Over the last couple of years, blockchain development and implementation have become a priority for governments throughout the world, as decision-makers are becoming more aware of the benefits associated with blockchain technology.

Such is the case with Taiwan, where the region’s digital minister, Audrey Tang, has referred to blockchain as a top priority for public governance. According to her, Taiwan’s democratic rule is still in its infancy; therefore, the region is trying to learn more about the right approach to governance.

The last couple of days have rained fire over the financial market, thus inevitably affecting the cryptocurrency industry as well. In less than two weeks, Bitcoin’s price has lost $3,000-worth of value, thus dropping from $8,000 to around $5,100 at press time.

This sudden drop, fuelled by the COVID19 pandemic, has led to intense panic selling. Thus, market analysts are now sharing their predictions over the future of bitcoin, and the digital currency market as a whole.

Up until this point in time, numerous digital currency exchanges, wallets and individual users have been targeted by cyberattacks, thus showcasing that despite the safety and security offered by blockchain systems, security risks still exist. 

In fact, a KPMG report points out that since 2017, a total of $9.8 billion in crypto has been stolen by cyberattackers. Because of this, institutional investors are still wary when it comes down to investing considerable capital into this emerging market.

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So far, numerous countries have expressed their intention of implementing blockchain technology within public services, such as public administration, education, law enforcement or healthcare. Now, recent reports indicate that Australia is ready to invest significant resources into becoming a blockchain-empowered society. 

Based on this, the Australian government has released a blockchain adoption roadmap, highlighting the nation’s main goals towards achieving a blockchain-focused future. The 52-page document was published by the Australian Department of Industry, and focuses on how blockchain tech can stimulate the country’s economic growth, while saving money and creating a wide variety of new jobs. 

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Over the last couple of weeks the bitcoin price has expressed intensified levels of volatility, given the fact that its value has increased by $2,000 within 3 days, between the 24th and 27th of October, thus reaching a value of $9,548. However, this bull-run wasn’t long-lived granted that the price has once again decreased to the $8,750 threshold at the time of writing.

This article is meant to serve as an analysis into what triggered this month’s price volatility, while also offering several short and medium-term predictions.

Facebook’s Libra Coin is currently one of the most expected digital currencies, granted its potential of changing the current dynamics of the market. While many members of the crypto community may argue that Libra isn’t a real cryptocurrency due to its centralized architecture, it certainly shouldn’t be ignored.

Recently, Facebook made several statements regarding its upcoming digital currency. For instance, it presented the Libra Association, a select group of 100 individuals who will be responsible for governing the coin, in an effort to ensure that no person holds complete control over its development. As such, any decision regarding the coin must be made by the association, according to its statute.

At this time, it is widely accepted that blockchain technology represents a high-value market, thanks to its huge potential. In general, benefits include reduced costs, increased profits, quicker transactions, and overall trustworthiness.

However, it is very likely that blockchain technology will save hundreds of thousands of lives throughout the world, as it is integrated within the healthcare system. To put things better into perspective, a study conducted by Global Market Insights, a consulting firm, concludes that the value of the health-related blockchain market will surpass $1.6 billion by 2025.