From Crypto Winter to The Need of The Blockchain Economy
This week the bearish bitcoin market was already 420 days old, surpassing the 2013–2015 period. The downward market trend that began in 2018 is one of the longest. For experts, bear markets will tend to last longer each time. However, during these periods, preceded by significant increases, prices never return to the levels at which they were originally marketed.
In 2017 the crypto-market experienced its first global boom, when the value of Bitcoin and other cryptos went to the moon, resulting in the largest rise ever seen in the history of financial markets. However, following a pattern similar to previous rises, the 2017 boom is now also experiencing its downturn cycle. Thus, during this ‘bear’, a period of increased activity is generated with a great market expansion that generates great profits for investors.
Curiously enough, as the hopes of the great promises of the crypto-industry dissipated, after the last downward trend, the governmental regulations also arrived more and more notorious, as if to finish imposing a lethargic rhythm to the market. However, at the same time that prices were falling throughout 2018, large corporations also made their way towards the adoption of Blockchain technology. Now proven equipment has emerged from the largest conglomerates innovating to meet real needs, greatly optimizing the production of goods and services thanks to DLT.
Some of these companies, which also have the largest financial backing for business innovation, are already beginning to meet the needs of major banks, such as Axoni headquartered in New York; or Bitfury, originally from Amsterdam, which works in cooperation with U.S. security forces to investigate bitcoin-related illicit activities. Another example of expansion is Coinbase, which now offers cryptocurrency escrow, professional trading platforms, and an institutional trading platform. This to mention a couple of examples because already by 2019 there are hundreds of macro projects from the crypto-industry that are being absorbed by the largest conglomerates.
In other advances of this massive adoption, more micro needs have also been revealed, which have arisen thanks to the same dynamics of the ecosystem. All this is obviously bringing with it the birth of a new labor market based on everything related to cryptocurrency. This, in turn, examples because already leads to the widespread implementation of more remote, freelance and/or decentralized jobs. To mention another example, today we have Blockonomics, a company based in India, in charge of creating an encrypted P2P invoice system ideal for bitcoin paid jobs.
The future of the first economic revolution after the financial bubble of 2008 is being defined day by day. In the same way that emotions play an important factor with respect to price in the markets, in the same way, the innovations and needs that are developing in the industry play the key factor of labor impulse and mass adoption. Not everything has been bad after the fall, after the December 2017 boom. We can be sure that Blockchain technology is already becoming a vital arm for world trade at different scales.
While analysts have agreed that this latest bearish trend in the crypto market is likely to last approximately 650 days, after this period, routing would begin to a new rise that breaks all historical records again. So, the first improvements achieved through adoption in the global industry with blockchain would be giving their first good corporate fruits in early 2020, adding in this period also the next recovery of bitcoin. This will make the next decade the most prosperous in technological and financial terms in human history. This would overshadow the smartphone boom in this decade that is already ending.
However, in the face of the more prominent future, there are also the greatest challenges that we must face as a society.
“The day that artificial intelligence is fully developed could mean the end of the human race. It will work on its own and will be redesigned faster and faster. Human beings, limited by slow biological evolution, will not be able to compete with it and will be surpassed” — Stephen Hawking in a 2014 BBC interview.
The growing trend in the use of robotics and artificial intelligence in various fields of work in almost all areas will make the next decade the stage where the purpose of humanity will surely be most debated in contrast to the super efficiency and productivity of the machine. A machine that surpasses the human being in many respects and offers too many advantages. Faced with such a threat, perhaps the solution we need for what lies ahead can be found within the same technological tools that allow us to measure and regulate, as offered by Blockchain technology itself.