Paul Brody is EY’s global innovation leader for blockchain. The views expressed are his own.
The following is an exclusive contribution to CoinDesk’s 2018 Year in Review.
Plunging cryptocurrency values in 2018 and the collapse of the money-for-nothing white paper market in initial coin offerings (ICOs) took much of the focus last year for many people when it came to blockchain mindshare.
All of that marketplace drama, however, concealed an enormous amount of real progress for the technology that will, slowly but surely, lay the foundation for a robust revival of the blockchain markets in the future.
Over the last year, the market did provide lots of drama related to ICOs. Nearly a quarter of all the ICOs from 2017 lost most of their value, and the market as a whole declined by nearly two- thirds.
The first half of 2018 was no better.