How do you think blockchain and crypto has aged over the last couple years? Where do you think it's headed? Do you think blockchain is just another phase in modern society or has blockchain brought about irreversible change that will be permanently integrated into our society?
Here at Priority Crypto, that question is always a topic of discussion, obviously from a recruitment perspective, but also insight into how our world will look in the years to come.
With all the blockchain and crypto discussion, we thought it would be a good idea to breakdown the key years that significant breakthroughs were made until now for those just getting a grip with the crypto and blockchain industry. For those who are already up to date, use this as a reflection of what you were doing in the blockchain space or if you even knew about blockchain and crypto.
Looking back at some the key events in the blockchain space from 2016-2022:
With 2016 used as a relatively big milestone for the arise of Blockchain. Some of the key events that took place were a combination of both industry integration paired with horror stories. In 2016, Bitcoin drops 20% because of an exchange hack. Another attack took place of the DOA which resulted in a $60 million Ether theft. Blockchain has been a topic of discussion for many years. However, positive uses were also found with the Bank of England exploring disturber ledgers for settlements and large companies such as IBM start using Blockchain.
In 2017, there was more involvement and development around the Blockchain sector. More innovative ideas were implemented to help drive the growth of the Blockchain sector for example Ethereum token increased from $10 to $470 or the Bitcoin value increasing ten times the amount at the start of the year. In 2017, Japan allowed Bitcoin as a legal payment option for those who were already invested. In addition, the Norwegian bank Sbanken allowed customers to hold Bitcoin in their accounts.
In 2018, The Blockchain space had been established challenging the future of payments and holdings. Major companies start integrating blockchain into work such as Goldman Sachs introducing Bitcoin trading. Samsung were also able to recognise the growing trends, with the manufacturing of computer chips used for mining cryptocurrencies. On the other hand, environmentalist groups also became more aware of the damage to the environment server farms cause when used to mine cryptocurrencies. In 2018, there was also a staggering increase in demand for people that worked in the blockchain sector with three times an increase in job postings within the blockchain sector over the course of the year.
In 2019, the market for Blockchain was growing at an exponential rate, giving access to the platform and services in more areas of the world to keep up with the growing use of Blockchain. In April 2019, Coinbase a cryptocurrency exchange platform, expands their crypto-to-crypto trading services to 11 more countries. In addition, there are around 3,571 bitcoin ATM in the US currently. In 2019, we also saw more influencers and icons start pushing benefits of blockchain and crypto such as Elon Musk becoming a public advocate for Dogecoin.
2020 provided perspective to how to utilise the multifunctional uses of the blockchain helping funding banks, to being used as a platform for government protocols. In 2020, Dubai was listed as the first country to have a blockchain powered government. Cryptocurrencies aided the banking industry around $1 billion, with the blockchain market valued at $3.02 billion. With blockchain and crypto bringing huge amounts of money there was also large amount spent such as blockchain website solutions which costs roughly $4.5 billion.
In 2021, there were many developments with existing projects within the blockchain industry. More so, an application of the blockchain use to existing industries such as Non-Fungible Tokens or (NFT’s) which became increasingly popular. Digital art collections and digital collectibles dominated around 91% of the sales volumes. GamFi which focuses on the play-to-earn model adding value to the gaming industry. Decentralised applications (DApps) took over in later months of 2021. Gaming tokens like Sandbox (SAND), Axie infinity (AXS), Enjin (ENJ), Illuvium (ILV) and Ultra (UOS) surpassed Bitcoin.
In 2022, some key events that took place was the development of the Web3 in terms of a more intelligent, connected, and open web 3.0 allowing more individual control over their data. The NFT market expansion with NFTs utilise smart contracts to open the door to decentralised funding for artist and offer secure means of authenticating digital assets. Giving users more security would increase the usage on the platform with the trust element. Finally, El Salvador becoming the first nation to adopt BTC as a legal tender. Whilst other countries are mainly focusing on creating their own crypto assets backed by central governments. With more countries joining this trend its very likely that we’ll be seeing more governmental changes as we move further into the digital world.
Some major breakthroughs that blockchain and crypto brought about are enough to undoubtably say this it's more than useful and halves the time wasted of different types of transactional processes despite digital attacks. Also using blockchain or a distributed ledger for user authentication and a secure ledger enforces the trust element between users which can be used on any website.
Nevertheless, blockchain and crypto are continually being integrated into how we deal with online transactions but used within companies to drive efficiency to economic benefits such as creating jobs for millions of people worldwide.
We are experts in recruitment in the crypto and blockchain space and we would love to know your views and thoughts, or even where you see this market in the next few years. Will it be the at forefront of the way communicate or does it need more time for everyone to get involved? Let us know what you think?