Soon after the introduction of bitcoin in 2009, we have witnessed several other cryptocurrencies making their way out in the center. And with that the Blockchain technology has certain revolution in the digital currencies. With the passage of time, the Blockchain is ascending one step further up providing new incentives and opportunities to the financial sector and corporate world.
According to a study, about two-third of the companies has said would be integrating the Blockchain technology by the end of this year. The Distributed Ledger Technology (DLT) is offering the strength and impetus to a number of industries apart from the finance and so the tech giants have already began working to upgrade this technology a little further away.
The previous years has been highly successful as we saw many renowned companies such as Microsoft, Oracle and IBM launching the cloud-based Blockchain services in October. The upsurge in the number of Blockchain-based application is merely indicating its bright prospect in the future.
In fact, the Blockchain technology has given rise to the Initial Coin Offering (ICO), which is a fundraising tool helping in the transaction of future crypto coins in exchange of the cryptocurrencies.
Current Blockchain Development Trends
The ICOs have already superseded the conventional type venture capital crowdfunding models. More is expected in 2023 and within the time to arrive. So, let’s have a peep at what the current Blockchain development trends are for this year.
1. The Blend of Blockchain with Artificial Intelligence (AI)
The ones associated with mobile app development are not unfamiliar with what Artificial Intelligence (AI) is and how it has become a blockbuster in the technological arena. The basic algorithm of AI has enabled machines to perform functions that they were not programmed for.
Now, just imagine if this advanced technology will shake hands with Blockchain, what the outcome would be. The question is how the Blockchain will further boost the AI and increase its potential to the fullest.
We are aware that machines in order to offer its maximum output value and capacity, needs to have an access to the big data. The bulk of the big data is mainly available for the mainstream and is reserved for the analytics. Therefore, if you want to exchange
this data economically and hassle-free, the Blockchain would play a major role.
The Blockchain technology is known for its robust security and so the big data providers don’t have to worry on that front. They can easily link up with the AI developers. This rather helps in the development of complex machine learning algorithms and devices can access the data for achieving artificial sentience.
Read also: BlockChain is a Worthy Asset for the Mobile App Developers: Let’s Discuss
2. The Impact on Internet of Things (IoT)
If the reports of the International Data Corporation (IDC) are to be believed, 20% of all IoT based industries will implement the basic level of Blockchain technology by 2019. In fact, the experts also believe that Blockchain along with Internet of Things will see the surge in the automated insurance policies.
Furthermore, Blockchain will become a vital asset in the third generation security. One also cannot deny the fact that both these technologies will take the industries to a higher level as time progresses.
Now talking from the digital transaction point of view, besides becoming securer, the speed becomes faster and also affordable. The business is also said to become automated and it will simplify the complicated centralized IT infrastructure. If this is not all then the micro-transactions also would be mechanized. The IoT is said to be more fortified.
3. Blockchain Predicted to Become its Own Asset Tracking Tool
The experts also believe that within the years to come, the tokenization process in Blockchain technology will gain abundance. If you want to spell it out then it is simply using the Blockchain tokens or coins that signify a few particular assets. Well, this is a game-changing trend in Blockchain for sure.
As the token can be used to track an asset when it comes out from the supply chain, similarly, the tokens here are significantly used for representing the liquid assets in traditional currencies. Here there is no exchange risks involved due to Blockchain solutions.
4. Blockchain Network to Integrate the Rule of Law
The Smart Contract is closely connected with Blockchain and bitcoin. The Smart Contract is a code stored in computed and primarily used for automating the business operation process. So, for business firms looking to control the Blockchain solutions, this tool will become more prominent and can be used as productivity enablers.
However, in order to resolve any dispute or disagreement between the two parties, the Blockchain is trying to enforce the rule of law. This is mainly because it is a decentralized currency and has got no authority. The two business groups will have to agree to certain rules before joining the Blockchain network. However, nothing conclusive has been found on how to enforce the laws.
5. Moving from the Pilot to Production
According to the experts, the Blockchain was getting focus mainly on the pilot projects. However, the fact was that some were getting dumped and others progressed to the production stage.
So, the Blockchain is going to help the enterprises further in deciding what technology needs to be implemented to increase the value of the project.
6. Blockchain a Boon for an Array of Industries
Blockchain is bolstering a number of industries and the financial as well as the insurance sectors are the two most key areas. The transaction will become much easier with the help and advancement in smart contract. Apart from that, it also assists in supply chain and payment in international currency.
The insurance sector is going to reap huge benefits from Blockchain. The Blockchain will make the process of claim settlement very simple. Plus, there will be no fraud claims. The trust factor of the users will increase and much more. The government, the education, transport and healthcare industry will also take benefit of Blockchain technology.
Read also: The Blockchain Technology is Fueling Various Industries Including the Financial
7. Asia and Middle East to be Big Blockchain Markets
As per the prediction and report it is seen that Blockchain will get more limelight and focus in the Asian as well as Middle East markets. It is because the customers there have already gained huge interest in this technology.
In fact, the banking system has already started to test the Blockchain. One can cite the examples of Japan and South Korea. It helps in cutting cost nearly by 30%.
8. The Cyber-Security will become Robust
After the ransomware attacks, much attention was needed to strengthen the cyber security system and Blockchain will certainly act as protective covering for the cryptocurrencies.
The problems like Equifax has enabled to bring a securer Blockchain identity approach to protect the current identity data systems.
So, we can see that the Blockchain technology has got a great future ahead and it will not offer a positive impact on business enterprises but also will influence the human lives as well.
The Blockchain technology will also encourage individuals to introduce new currencies and cryptocurrency exchanges. It will meet with IoT to take technology on the top gear which is hardly imaginable. So, just keep following the latest Blockchain development trends and stay tuned for latest updates on the Blockchain.