Blockchain: Top 6 Blockchain's Technology Trends in 2019

 James Baron
  Feb 11, 2019

Top 6 Blockchain's Technology Trends

The BlockChain is creating headlines because of the cryptocurrencies like Bitcoin along with other forms of cryptocurrencies like Litecoin, Etherrum, etc. which has also created a lot of buzzes.

BlockChain has distributed digital ledger has many advantages as it can keep the records of all data or money transaction deal between any two parties in a secure, immutable and transparent manner.

In the previous years, the concept of BlockChain has begun to capture public attention as experts predicted BlockChain technology to get implemented in various industries and expect in the future of BlockChain to revolutionize traditional business processes.

The BlockChain is considered as a chain of record which cannot be stolen or erased which adds up an extra layer to its security. Let us look at a few amazing trends for the upcoming years.

1. AI + BlockChain

The AI implementation can be facilitated to certain parts which is one of the most promising use cases for BlockChain. Machines require to function the data in order to function for AI as the processing of big data has not been economically viable. Since the data stored on the ledger cannot be changed and available publicly, BlockChain can provide the data authentication on which AI model depends upon.

This makes the data stored in a BlockChain more relevant than data that is delivered on unproven platforms that have embedded errors. Ever since the computer exists, the experts have been looking for ways to develop seld-thinking machines which gave birth to AI that allows machines to exhibit functions that they were not programmed for and BlockChain has been identifying as having the potential to facilitate certain aspects of AI implementation.

2. Digital Asset Services in Economic and Finance

The Cryptocurrencies are already the talk of the town because of its strong security and unstolen protection. BlockChain and Big Data helps businesses harness the data they gathered. To manage the data by yourself is very scary to the people, they desire to have custodial services for digital assets. Still, many businesses look for new BlockChain use cases rest are simply embracing the blooming market which rapidly evolves the cryptocurrency. It is the truth that even if people do not figure out the daily use of cryptocurrencies, it is going to stay in the future.

The banking and finance industries do not need to introduce a radical transformation to their processes for utilizing BlockChain technology, unlike other traditional businesses. After the success of cryptocurrency, the financial institutions are considering to adopt BlockChain for banking operations.

3. Most Countries will have National Cryptocurrencies

Russia was the very first country to issue a national cryptocurrency named 'Crypto Rouble' to express their scepticism regarding the particular application of BlockChain. After the great rise seen in Bitcoin, it becomes inevitable that governments will have to recognize the benefits of BlockChain derived currencies. Venezuela has also launched 'Petromonenda' as its national cryptocurrency that is backed by the country's oil and mineral reserves. They are also expecting to bypass the U.S. sanctions and attract international finances to the country.

The major reason to trust cryptocurrency is Privacy where transactions can be easily traced and regulated by the businesses and governments to identify the participants. Prior to this, in an open BlockChain, you don't end up on some government watchlist because someone sent you money that was in hands of a criminal whereas in a permission BlockChain, only selected businesses can have access to your competitors don't see the contents of information.

4. Integration into Government Agencies

Government authorities are very attracted to the ides of the distributed ledger to administrate very large quantities of data. Every agency has its own separate database to require information about residents from each other constantly and implementation of BlockChain technologies will improve the functioning of such agencies for effective data management.

Due to the tamper-resistant design of the BlockChain, it is able to provide a useful place to store proof of certain data at a specific point of time. Estonia has implemented 'X-Road' running on BlockChain technology on the government level for public services which is a decentralized digital ledger using a 2-factor authentication that contains information about all residents and citizens.

5. High Demands for BlockChain Experts

Despite the hype of the BlockChain, the big data companies are experiencing a lack of BlockChain experts. There is always an increasing demand for BlockChain experts with BlockChain skills. It is seen that with a little knowledge and experience you can serve the market well with your BlockChain skills.

If you want to enter the market full of competitions, there is always a risk that a BlockChain startup that hired you may have to close down soon because of o lack of funding or other reason. This has created a new excitement among the people to attract towards the BlockChain knowledge to swap their job profiles and also work for the future coming technologies in order to sustain their existence.

6. IoT + BlockChain

Many IT companies are looking forward to implementing the BlockChain technology in their solutions for better security and scalable framework for communication between IoT devices. BlockChain has approved its high resistance to cyber-attacks while modern security protocols have already appeared to be vulnerable when implemented to IoT devices.

Smart devices are made automated micro-transitions using the BlockChain technology for enabling money or data transferring where IoT devices will leverage smart contracts which are considered as the agreement between the two parties. One of the widely accepted Lightning Network on Bitcoin is enabling the first tech-savvy users to route small payments to each other by occasionally settling their balances on the underlying BlockChain layer only.

Conclusion

The BlockChain is definitely going to revolutionize business processes in many industries across the globe but it will require some more time and effort for adoption. This clearly states that we don't see any significant changes but we can expect more contenders to emerge and given the number of well-funded projects that are promised underway to figure out some of the new key shortcomings from the existing architectures.

Nonetheless, we also expect governments to accept the benefits of the BlockChain and start implementing it for improving financial and public services. The blockchain is largely going to impact on supply chains to trace the goods throughout the day to create transparency. All in all, in the upcoming years, we can see some more advancements of the successful implementation of BlockChain technology.

Blockchain: Top 6 Blockchain's Technology Trends in 2019

James Baron

James Baron is a tech enthusiast who loves to read and get acquainted with the latest technologies that are going to change our world. A guy who is keen to write about emerging technology trends that are leading us to the age of autonomous payment systems, AI-based commuting services, and robots with blazing fast web applications running on the low end to high-end hardware. Currently working as a Big data developer at TatvaSoft UK which provides software development services.

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