Tracking Blockchain technology trends in the present and for the future throws up the very interesting and absorbing picture. IoT, AI and Blockchain are revolutionary, disruptive and transformative technologies that are set to change the way we work, live and perhaps even experience life. A basic understanding of these technologies will help us in understanding how they can impact many facets of our lives in the years to come, and how Blockchain trends will evolve.
In the technology development arena, Blockchain has been among the hottest areas across industries. Forward-thinking businesses have been adapting this technology in a wide range of applications and use cases. But, most of these Blockchain trends have centred around crypto start-ups and corporations with deep pockets. Thus, the latest developments in the Blockchain technology trends have remained out of the reach of midsize and small businesses. In turn, this has created a digital divide of sorts and this divide is further widening with each passing day. Yet, there are also some Blockchain projects which hold the promise to democratise this technology for the SMEs. As most of us do know now, Blockchain represents a chain block with each block carrying data and linked together. The system of a distributed ledger employed by Blockchain brings transparency to the records in the blocks. To afford protection to user information cryptography is used and that makes the distributed ledger protected from hackers. With the help of a private key, personal information also remains highly secure within the Blockchain. In other words, Blockchain represents a network technology providing users with the ability to make transactions or share content securely sans any system of central governance or middlemen.
Booming technology sector
As some of us might already be experiencing, the technology sector is booming with demand outstripping supply by several notches. The Blockchain trends alone show that the market for this technology will expand by nearly 50% by the dawn of 2020 and even presently, the Blockchain market is valued at about 2.1billion US$. The market cap for Blockchain is also expected to rise to about 25 billion US$ by 2023. Similarly, Blockchain jobs have also seen a strident 300% rise between 2017 and 2018 and this trend is likely to continue further upwards. For all those involved in the technology sector, the path ahead is very promising and those who can leverage multiple technologies like AI and IoT, opportunities are wide open.
Blockchain adoption set to grow
The rate at which Blockchain is adopted by use cases other than the cryptocurrency is bound to grow phenomenally in the coming months and years. The technology has already been put to use in food safety, shipping, voting etc for instance and tech giants like Amazon, Wal-Mart, and IBM are engaged in exploiting the full potential of the technology by streamlining processes like medical data/administration, supply chain etc. Blockchain technology is now used even for addressing issues related to climate change, including food waste and carbon emissions. These examples are merely the tip of the iceberg and we are bound to experience a significantly higher rate of adoption in the coming years as revealed by Blockchain technology trends.
More app developers will be using Blockchain technology
Stepping beyond proof of concept, more and more organizations will be building apps based on Blockchain technology leading to widespread adoption, particularly when they realize the enhanced security and cost savings. In fact, it is expected that with Blockchain application, technological advancement will be revolutionized and the apps will have more broad-based uses in areas like cybersecurity, fantasy football and more.
By the turn of the current year, we may also be seeing federated Blockchain since it presents private Blockchain an enhanced customizable outlook. For the most part, private blockchains and federated blockchains are similar except that in place of one organization controlling private blockchains, federated blockchains can be controlled by multiple authorities and they can also pre-select the nodes. Validation for transaction processing is then achieved through the selected group of nodes. Supply chain management, financial services, and insurance claims are some of the typical use cases for federated Blockchain.
Hybrid blockchains encompassing the best functionality and features of private and public blockchains will also come into existence during 2019. Hybrid blockchains will distinguish themselves by offering customizable solutions and improving upon proper use of what the technology already has on offer including characteristics like integrity, transparency and security. Some of the use cases where such hybrid Blockchain will be employed include IoT, supply chain, enterprise services and banking.
The blockchain technology employed by Bitcoin is riddled with weak spots and is an energy guzzler. Therefore, the tech world is already engaged in removing some of the pain points in the technology and assimilating beneficial aspects of other technologies like AI, IoT etc to bring about revolutionary changes to facilitate quick and easy adoption in a sea of use cases.