There are several blockchain level innovations that have transformed the ecosystem of global business. Enterprise and business influencers across the world are harnessing the power of this immensely reliable technology. The benefits of having a decentralized architecture with consensus-based communication between authorized parties are immense, especially for the financial sector. A large number of other industries have also benefitted from the secured business ecosystem created by the distributed ledger technology. Let us take a look at some of the trends which would find greater acceptance and implementation in the year 2019.
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The blockchain and IoT integration will take place at a quicker pace – The pace of blockchain and IoT integration has almost doubled in the year 2018. In the year 2019, the trend is supposed to be even greater. The powerful encryption being used to store data in the blockchain networks are impossible to penetrate even with the soundest knowledge in networking. Another problem for attackers within the blockchain ecosystem arises when they try to bypass the existing security. They face denial of service instead of single-point failures. The numbers of connected devices are expected to reach a staggering value of 26 billion by the end of the year 2019. The machine to machine level interactions will be happening at a very high speed which will be impossible to track using manual exponents. Thus, blockchain will play a major role in logging machine to machine level interactions.
Greater Blockchain solutions from the fintech services industry – With the increasing popularity of blockchains, the ecosystem of blockchain-enabled services would double or triple within a span of a few years. The reason is simple! The greater security, secrecy, transparency, and traceability of cryptocurrencies on blockchain networks have increased the trust and dependency on the blockchain. Thus, it is inevitable that the financial services industry would have a greater inclination towards blockchain-based solutions and crypto transactions.
A different asset class would arise with blockchain – The crypto assets on distributed ledger networks will provide better investment opportunities. More people would be inclined to channeling their assets towards crypto assets. Blockchain enables better tracking of asset classes which were traditionally controlled by investors and financial organizations with brute supremacy!
Bitcoin will be in business – The bitcoin is expected to do good business along with a number of other cryptocurrencies. The current price of bitcoin and other cryptocurrencies are considerably high. Plus, there is this high trading volume in the crypto exchanges which is a reflection of the fact that bitcoins and other cryptocurrencies are doing substantial business in terms of revenue as well as reputation. The crypto exchange transactional volumes are surging every day indicating that there is a steady increase in the acceptance of cryptocurrencies.
Lesser chances of scam and more substance – The chances of being scammed by the likes of snake oil salesmen are decreasing! Yes; with newer technologies, the sudden emergence of impulsive salesmen is also on the rise. This trend is expected to decrease with time and is already showing up with lesser hype and more implementation of blockchain technology.
The global trends of blockchain and cryptocurrency are showing a positive trend while there have been several regulatory actions on the usage of cryptocurrencies. The Blockchain Technology Market would be worth Worth $57,641.3 Million By 2025. Ref https://bit.ly/2QNZPtD