Blockchain technology has provided various benefits for both individuals and businesses. For those who are unfamiliar with the term, blockchain works as an incorruptible digital ledger that records various transactions, which have taken place in a particular asset, whether it be cryptocurrency or smart contract. Since its introduction into the technological world, various experts have made it a point to apply this technology into various products.
Here are some trends to expect in 2019:
Applying blockchains to more realistic applications
Most people tend to associate blockchain technology with cryptocurrency. Considering that not everyone is a crypto coin investor, regular users may find it hard to imagine what it’s like to adopt blockchain to everyday applications. In reality, blockchain tech has already expanded to various tools and services such as fast payment networks, identity verification softwares, and data storage for various industries for quite some time.
However, in 2019, the use of blockchain will continue to spread in various industries such as manufacturing, retail, financial, shipping, and even government sectors. One example is applying blockchain technology in the digitalisation of trade and supply chain finance like at Finastra, making it easier for everyday workers to get into the hype.
Decentralized apps (DApps) are expected to continue growing
Decentralized applications or DApps refer to applications that run on a peer-to-peer network of computers rather than a single computer. This allows them to exist over the internet where its entire entity isn’t ruled by a single authority figure.
Aside from this feature, a DApp also possesses several benefits for users and creators alike which include:
- Being an open-source application to make it readily accessible by anyone. The advantage of DApps being an open-source is that improvements can be made by anyone virtually, with enough knowledge and skills to manipulate the blockchain data.
- Cryptographically storing important data such as records regarding operation and other important blueprints. The encryption on DApps allow complete anonymity and security with sensitive information and assets. The added layer of security or encryption allows data to be transmitted without the worry of tamper or hack.
- Being able to generate tokens which provides an incentive to miners, as well as validators who make it a point to ensure that the blockchain continues to run effectively. Token generation is an important part of DApps because tokens are the digital currency of the blockchain and financial technology. Aside from being a unit of measurement and value, tokens also provide utility and technology.
- Using a cryptographic token that helps in the data security and efficiency. One example of the aforementioned token type is the altcoin, Ethereum, which is the go-to network for all DApps generation. However, while more companies look into improving the functions of their blockchain technology, new and better tokens might emerge. In 2019, more teams are focused on replicating Ethereum-like technology than Bitcoin-like ones.
All of which ensure that such apps become tamper-proof and are generally safer compared to traditional applications. In 2019, investors and developers will most likely consider creating more DApps and introduce them to the market to meet specific market needs. Some of the most popular DApps running today include Golem, Augur, and Status.
Combined with other technological innovations
Some of the most important developments introduced into the digital world aside from blockchain include Artificial Intelligence, Big Data, Internet of Things (IoT), and biometrics. All of which are guaranteed to help improve a person’s personal and professional life for the better. In 2019, users can expect blockchain to be combined with any of these developments in an effort to create a more intimate and streamlined experience.
In fact, according to various experts in the industry, many IoT companies have already incorporated blockchain technology into their product and service range where the latter plays a big role in providing effective payment services, as well as storage. These small applications are still under development and they are seen to evolve into more complex technologies.
By 2019, expect more companies to include blockchain into their daily operations like artificial intelligence, incorporating blockchain as an integral part of their cyber security interface, and using it as a means to interpret customer behavior patterns.
Introduction of decentralized crypto exchanges
The exchanges and platforms will specialize on the trade and development of certain coins. There are a lot of existing platforms but in 2019, traditional foreign exchange platforms are said to implement adding digital assets like cryptocurrencies, security tokenized assets and a lot more. Traditional financial institutions are set out to adjust to the blockchain technology demands and needs.
While blockchain technology isn’t just limited to cryptocurrency, you can’t expect blockchain trends to be discussed without mentioning about the cryptocurrency exchange rate first. As several industries are slowly accepting crypto coins as a method of exchange, one can expect an increasing amount of decentralized exchanges as well.
If these exchanges increase, investors and traders will benefit from better user control, higher security level, and overall better liquidity compared to centralized cryptocurrency exchanges.
With more institutions accepting the validity of cryptocurrency, it would only be a matter of time before more governments allow the utilization of blockchain technology in various applications.
Increasing number of blockchain experts
As more and more people see blockchain technology as a non-crypto coin asset, budding investors and entrepreneurs alike will finally start to embrace the opportunities that blockchain can provide for them.
As such, there will be a higher demand for blockchain experts, as well as an equal demand of various resources that help potential investors understand the numerous possibilities that blockchain has to offer. Many of which can range in training, seminars, webinars, and an increase number of blockchain websites to help budding investors understand the nature of blockchain technology.
Since its introduction, many people have been uncertain on how blockchain technology can benefit them both personally and professionally. However, thanks to constant research and development, various individuals and industries are finally able to give blockchain the recognition it deserves. In 2019, one can expect more realistic projects to come. The developments will be beneficial to all sectors, especially the finance and tech industries that have important applications in our daily lives.