Blockchain is a revolutionary technology that changes the way digital information is stored and shared. Its decentralized nature means that there is no single point of failure, and the data stored in a digital ledger is incorruptible. It can root out rogue transactions, thus ensuring data security and information integrity.
Blockchains are not just ideal for handling cryptocurrency transactions; they can be applied to almost any business that relies on information sharing and the authenticity of transactions. Cryptocurrencies such as Bitcoin only serve as a use case or proof of concept for the Blockchain technology, and as such, it is ready to take the world by storm.
Here are some major blockchain trends we expect to see in 2019:
Blockchain to be adopted in shipping
The shipping industry is one of the most complex industries in the world, with a lot of moving parts. Shipping an item from one place to another involves a lot of paperwork, from tracking the object itself to managing the mode of transport, the people assigned, the operational costs and the time-boxed nature of the work. It requires a lot of effort, and there’s a lot that can go wrong (and a lot that already does go wrong).
Blockchain can help improve the logging process in the shipping industry, introducing transparency and traceability and thus allowing everyone involved to monitor each step in the process and identify mistakes, mis-categorizations and mismanagement.
Blockchains are set to revolutionize the food industry by introducing food item traceability and workflow transparency into the mix. Origins of food items will be much easier and faster to track, allowing food retailers to identify precisely where substandard food items are coming from. It will also be easier to track expiry of perishable goods. Furthermore, blockchains will prevent fake transactions from unreliable suppliers. The entire food production process will be logged, and any unwanted changes anywhere in the chain will be seen by everyone involved and denied easily. This will push the industry towards more ethical practices.
Many major food companies including Nestle, Unilever, Carrefour, Walmart are already working to set up blockchain networks within their supply chain process, and this trend is expected to grow in 2019.
Every year the art industry suffers from counterfeiters and art thieves because of that it becomes more complicated to prove the authenticity and ownership of the artwork. Thus, Blockchain is an excellent way of ensuring work’s origins. Furthermore, this innovative technology gets rid of the middleman which saves a lot of money for artists, art dealers, and collectors.
Some gaming franchises are already utilizing blockchain, and cryptocurrency enabled payments for in-game asset purchases. Gamers are already familiar with various in-game currency models. Blockchain, however, can lend support to the gaming industry beyond just financial transactions.
Blockchains can provide decentralized asset exchanges for gamers, which will prevent many scams. Furthermore, the scarcity of virtual items and collectibles can be verified quickly and easily, allowing gamers to know exactly what an item is worth. Game developers will also be able to monetize their franchises properly. By 2019, we can expect significant game franchises to start utilizing the blockchain technology to make the industry much more secure and reliable.
What other major blockchain trends do you expect to see in the next year? Do you think the blockchain technology should be widely adopted by various industries? Let us know what you think in the comments section below!