Cryptocurrency is going through rather a low phase but the popularity of blockchain is growing nevertheless. The world has been skeptical about this technology since its inception. However, blockchain is here to stay. If we go by what the industry experts say, the blockchain is set to take the world by storm in the years to come.
Blockchain has a wide range of applications and cryptocurrency is just one of them. More new applications with blockchain as the underlying technology are coming into existence every day. For someone who wishes to explore the world of the blockchain, here are some trends to watch out for. If you have a startup idea that can benefit from this technology, you might want to know the future of it.
- Businesses are now keen on blockchain application.
Industry experts are of the view the enterprises are seeing a key shift happening when it comes to blockchain technology. Earlier, the businesses were only exploring it to see the potential of it but as of now, more and more businesses are actually considering the blockchain application. This shift, therefore, indicates that the technology is now receiving wider acceptance. Not just that, the technology is becoming stronger and confident.
- There is a surge in practical blockchain applications.
Businesses are now applying blockchain technology practically to their present business models. A study has suggested that over 74% of the businesses can practically deploy it, although only a few of them are actually doing it. The number, nevertheless, is increasing. Blockchain application is definitely on the cards for most of the major businesses today. Many organizations are testing the technology and considering the implementation at the earliest. Traditional business, showing a slow approach towards the adoption, will also soon be ready for its application.
- The gap between blockchain hype and application is a problem to watch out.
There is one problem that is emerging in the world of the blockchain. It is the gap between the hype and the application of it. The issue here is that technology has been seen as very powerful but not many people are able to see the real world benefits of it. For them, it is nothing more than virtual reality with no practical application.
Though it has huge potential, this gap is hindering the popularity and hence, the application of it. However, there are many who understand how practical this technology is and finding the ways for the common people to see those benefits.
- New businesses adopt blockchain easily.
As a matter of fact, as compared to the already established business the new businesses are finding it rather easy to implement blockchain. For the legacy businesses, it is causing disruption. The new businesses are growing fast using this technology. It has been observed that these businesses can apply the technology as the underlying business model and not only to supplement it.
- PR is benefiting from blockchain.
The PR sector is benefiting hugely from blockchain. The credibility of the technology is making it is easier for the people in PR to pitch to the media or reach out to an influencer through social media. Using the technology, PR services are increasingly being made available to anyone with a story to tell. This breaks the trend where only a few wealthy companies could benefit from it. The technology is dissolving the absolute control by a handful of people. The concept behind the whole thing is to decentralize the PR industry while taking the complete benefit of artificial intelligence.
- Prime innovation source remains to be security.
The game changer for blockchain technology has always been the security that it provides in all its application. Therefore, all the innovation still happens around security. More and more entrepreneurs are finding ways to implement the security to the benefit of people.
A lot has to happen in the field of blockchain yet. Watch out for the new innovations that it will bring. Who knows what the world will look like once this technology has taken over?