to the internet using Dial-up. Blockchain along with cryptocurrencies is at its early stage and some people even compare it to the time when the internet was only coming out in the 80s. So we still have a long way to go, but the good news is that you are still very early in this technological and financial revolution that the world is about to witness.
Just recently, Riga held the biggest networking event in the Baltics, the 21stInternational Business Networking Event. Organized by the IBNC (International Business and Networking Consortium) it gathered participants from more than 30 countries. The main theme for the speakers was “The Modern World”. Participants’ subjects were ranging from such humane topics like civilization and cancer to trendy ones like virtual reality and digitalization of governments.
When speaking about a such topic as The Modern World, digitalization is the first thing that pops in our minds. Coincidentally, this theme was widely overlooked by the presenters. A representative from Indonesia, Mrs. Tanti Widyastuti, mentioned that Indonesia is pushing the digitalization of their governments and government related instances. However, the overall statistics, presented by the speaker, showed that Indonesia still has a long way to go. Such small European countries like Latvia and Estonia were ahead of Indonesia in terms of digital growth.
Moreover, Mr. Toufic Kawar touched the subject of communication in the digital world. He highlighted that never in the human history we have been more closer to each other, but at the same time, we have never been more lonely than we are now. We no longer speak to each other, we text or chat. He stressed it as a generally significant problem that needs solving.
Interestingly enough, nobody spoke about money in terms of digitalization. Our payment methods are changing and most of the cryptocurrency enthusiasts anticipate a change in our monetary system.
Money, money, money…
However, there were a couple of guys, Mr. Arturs Boss and Mr. Kristaps Strelis from Amber Capital Holdings, who talked about the money topic, but in a different way. They presented their new payment Service, Willow&Birch, which would differ from the conventional banking that we know today. Arturs and Kristaps spoke about the problems that the conventional banking faces today and the ways how they offer to change that.
Both guys stressed that nowadays niche market customers are not welcome to open a bank account. Banks today have lost their touch in terms of philosophy and communication with the customer. Willow&Birch will offer a completely new way how a bank will communicate with its customers. They will put customer as the number one priority and promises to look into every case individually. A different approach into KYC applications. Both guys highlighted that nowadays operating with conventional banks might seem very distant and people simply haven’t got an option to talk to somebody in person. With all the chat-bots and automatic algorithmic replies, banks have lost the personal touch with their clients. And that is what Willow&Birch is offering – a different approach in customer service.
However, their PSP license in Lithuania is still pending.
Along with digitalization and money comes another very important aspect – technology. It is constantly evolving and being developed. Of course “The Modern World” featured topics related to this phenomena. A representative from Bite Latvia, Mr. Gatis Ruluks, shared their company’s views on the development of telecommunication. Bite Latvia is the fastest growing mobile operator in Latvia and it provides innovative mobile services to their customers. Gatis talked about the advantages that a private branch exchange (PBX) can offer to companies. An interesting fact that he shared was that U.K. companies loose around 30 billion pounds each year from unanswered telephone calls.
Another interesting concept came from the CTO and co-founder of Exonicus Inc, Anatomy Next, Mr. Janis Kondrats. They have figured out a way how to link virtual reality with healthcare. Exonicus have developed a tool for medical students, a virtual reality emergency medicine training simulator – Trauma Simulator. With this device, medical students in various environments can practice before becoming an expert. Students are put in critical emergency environments that allows them to develop their skills with real/virtual tools. Also, they have a partnership with the U.S. Army Medical Research team which means that they are offering their services to military instances as well.
The shape of the Modern World
The extensiveness of the term – Modern World, gathered a wide range of different topics. The Modern World speaks about globalization, growth, economy, technology, banking, but all these areas of expertise have one thing in common. Interaction. How we interact with banks, with technology, medicine and more importantly – with each other. It sure seems like the future, where we live now, brings so many advantages, but fails in certain very important areas like communication. This statement should be wrong in so many ways since we have Facebook, WhatsApp and every other social platform which actually brings the whole world together, but at the same time distances us. The Modern World is all about bringing back the communication that we had before we had all these new social, digital features.
Overall, this was a very comprehensive event, it overlooked many important social topics and ideas. As always, since it is a networking event, not a conference, the time for communicating, or networking with others, was significantly longer than you see in similar events. The combined time that was reserved for getting to know various business environments was around two and a half hours.
Topic – cryptocurrency
It seems like this event is slowly forming its way to do a cryptocurrency related event some time in the future. Although nobody mentioned cryptocurrencies this year, it sure feels like some time in the future it will be one of the core elements of this event. To be honest, the development of cryptocurrencies is the key factor when it could get widely covered in this event. At the moment, the popularity of cryptocurrency related areas are very small in the region of Eastern Europe. I believe that is the main factor why businesses come to Latvia to talk about more general topics. Once cryptocurrencies are more widely accepted in business environments around European or Asian governments, I believe the IBNC (International Business and Networking Consortium) will integrate it as one of the core topics of their events.
Of course, as a cryptocurrency news outlet, we wanted to hear more about what cryptocurrencies can bring to the concept of modern world. Since cryptocurrency threatens our current monetary system and offers so many advantages in almost any business area, we believe that the topics covered ties together with the growth of crypto and blockchain in general. It is only a matter of time.
The Global World
Additionally, at the end of the event, they presented the next theme for the forthcoming 22ndInternational Business and Networking event which will take place on 18thof October, 2019. Next time the participants will be covering topics revolving around the concept of “The Global World”. This sounds like a more general topic and can contain almost anything. I believe the emphasis will be put on topics regards globalization and the environment. Also, human interaction with technology and how it will evolve in the near future. It could overlook basic universal income and a borderless society principles, but this is just a guess.
If you want to reserve a ticket for the next event, head over to this address (https://sfk.lv/index.php/en/apply) and get yours for only 140 Euros. That way you will support the organizers and help them in making the largest networking event in Eastern Europe.
If you want to read about the topics that were covered in the previous event, click HERE.
Best Coin Investments are proud to be a part of this event and thankful for the opportunity to attend it. Talivaldis Kreislers and Mara Kreislere are doing a great job in bringing such events to Latvia for more than 10 years. Best of luck to them!
Also, we managed to interview Kristaps Strelis about their new payment and bank service – Willow&Birch. We asked him about how would they differ from a conventional bank and what was his opinion on cryptocurrencies and bitcoin. We will publish the interview soon!
All photos by SFK.lv
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