Mon, 8 Jan 2018
Host Page: www.challenge.org
2017 was a huge year for Blockchain. Although the general progression of concepts to real world applications may not have hit the dizzy heights that many stakeholders expected, the projects we were fortunate to engage with left us wanting more!
As we start 2018, we want to think about the year ahead for the Blockchain sector. Below are five of our predictions for 2018, and where there is value to be made:
Increasingly towards the end of 2017, cryptocurrencies started to become the stuff of popular lexicon. The success of apps like Coinbase, increased coverage from the press, and key milestones like Bitcoin reaching £10,000, made more people aware of digital currencies.
However, 2017 also saw huge pricing volatility. As buyers tried to cash in from slumps and rises, many of our wallets were left in a constant state of fluctuation. And we don’t expect 2018 to be any different. Just look at Ripple and Ethereum over the past week!
We’ve been hearing increasingly about potential synergies between blockchain and IoT. As more and more sectors increase their reliance on smart technologies for operational practices, questions over security seem to be becoming more prevalent.
Could the security afforded by Blockchain-based technologies be a plausible solution to this challenge? We’re excited to see this develop over the year.
Blockchains create real-time permanent records of transactions. Throughout 2017, the use of these digital ledgers rose steadily. One of the most interesting applications that was explored in 2017, was the use of these systems by governments for public records.
Blockchain-based records would create secure and incorruptible ledgers; centralized databases that would no longer be associated with data security and transparency concerns.
Are we going too far to say that this could be a great step forward for democracy?
Although concerns over the regulation of ICO’s have become increasingly prevalent in 2017, we do not relate regulation to their ‘death’. Rather, we predict that we are likely to see cleaner, more mature programmes. ICO’s that will structurally focus around the investor.
In our experience, companies that can clearly and efficiently deliver their value proposition to their target markets are much more likely to succeed.
2018 may be your chance to deliver that one first impression that puts your company on the path to success.
Blockchain is rife with failures. As a company that helps support the development of many Blockchain solutions, we have seen a fair share of both brilliant and naïve growth strategies.
A general comment that seems to be true for many startups in the sector, is that the end-goal is too highly regarded. Solution providers are too concerned with the profits and growth opportunities for blockchain based technologies, rather than how they will get there.
Companies need to take the time to put strategies in place that will bring about long-term, sustainable growth, rather than short-term success. It may sound cliché, but it is a marathon, not a sprint.
To secure funding and resources in 2018, companies need to focus on creating a clear understanding of their value through succinct documentation and value propositions. Solution providers need to ensure that they are engaging with the most strategically valuable investors to help them grow.
At Challenge Advisory, we have helped many disruptive blockchain solution providers develop effective pitch-decks and strategies for growth in their respective industries.
Our next investment event will be our Blockchain Innovation Showcase, to be hosted in London at the end of January. This will bring together a range of investors (with an active interest in the blockchain), with a number of innovative blockchain based solution providers and startups.