Blockchain evolution is slow but revolutionary. It will not be wrong if we call it the most groundbreaking technology of the 20th century. The technology, although still in infancy, has already broken many limitations and is emerging as most sought after the technology of the modern era. As compared to other technologies, it still has a huge scope for development.
This article discusses the emerging trends in blockchain and what can be expected from it in the upcoming year. Businesses new to the world of blockchain should watch for these trends to make the most of this technology in 2019.
- Rise of Security Tokens
We know ICO tokens. They are the tokens an organization offers in order to raise money for their project. They were much talked about in last year but nearly half of them turned out to be scams. This is why investors lost their interest in them. Security tokens, on the other hand, are regulated, unlike ICOs. They protect the rights of the investors and are a lot more secure. It is comparatively a much transparent solution for the organizations as well as investors. Therefore, in 2019, we can see a shift from ICOs to STOs.
- Blockchain Interoperability
2019 can witness improvement in blockchain interoperability. There are different blockchain networks and the number is increasing. Increased interoperability allows better information sharing across different networks. This makes them more practical for use by common people. The technology already exists and this year will see improvement in its working. The benefits include communication between two blockchains without the need for an intermediate and ease of transactions on other blockchains. The vendors are already working on making it more efficient and effective.
- Blockchain as a Service (BaaS)
A number of startups have their own blockchain solutions. However, it is not always possible for everyone to create, maintain, or manage these blockchain solutions. Blockchain as a Service (BaaS) is here to end your woes. It is a cloud-based service that makes it possible for the customers to make their own blockchain-powered products without the requirement of setting up, managing, or executing blockchain-based infrastructure.
- Hybrid Blockchains
Another trend to watch in 2019 is hybrid blockchains. It is best of public and private blockchains and brings the best features of both types of networks at one place. The best example is government networks that cannot go private completely and at the same time, they need to be decentralized and public only to some extent. Hybrid blockchain is the solution for such scenarios. It offers transparency without compromising integrity and security.
- Ricardian Contracts
The Ricardian contract can be defined as a human-readable legal agreement which gets converted into a machine-readable contract once both the parties have agreed on it and signed it. It is one step ahead of the smart contracts and removes the limitations of them. It is a secure way to get legal contracts that are signed and verified cryptographically. It is one of kind solution as it is understandable by humans and machines.
- Boost in Stable Coins
Boost in stable coins is anticipated in 2019. Cryptocurrencies are volatile and therefore, the need for stable coins. Unlike cryptocurrencies, stable coins have stable prices and are immune to market conditions. They stay stable at all times. Tether is one example of a stable coin. These are mostly backed by fiat currencies but there are others that are backed by commodity or cryptocurrency.
- Federated Blockchain
Another interesting thing in blockchain to watch in 2019 is federated blockchain. A federated blockchain is just like private blockchain but there is a twist. It operates under multiple authority rather than a single, however, the authority nodes are selected and approved by all organizations on the network. It can find significant use in financial services, insurance claims, supply chain management, and more.
Blockchain technology is at the verge of many breakthroughs and 2019 is expected to see a good number of them. After all the ups and downs, blockchain is still strong and here to stay. This is the right time to go for it, if it is on your mind. For any questions or more information on the blockchain marketing solutions, contact us at MarkSpace Media.