From Interoperability to stable coins, learn about the latest blockchain trends in 2019
The blockchain technology first made its official appearance almost a decade ago, in the year 2009. Since then, the world has seen an exponential transformation in this remarkable technology. From the retail sector to the field of Healthcare and Medicine, blockchain technology has made its way into various industry verticals, thus making blockchain trends the most searched for keywords.
2015 was the year when Ethereum was launched with its new Smart Contract functionality. Interestingly, in the same year, Coinbase raised a total of $75 million. Meanwhile, the tech giant, IBM, made an announcement about collaborating with European banks in order to build a blockchain-based financial trading platform.
Clearly, the future has a lot of scope for blockchain-based applications. Let’s take a look at the top emerging blockchain development trends in 2020 shaping the future of blockchain.
The advent of 2019 brought a lot of excitement in the blockchain technology. This is sure to take mobile app transactions and business functioning to newer and unimaginable heights. Here’s what the future has to offer!
The term Federated Blockchain can be referred to as one of the best blockchain trends in the industry. It is merely an upgraded form of the basic blockchain model, which makes it more ideal for many specific use cases
As per experts, 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, with a few added features.
For instance, in this type of blockchain instead of one organization, there are multiple authorities that can control the pre-selected nodes of blockchain. Now, this selected group of various nodes will validate the block so that the transactions can be processed further.
Cryptocurrencies are basically a side product of blockchain technology and are volatile in nature. As of now, stable coins are in their initial phase and it is predicted that 2019 will be the year when blockchain stable coins will achieve their all-time highs, thus making them the second most looked forward to the blockchain market trends in the industry.
Another blockchain trend is BaaS, short for Blockchain As A Service. It is a new blockchain trend that is currently integrated with 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.
BaaS is a cloud-based service that enables 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 companies developing a blockchain that provide BaaS service are Microsoft and Amazon, thus shaping the future of blockchain applications.
It shouldn’t come as a surprise that social networking has become the part and parcel of our daily lives. In fact, according to Statista, it is estimated that in 2019 there will be around 2.77 Billion social media users around the globe.
The introduction of blockchain in social media will be able to solve the problems related to notorious scandals, privacy violations, data control, and content relevance.
With the implementation of blockchain, it can be ensured that all the social media published data remain untraceable and cannot be duplicated, even after its deletion. Moreover, users will get to store data more securely and maintain their ownership. Blockchain also ensures that the power of content relevance lies in the hands of those who created it, instead of the platform owners. This makes the user feel more secure as they can control what they want to see.
Blockchain interoperability is 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 another specific EOS blockchain.
A Ricardian contract is a human-readable legal agreement that is also agreed and signed upon by both 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.
Next in the list of new blockchain future applications 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 private blockchain solutions.
If we opt for an example of an ideal world scenario, then hybrid blockchain will be mainly controlled across various platforms. On the other hand, there are some authorities for whom the processes are stated as private, while for the others, they remain public.
Advantages of Hybrid Blockchains:
Content Streaming is one of the emerging blockchain technology trends of 2020 that will be highly popular in 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 more secure and easily accessible manner.
There can be many other applications of blockchain solutions with respect to its properties, like interoperability, federated blockchains, etc. Such video, music, and social media streaming companies can also opt for a similar API of blockchain technology that will enable third parties to read and also write information on the respective blockchain itself.
Looking at all these recent blockchain technology trends, one can say that the year 20120 will be quite a significant time for this emerging technology in various industries. However, there's no denying the fact that the technology of blockchain is likely to impact many different industry verticals differently.
Other than this, we’ve also released a report on the top blockchain app development companies in 2020. Our report is based on real-time data that our team of experts compiles after hours of research.
We hope that this article on the blockchain industry trends will gives you some valuable insights. For more information on the latest trends in Blockchain, stay tuned with MobileAppDaily. And if you like us, don’t forget to subscribe.
Vikram is an experienced wunderkind, who embraced technology at a very early age, and today he is at the helm of it. Mobile apps are something that excites him the most, and now he is up to give this vertical the best shot. He routinely catches up with the new apps and comes up with the top apps that can excite you to the core.