Blockchain is a technology which took the entire world by storm. A lot of hype was also generated around this technology and that hype hasn’t even completely died down yet. However, this doesn’t mean that this technology hasn’t experienced its own share of ups and downs. Even though the majority of the experts in the business world tend to agree that blockchain as a technology has a lot of potentials to change the way in which the entire world function, there are still many other business experts who claim that most of it is just hype. This is why many organizations and businesses have taken a more cautious approach when it comes to blockchain. And we don’t think that there is anything wrong with that. However, if you have also taken that approach then you would definitely be keeping tabs on what is happening in the world of blockchain and business. And what better way to know that then to look at some of the upcoming blockchain trends which you should consider in 2019? We have prepared a list just for that and that list of 3 blockchain trends which you should consider in 2019 is mentioned below.
- The Convergence Between Blockchain and Other Revolutionizing Information Technologies
Blockchain is a technology which has a rapidly expanding ecosystem. This blockchain ecosystem further consists of multiple layers and is continuously evolving. All of these facts point to a picture that in the long term, blockchain is not a standalone technology. And why should you even look at blockchain as a standalone technology when it can do way better when in convergence with other information technologies such as Big Data Analytics, Internet of Things, and Artificial Intelligence? This convergence would benefit organizations from all across the globe by providing them with unique and effective ways through which they can approach the data and derive amazing insights from it. For example, if blockchain and IoT converge then IoT will enable the organization to perform micro-transactions with the help of cryptocurrencies while blockchain will ensure that the data which is transferred across different parties is verifiable, traceable, and immutable. This convergence has the potential to change how we all live, work, and even run the entire society.
- The Growing Popularity of the Solutions of Blockchain-as-a-Service
It is commonly known fact amongst business professionals that every technology can be turned into an ‘as-a-service’ solution. Blockchain is no exception to that rule. And now more organizations and businesses are turning to provide various Blockchain-as-a-service solutions. These solutions can allow organizations to quickly complete the processes related to the development and launching of decentralized applications. It will further ensure that the entire infrastructure runs extremely smoothly. Many organizations such as Microsoft, Amazon, and Oracle are also already offering blockchain solutions which are quite easy to install. Another advantage of using this solution is that it allows organizations to adopt the pay as you go model without any sort of upfront costs.
- Having the Best of Both World through Hybrid Blockchain: Public and Private
Since blockchain originally came out there has been a constant debate going on in the business world. This debate has mainly been about whether private blockchain is better or if public blockchain is better. However, with the entry of hybrid blockchain, this entire debate becomes moot. The hybrid blockchain provides its users with the best of both worlds but providing controlled access and freedom at the same time. These blockchains are incredibly useful for regulated markets where not all information should be available for all parties. There are many business experts who have been quick to sing praises of this blockchain and predict that it is to become extremely popular in the coming years.
These are the 3 main and exciting blockchain trends for you to consider this year. However, you should not forget that this is revolutionizing technology and there can also be many surprises for you down the line!