From Interoperability to stable coins, learn about latest blockchain trends in 2019
The blockchain technology first made its official appearance almost a decade ago in the year 2009 and since then we have seen the transformation of the blockchain right in front of our eyes. From the retail sector to the field of Healthcare and Medicine, blockchain technology has made its way into various industry verticals.
If we look at the prime time of this emerging technology, we solely have to focus on the last five years. This is because ICO conducted the very first time by Mastercoin in the year 2013 and just a year later one of the most popular Japan-based bitcoin exchanges, My Gox collapsed.
2015 was the year when Ethereum was launched with its new Smart Contract functionality and then in the same year, Coinbase raised a total of $75 million. And in just a span of two years, the tech giant IBM made a huge announcement of collaborating with European banks in order to build a blockchain-based financial trading platform. With that being said, let’s talk about the top emerging blockchain trends in 2019 that will provide us more insights regarding the future of blockchain.
There are many blockchain solutions that can be easily named as the best blockchain trends so let's see which blockchain future trends will make it big in the year 2019 and why:
The term Federated Blockchain can be referred to as one of the best blockchain trends that are basically an upgraded form of the basic blockchain model, which makes it more ideal for many specific use-cases. As per many experts, we can say that there will be a rise in the usage of federated blockchain as it provides private blockchain an outlook that is more customizable.
For most of the part, federated blockchains are quite similar to private blockchains, but there are still a couple of differences present. For instance, in this type of blockchain instead of one organization, there are multiple authorities to control the pre-selected nodes of the blockchain. Now, this selected group of various nodes will make sure to validate the block so that the transactions can be processed further.
Key Points To Know About Federated Blockchain:
Best Use Cases Of Federated Blockchain:
As we are well aware of the fact that Cryptocurrencies are basically a side product of blockchain technology and one of the main things here is that they are volatile in nature. As of now, the stable coins are in their initial phase and it is predicted that 2019 will be the year when the blockchain stable coins will achieve their all-time highs.
1. Additional layers of security from currency crashes: As the name suggests, stable coins are steady and don’t fluctuate that often so the user doesn’t have to constantly worry about currency crashes. This also allows users to invest in more cryptocurrencies.
2. Fast Remittances and Affordable: The process of sending remittances overseas is now simplified with the help of these stable coins. Another thing about these coins is that they are very fast and hold the same value as the flat coins.
3. Streamline Recurring and P2P payments: We are aware that making peer-to-peer (P2P) payments is much easier with stable coins. The users can even use them on smart contracts to conduct the automated payments.
4. More Stable Currency Exchanges: The stable coins can further contribute to stabilizing the market while improving the overall situation of the cryptocurrency market. This will also eliminate additional risks and unnecessary regulations.
5. Regular Currency: The stable coins currency can be used on a regular basis as an everyday currency in a similar manner like Fiat money along with the legal backups. For example, you can use them like any other digital currency for making online purchases.
Another blockchain solution is BaaS that stands for Blockchain As A Service, it is a new blockchain technology that is currently integrated by a number of startups as well as enterprises. But such blockchain future trends may not always be feasible when it comes to creating, maintaining and managing a new blockchain solution.
For this we now at the option of BaaS i.e. Blockchain As A Service which is a cloud-based service which enables the users to develop their own digital products by working with blockchain. These digital products may be smart contracts, applications or even other services that can work without any setup requirement of the complete blockchain-based infrastructure. Some of the tech companies that already provide the BaaS service are Microsoft and Amazon.
Two years ago, ICOs were the talk of the town and now they have been replaced by the STOs. There are many reasons why security tokens by blockchain will be one of the top blockchain trends, for instance, approximately 50 percent of the ICOs turned out to be a scam which automatically affects the trust of the investors. This is the part where Security Token Offering i.e. STO are started to emerge in the field of technology.
In other words, ICO can be defined as a token offering from an organization or company for the purpose of raising capital for a particular project. The ICOs are also highly unregulated which makes them a bigger risk for the investors. The key difference between security tokens and ICO is that STO is regulated.
Advantages of Using Security Tokens:
1. In the case of STO, there is no need for the company founders to invest in a specific use case for the tokens to raise more revenue. Here, all tokens are backed up by some already stated assets.
2. Security tokens also offer various legal rights, for example, revenue distribution, voting etc. This also adds an extra level of security for the assets that are stolen.
3. Apart from this, STO also provides a fundraising solution that is very transparent in comparison to other services for both investors as well as the companies.
Major Issues With Security Tokens:
The term blockchain interoperability can be defined as the ability to share data and other information across multiple blockchain systems as well as networks. This function makes it simple for the public to see and access the data across different blockchain networks. For example, you can send your data from one Ethereum blockchain to a specific EOS blockchain.
Benefits Of Interoperability Between Blockchains:
1. The blockchain interoperability makes it's easy and simple for users to transact from one blockchain to another.
2. Apart from this, this function also offers a range of diverse functionalities, for example, cross-chain transactions.
3. Interoperability also enhances multi-token transactions with the development of multi-token wallet systems.
Few Notable Vendors Of Blockchain Interoperability:
A Ricardian contract can be defined as a human-readable legal agreement that is also agreed and signed upon by both of the parties that are involved in the contract. It further gets converted into a machine-readable contract that also defines the listed intentions of the involved parties.
Basics of Ricardian Contract:
1. Flow: The flow of this type of contract can easily automate the operations on various blockchain applications that are based on this technology.
2. Purpose: The Ricardian contract also records the terms of an agreement as a legal document.
3. Versatile: In case of any Ricardian contract, it can be also stated as a smart contract.
4. Validity: This blockchain contract is a legally binding agreement/document.
5. Readable: The Ricardian contract is both machine as well as human readable.
Advantages of Ricardian Contract:
Next, in the list of new blockchain technology in 2019 is hybrid blockchain which can be simply defined as the blockchain that attempts to use the most appropriate part of the public as well as the private blockchain solutions.
If we opt for an example of an ideal world scenario then the hybrid blockchain will be mainly controlled across various platforms. On the other hand, there are some processes for whom the processes are stated as private while the others remain public.
Main Advantages of Hybrid Advantages:
Content Streaming is one of the emerging blockchain technology trends of 2019 that will be highly popular in the upcoming years. Movie streaming companies like Hulu and Netflix can incorporate this technology and its solutions for the purpose of storing user data in a secure and easily accessible manner.
There can be many other applications of blockchain solutions in respect to its properties like interoperability and federated blockchains etc. Such video, music and social media streaming companies can also opt for a similar API of blockchain technology that will enable the third parties to read and also write information on the respective blockchain itself.
Looking at all these blockchain technology trends, one can say that the year 2019 will be quite a significant time for this emerging technology in various industry sectors. Although, there's no denying the fact that the technology of blockchain is likely to impact differently on many industry verticals.
We hope that this article on the future of blockchain technology and its trends in 2019 will provide you with some valuable insights regarding the same. In addition to this, there are many more blockchain trends that are worth mentioning so stay tuned with MobileAppDaily to never miss such interesting updated. And make sure to click on that 'Subscribe' button to follow us!
Tanya Singh currently works as a Content Strategist for MobileAppDaily who is known to have an undying appetite for good content especially when it comes to trending technologies like Artificial Intelligence, Blockchain, and IoT. In her free time, you will find her binge-reading through the latest gadget and app reviews.Follow