Latest Blockchain Development Trends That will be in Focus

Bitcoin was based on Blockchain technology and was first introduced in 2009. After that we have seen many other cryptocurrencies coming into the market and with that the Blockchain technology has been witnessing kind of revolution in the digital currencies market. With the passage of time, Blockchain is evolving more and providing new incentives and opportunities for the financial sector and corporate world.

As per a research report, about 2/3rd of the companies would need services of a Blockchain Development Company as they would be integrating the Blockchain technology by this year end. The Distributed Ledger Technology (DLT) is providing the power and impulse to so many industries other than the finance. Therefore, the tech enterprises have already started working to upgrade this technology even more. The last few years have been highly successful in this area and we have seen many big companies like Microsoft, IBM and Oracle launching the cloud-based Blockchain services and the upsurge in the number of Blockchain-based applications pointing towards their better prospects in future.

There is no doubt that we have being seeing faster evolution of blockchain in past few years. From a technological perspective, it has pushed new boundaries but it still has lots of steam left. When we compare it to other technologies, it has a lot to offer. That’s why it is important for you to watch out the top blockchain technology trends which will be dominant in coming years and I am going to discuss about those now in this article. Let’s start.

Many Countries may adopt Cryptocurrencies

Bitcoin and many other similar blockchain based cryptocurrencies till now have been operating beyond the purview of any government thus enabling safe, secure, peer to peer transactions immune to exchange rate fluctuations and political events. But countries are now more seriously considering an implementation of national blockchain based cryptocurrencies. Russia has come forward and announced its intention in this regard. This will give rise to more demand for innovative blockchain development companies to work in this direction and develop amazing blockchain based solutions.

There Can Be More Blockchain Startup and More Shutdowns

We have seen huge demand for blockchain technologies for various segments, mainly financial and institutional which will give rise to the growth of many blockchain development company startups. But due to the narrow focus of their research, many of these are likely to shut down as fast. Blockchain development trends show that actually there is a need for more widespread inclusion of other key technologies like AI and machine learning along with complex programming with blockchain development for distributed ledgers to be fully functional and highly secure. Therefore, more expert and experienced multi-dimensional blockchain development companies will be more successful.

Blockchain As A Service(BaaS)

As we have seen, blockchain is no doubt one of the most revolutionary technologies of this century. It created so much impact that so many of startups and enterprises have started working on their own blockchain solutions. But it is not always feasible to create, maintain and manage your own blockchain solution. That’s why Blockchain as a Service(BaaS) comes in. BaaS is a cloud based service that allows customers to build their own blockchain powered products including smart contracts, apps, and use other blockchain features without the need to setup, manage or implement blockchain based infrastructure and solutions. Large companies like Microsoft, Amazon, Oracle and others are already providing this service. It looks like adoption of the use of BaaS will grow in 2019 and beyond.

Greater Adoption of Blochchain Technologies in Economy and Finance

Leading banks and financial institutions are increasingly pursuing blockchain technologies for enhanced security and faster transactions. These transactions can include everything from currency transfers to smart contracts under the highly protected and confidential environment. Some banks are also considering launching their own blockchain cryptocurrencies to reduce dependence on bitcoin like cryptocurrency. These banks and financial institutions will switchover to apps based on blockchain for tighter security to avoid risks of financial frauds and cybersecurity issues which are so much happening with existing technologies these days. That’s why its looks like blockchain development services will be in good demand in years to come.

Convergence of AI, ML, IoT and Blockchain and most Businesses Adopting It

Blockchain has already proved how much useful it is in smart contracts. Many businesses have already started implementing AI to handle large amount of customer’s data and interactions with them. The two latest technologies, AI and blockchain are likely to converge as AI needs large amount of data for machine learning and blockchain can permit reliable data authentication and access. Therefore, the companies which are already expert in AI and blockchain will come forward to deliver intelligent and secure business solutions. Also blockchain in IoT improves further security and brings uniformity. It looks like blockchain in IoT will speed up transactions, reduce risks and build trust among entities. Hence, the developers who are expert in AI, ML, IoT Developer and blockchain will be in high demand as expertise in many fields will help them to consult industries and businesses about how blockchain solutions can best fit into their enterprises.

Conclusion

We can easily see that the Blockchain technology has a great future ahead and it looks like it will not only positively impact businesses and enterprises but it will also influence people’s lives. The blockchain technology will encourage individuals, companies and governments to introduce new cryptocurrencies and cryptocurrency exchanges. AI, IoT and Blockchain, all of these technologies will keep on evolving parallely in years to come and they will meet somewhere in between to produce better performing highly innovative blockchain based intelligent solutions. The companies which will excel in all of these three technologies will lead the way forward.