Blockchain Trends to see in 2019

The moment one hears about Blockchain, one thing that comes into mind is “Bitcoin”. It is because it’s the first digital currency to hit the market, and also because of the profit earned by thousands of people who invested in it. As entrepreneurs have scrambled to launch digital currency-based businesses and investors have traded this volatile form of exchange. Hence, Bitcoin, Litecoin and other digital currencies have generated a lot of buzzes.

But Blockchain, besides bringing up digital currencies into the market shares extensive use cases that makes it one of the most prominent technologies discovered so far. Blockchain can be used to ensure regulatory compliance, improve supply chain management, increase data security, make healthcare sector more profound, and effective.

What makes Blockchain so appealing?

Blockchain which is a “chain” of an unchangeable and secured set of records. It is a comprehensive peer-to-peer network of interconnected computers that operate free of any central authority that would normally act as overseer as the most secure and faster technological base developed in the global market. But this technology is yet to be explored because we’re still in the primary stages

Considering all these aspects, it necessary for us to have a look over the potential of this technology in making the global market run more smoothly and effectively! In the below context, we’ll observe the list of blockchain trends to watch for in the year 2019.

1) More sectors will be reclined towards the Blockchain technology

Besides the digital currency market, Blockchain has found more potential areas, be it voting, food safety or shipping. Big brands like Walmart, IBM and Amazon, are exploring ways to capitalize on the technology to streamline processes in fields such as supply chain, medical data and administration, and narrower applications of the technology. For example, in the 3D printing space, Blockchain makes it possible for organizations to apply data governance, identify provenance, and ensure suitability and validation of the employees. The gemstone industry uses Blockchain to ensure transparency, tracing a stone back to its origins to safeguard the authenticity of the stone, thereby, knowing that the stone is real and not the product of conflict mining. Beyond this, Blockchain is being used to address climate change issues, including carbon emissions and food waste. These examples are still a few aspects of the growing technology, which is expected to penetrate more potential areas.

2) More Blockchain based startups will hit the market.

Blockchain has drawn the attention of thousands of Serial entrepreneurs from all over the world, some have already started taking initiatives and expectedly in the year 2019, more startups will be using the technology to solve problems in an innovative way, such as there is a serial entrepreneur who is presently working on launching the world’s first professional fantasy football league by using the Blockchain to ensure transparency and honesty.

3) Applications will be built over the blockchain interface

The numerous in-built features brought up by the blockchain technology will bring organizations to move beyond the proof-of-concept stage and will get into the widespread adoption as they will realize the cost savings and enhanced security that can be achieved by the platform. Further, it’s expected that blockchain application development will revolutionize technological advancement.

4) Blockchain will be significantly used for identification purpose

With data breaches and cyber attacks now being at the commonplace, the Blockchain will be put to use to increase security, including personal identification. This might be for shopping online where the retailer needs to ensure a consumer’s identity while also safeguarding any personal information gathered, in compliance with regulations such as GDPR. For example, Shopin, a startup for improvising the shopping experience of users has been successful in creating a universal shopper profile using blockchain technology that is framed such as to store a consumer’s purchase history, while sharing that data with the organizations the consumer chooses, unlike the widespread sharing of consumer data that goes on today.

5) Blockchain technology will improve the Internet of Things (IoT)

Blockchain technology is expected to improve further the Internet of Things (IoT) where apps will run anywhere by building trust, reducing risk, decreasing costs, and speeding up transactions. This year, it is estimated that 20 per cent of all IoT deployments will have at least basic levels of blockchain services enabled.

6) Speeding up the AI infrastructure

Over the years, Artificial Intelligence (AI) has emerged as an entirely different stream that needs data to function, and the faster the AI can access more significant volumes of data, the better it gets. With the intrusion of the Blockchain, data will be more secure, reliable and faster, making it possible for AI to access Big Data, thereby vastly improving the performance of the AI.

7) More jobs will be created

The above six predicted trends, clearly show that the demand for blockchain developers will explode in 2019, as increasing numbers of organizations see the benefits of the Blockchain, and start adopting it and building apps on it. For instance, consider the following case study:-

Popular freelancer site, Upwork admitted that an increase of more than 35,000 blockchain freelancers was depicted over the time, making Blockchain the fastest-growing skill out of more than 5,000 skills in terms of freelancer billings. Further, techno-based freelancer platform, Toptal, admitted that the demand for blockchain engineering talent grew by 700 per cent, and the number of fully managed software development projects requiring blockchain skills is also on the rise.

Offside of the Blockchain world

Besides the numerous benefits being served by the blockchain technology, we must not ignore the off side of it, which shows that the year 2018 was a challenging one for the blockchain world. The adoption of this technology by the industry was less outspoken than predicted. Blockchain spending by companies went slower than expected, while many ongoing projects were stalled or even stopped. This had much to do with the turbulence on the digital markets. And that is not that strange as many still see a close link between bitcoin and blockchain technology. The digital currency markets lost more than 80 per cent of their overall value from the beginning of the year — additionally, increased government scrutiny and outright bans of certain activities like digital currency trading, ICOs etc.

Since 2018 has come to an end, many of us might be wondering what awaits us shortly. Where are things going, and what are the trends and developments ongoing in the blockchain ecosystem.

It is thus time to give an insight into predictions for blockchain technology for 2019 and beyond. In 2019, the blockchain industry is likely to blossom and will improve its image in terms of digital currency usage and adoption. Further, it is believed that a lot of businesses are actually sceptical of Blockchain and unwilling to adopt this technology just because it is too much associated with digital currencies, and especially the very first Bitcoin. The blockchain industry is expected to try working its image in 2019, and separate Blockchain from the digital currency in the minds of business. This for blockchain adoption to happen on a larger scale, It should be broadly communicated that blockchain technology can have numerous use cases that are completely unrelated to digital currencies.

Summing up to these aspects, the year 2019 will see a shift in terminology. People will get to know the real significance of the blockchain technology that has more meaning than the digital currencies. Companies are already experimenting with new functions of the technology daily, and the full range of applications for Blockchain is beginning to emerge. In a bid to eliminate inefficiencies and streamline processes within their businesses, we, therefore, may expect to see huge growth in the number of traditional companies incorporating blockchain technology to provide solutions for everyday business problems, using Blockchain to either supplement existing systems or create entirely new business models.

Thus, Blockchain technology is set to enter a new era in 2019, with many industry experts expecting the technology to be more widely adopted by mainstream companies. As more and more companies are moving towards this emerging technology, we can expect that investments in this technology will further rise. Furthermore, this year, Blockchain will further revolutionize business processes for many industries. The technology is poised to change various industries, the financial services, and banking industry, as well as the shipping and supply chain industries being the most significant.

We are slowly but surely beginning to witness also the gradual disruption of other industries such as insurance, healthcare, retail, education, loyalty etc. Likely, these the disruptive impact of Blockchain on these industries will further grow as blockchain technology will become more popular and in the near future, we can expect that this technology is designed to verify the identity and protect the privacy of people and assets across traditional borders.

With blockchain innovation moving fast and its adoption is increasing, the industry must adapt and have an open dialogue with regulators to ensure progress does not come to a halt.

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Wharf Street Strategies

WSS is a dynamic technology company empowering start-ups and businesses across the world.