Blockchain/crypto train to hit a wall in 2019, Kaspersky Lab

Blockchain/crypto train to hit a wall in 2019, Kaspersky Lab

Excessive expectations about the use of blockchain beyond the cryptocurrency sphere will disappear in 2019, according to Kaspersky Lab.

This trend will be driven by people rather than the technology’s capability, as organisations and industries come to the conclusion that blockchain has a rather narrow scope of application, and most attempts to use in different ways are not justified. The reliable application of the tech beyond cryptocurrency has been explored and experimented with for years, but there is little evidence of achievement. 2019 will be the year people stop trying, Kaspersky Lab reckons.

It also predicts that cryptocurrencies as a means of payment will decline further. In 2017 a number of suppliers of goods and services announced that they would accept Bitcoin et al as a form of payment. However, in the face of huge commissions (an acute problem in December 2017), slow transfers, a large price for integration, and, most importantly, a small number of customers, its use as a method of payment declined steadily. In the end, the use of cryptocurrencies by a legitimate business simply does not make much sense, the company argues.

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