Top 5 Biggest trends in blockchain this year
2019 was a roller coaster ride in the world of the blockchain. After such an exciting year, what can we expect next?
The cryptosphere is booming as more new trends arise in the industry. Here’s what you need to know about all of this.
Shortly after the appearance of Bitcoin, the superstar of cryptocurrencies, in 2009, several more cryptocurrencies were shaken on the horizon. Blockchain technology has revolutionized digital money. Time passes and blockchain continues to evolve. As a result, the world of finance and business has discovered many new incentives and opportunities.
One study shows that about 2/3 of companies have announced their intention to implement blockchain in their workflow by the end of this year. Distributed Registry technology offers a wide range of opportunities for businesses in several areas, including finance. Large technical corporations are already working to the fullest extent on the development of this technology. So, what are the modern blockchain trends?
Web3 will be developed by open-source developers. But not for free
The OpenSSL Software Foundation, which transport protocols secure the connection between servers and clients and put that reassuring padlock in your browser bar, has a budget of less than $2000 in donations per year. Meanwhile, 78% of companies in the world use open-source software. The founder of Gitcoin Kevin Owocki states that the whole system is very fragile and can collapse at any time, as most open source projects are based on the developers themselves.
There are some initiatives in the decentralized technology industry that will help make working on open source code easier. For example, the MolochDAO project has collected more than 4000 ETH in donations from various companies including ConsenSys and the Ethereum Foundation.
Regulators will monitor the blockchain industry more closely
Smart contracts are closely linked to blockchain and bitcoin. A smart contract is a code stored in the computing process used to automate business transactions. For companies that will seek to operate on a blockchain basis, this tool will become very important. They will be able to use it to increase productivity.
However, to resolve disputes and disagreements between the two parties, blockchain is trying to enforce the law. This is mainly because blockchain deals with decentralized currencies. Therefore, there is a need for some kind of superior supervisory institution. Before a blockchain network can be established, two business partners will have to adopt certain rules of the game. However, we do not know exactly how this will be implemented.
Tokenization everywhere
With the transition from ICO to STO, the ecosystem is beginning to attract more investments with regulated capital. This will have a positive impact on progress towards greater transparency across the decentralized technology industry. The next wave of financial products, such as derivatives and equity and debt securities, will be the method in which blockchain finally moves beyond payment settlement.
Tokenization will give rise to a blue ocean market, which will acquire unprecedented value in the future. Blue ocean markets is a relatively new term that describes a market with a positive sum game. Unlike red ocean market spaces, this new trend can bring profit to almost any investor. So far, tokenization is in its infancy, but in the future companies will increasingly use it in their activities.
Blockchain will be connected with artificial intelligence
AI has become one of the most popular modern technologies. The basic AI algorithm forces computers to perform functions they are not programmed for.
If this far-reaching technology is combined with blockchain, the results can be astounding. The question remains how blockchain will further influence the development of AI and increase its potential to the limit.
A machine can achieve maximum performance, utility and power if it has access to big data. Most of the big data is available only to the biggest players and is used, for the most part, in analytics. Blockchain, on the other hand, can help everyone to exchange such data easily and economically.
Blockchain is known for its high level of security. So, in this respect, the big data providers shouldn’t worry about anything. They can easily contact AI developers to create complex machine learning algorithms.
Internet of things influence
According to International Data Corporation reports, 20% of all Internet of Things-based industries will be partially transferred to blockchain by 2019. Experts believe that together with the Internet of Things blockchain will be actively used in the field of automated insurance.
Moreover, blockchain will become an integral part of the third-generation security technology. No one will deny that blockchain and the IoT will eventually lead these industries to a new phase of development.
As for digital transactions, they will not only become safer but also faster and cheaper. It is expected that business processes will be automated and the centralized IT infrastructure will be simplified. Microtransactions can also be automated. The Internet of Things will become safer.
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