Top 10 Blockchain trends to succeed in your business:
Blockchain is emerging as a preferred technology for all businesses. Let us know the top 10 trends in the Blockchain arena.
If you have come across the digital finance and the cryptocurrencies, I am damn sure that you would have come across the word “BLOCKCHAIN”. Blockchain is security software that is used to secure and protect the information in an efficient way that it could not get hacked. It is an incumbent of many old security systems like firewall, but it got its fame due to its out of the box security and management principles. As we all know, technology updates itself day by day and blockchain is not an exception.
Initiated with providing services related to cryptocurrencies, blockchain is now used in all sectors of the economy. Many governments are planning to implement blockchain on various government activities to perform the services at a fast and efficient pace.
In that aspect, we can know about the top 10 blockchain technology trends that can lead your business to great success.
Blockchain as a Service:
We would have come across many SaaS (Software as a Service) companies. But Being blockchain is emerging as advanced technology, it is gaining traction as an individual service. Blockchain is used in many industries especially in customer management related services.
Blockchain as a service (BaaS) is actually a cloud-based platform. It integrates all the startups and the entrepreneurs under a certain cloud to store their information. The BaaS offers you a fully performable blockchain platform in which you can modulate according to your needs. Through this cloud-based service, the startups can create their own digital services and products using the blockchain software. So, the entire digital infrastructure can run on the blockchain network in the cloud. Many developed companies like Microsoft, Amazon had initiated their cloud-based blockchain services to provide security to the information in the cloud.
Expansion of the Blockchain types:
During the initiation, the blockchain is of two types — public blockchain and the private blockchain. A public blockchain is a software that allows the public to access the service without compromising certain information about the management. Private blockchain protects the information and secures between the user and the management alone. Hybrid blockchain is a similar concept that is used somewhere in the cryptocurrency exchanges — Hybrid exchange.
The new trend in the blockchain is the emergence of Federated blockchain. It is the most ideal form of blockchain that is used in many use cases. It is an updated model of the basic blockchain model. The difference between the basic and the newly introduced blockchain is their control. In this blockchain, an “n” number of organizations can control the pre-selected nodes of the blockchain. So, the selected organizations will validate the nodes in the blockchain. In that aspect, each organization will have a separate blockchain network and combined in one nutshell. The best example is a SuperMall, where individual companies have their store privately but as a whole mall in common.
Federated blockchain will be the future blockchain network as businesses rely upon individuality and privacy under one roof.
Blockchained social media:
Social media is a place where people like to share their thoughts with the wide-open world. It is where a huge amount of the population spend their leisure time at present. But we are hearing scandals and privacy violations, digital harassment, etc. due to social media. If social media is blockchain-enabled, then the information in social media will be secure. Yes, no one other than the creator can modulate or misuse the content without his/her knowledge.
So the control over content management will be in the hands of the content owners rather than the platform owners. But necessary steps would be taken if any spam or deteriorating content is shared in the platform by the user. The Blockchain in social media is a protective source for both content creators and the platform owners.
This will definitely make the users feel more secure that no content or image that they share will not be misused without their knowledge. But the real challenge is the implementation phase. No social media platforms will be 100 percent willing to implement this kind of privacy. But as social media platforms are crafted to provide space for the users, this is the most needed solution.
Preventing the crypto volatility:
Cryptocurrency is a digital currency that is highly volatile in nature. Bitcoin and other altcoins are the best examples of this. This kind of volatility will create fear among traders and novice investors. To prevent these mishaps, the stable coins came to the picture. The blockchain-enabled stable coin will have a stable value for their coin, which in turn, eliminates the fear. The stable coin got its traction only after the introduction of “Libra” by Facebook. It is mostly believed that the blockchain stablecoins will achieve the real-time high in the future.
Secured sharing and inter-related operations:
Blockchain is not only a security software but also a software that helps in interoperability. If you want to share a piece of the particular information to another source or organization, you can do it securely through the help of blockchain interoperability. It is an ability to share information with multiple blockchain networks without deteriorating the security. Through blockchain, you can send information from your blockchain has to a particular blockchain network of that organization.
Financial blockchain adoption in the bloom:
Obviously after the success of the blockchain adoption in the digital currency “Cryptocurrencies”, the traditional banking and financial institutions have started considering the blockchain adoption as the most favorable option to manage the banking discrepancies. Most of the banks aspire to serve their customers more efficiently and reliably and the blockchain can assist in doing so. Also, it will allow the banks to remove their excessive bureaucracy and effectively perform banking operations.
According to the report released by the PwC, nearly 75 percent of the banking institutions will adopt the blockchain technology in their banking operations.
Governments adopting blockchain:
Government deals with a vast amount of data and services on average. Blockchain technology works on the principle of distributed ledger mechanism which will work favorably for the government. Government has various departments and they maintain a separate database for providing services. They need to reach another department if they need any particular information. If the blockchain is enabled, all the departments will be interlinked and the required information can be accessed by any departments due to its interoperability.
Blockchain with the Internet of things:
Blockchain due to its interoperability features can assist in the working of the internet of things. In this hacking era, blockchain is the only security feature that can save those IoT devices from cyber-attacked.
Blockchain integration with AI:
Artificial intelligence is gaining traction in the technology sector and the integration of AI with the Blockchain will provide a valid amount of application in the Blockchain sector. The AI will definitively boost the efficiency of the blockchain thereby making it more efficient for operations.
Blockchain experts — pack up your bags:
Yes, there is a worldwide demand for blockchain experts. With its wide experience in many sectors, blockchain experts are needed for multiple industries to create a blockchain. So, if you are a blockchain expert, just pack your bags and get ready. Opportunities are going to rain.
Blockchain is the future. Whatsoever the industry may be, Blockchain is the necessity for performing multiple tasks efficiently. So, with these top 10 ideals, Blockchain will be the next ruler of security in the upcoming future.