Blockchain is a robust way to store all the electronic records for all the data transfers. It is a highly secure and transparent technology to distribute data in the form of blocks.
Blockchain trends have been rapidly changing over recent times. Blockchain has managed to revolutionize all the businesses and take them ahead. The technology emerged almost a decade ago; however blockchain technology trends have taken all the industries by storm.
Here are the top blockchain trends everyone should know about:
Federated Blockchain is an advanced version of private blockchains. Private blockchains restrict access to the network to unauthorized users. Only an authorized individual can access the network. However, in federated blockchain, multiple entities can control the network rather than having a unitary control unit.
Blockchain experts have predicted that the new federated blockchain trends will have a significant impact on sectors such as banking, insurance and records security.
BaaS is a dominant blockchain trend for 2020. It has contributed highly to the advancement of blockchain. It enables business organizations to deploy cloud platforms to develop their own blockchain applications and facilitate the easy development process.
BaaS enterprises act as a medium between the major blockchain platforms and organizations using blockchain. Some of the reputed companies that are serving in the field of Blockchain-As-A-Service are VMWare, IBM Cloud, Microsoft Azure, Amazon Web Services, and Oracle Blockchain.
Stablecoin is the latest blockchain trend that is designed to reduce price volatility and enhance stability. Stablecoins as the name indicates, their value doesn’t get tampered due to market parameters such as currency crash and remain secure in all conditions. One renowned example of Stablecoin is Tether.
There are many cryptocurrencies in the market; however, price stability is the main factor that isn’t found in all of them. Due to this, these cryptocurrencies aren’t being used for daily payments.
However, with the introduction of Stablecoins, the blockchain industry trends will change. Resistance to currency crashes, affordability, and streamlined recurring and P2P payment features make the future of Stablecoins bright.
Blockchain with the Internet of Things (IoT):
Blockchain trends and the future of IoT have seen a dramatic change this decade. Blockchain focuses on maintaining a secure distributed filing system to store data records in a secure manner. IoT refers to the linking of the Internet and everyday objects, allowing them to transmit and receive data.
Merging the two technologies will bring voluminous opportunities. The combination of the two can change the way smart devices store data. Interconnected devices will interact with the physical environment around them and make their own decisions without needing human intervention.
Statistics reveal that there are billions of IoT devices and this count is going to increase this year. Any malfunctioning of the IoT domain would result in the failure of a large number of devices. Therefore, in such cases, blockchain serves as an advantage by an encrypted security layer. Blockchain with Artificial Intelligence:
The fusion of blockchain with artificial intelligence has paved the path for amazing developments. Experts are predicting that the integration of AI and blockchain will transform the working of all businesses worldwide.
Due to the decentralized approach of blockchain, it may take a few days to confirm a transaction. The block size is restricted. The transactions exceeding the size limit are put in the waiting queue. Therefore, it takes a considerable amount of time to process bitcoin transactions.
Now, in this situation, AI can reduce the computing power and time required to process transactions. AI will also enhance the hashing algorithms that are deployed in the network.
The user data on social media platforms will be safer and prevent unauthorized access to data such as hacking or data breaching.
Voting systems can be more secure with the usage of blockchain. No one can tamper the votes recorded on a blockchain.
Content streaming, finance, and economy are some of the important sectors where blockchain will play a dominant role.
Every industry out there will highly benefit from the current blockchain trends. All we need is to wait and watch what blockchain has in store for us in sectors such as healthcare, finance, and AI.
Name: Maria Baeza
Bio: Maria Baeza is a Content Marketing Manager at Top Mobile Tech. It is a blog where I cover all the tips & tricks related to Mobile and more related to tech. Stay connected to the rest of the world with Top Mobile Tech. We bring the latest and critical news to your mobile and computer devices.