Emerging blockchain trends are getting everyones attention. Blockchain is the fastest growing technology in the world. In past few years Blockchain growth has quadrupled in terms of adoption, market capitalisation and investment. Though tech itself is fascinating but keeping up with fast paced and continuously popping new trends has been a real challenge for its affiliates. Blockchain got its real break from Bitcoin a cryptocurrency but its actual prospects remained underestimated. Until tech and business giants like IBM, Linux, Microsoft and Amazon realised its potential in other industries and poured money into its research and development. This pushed blockchain into its investment phase and its early adapter started to realise the fruits of blockchain in every industry they could possibly think of. Blockchain is inherent to cut out middlemen, dramatically improve efficiency and transparency which is an ultimate desire of every running business. Early Adapters of blockchain are going to make most out its potential and will be able to enter mainstream market in a stable fashion. This requires of them to be ready to embrace the technological shift and stay updated to latest trends.
Source: Accenture Research
Lets have a look at the latest emerging trends of blockchain in 2019.
- ✔ DAPPs
- ✔ blockchain IOT alliance
- ✔ STO
- ✔ Blockchain beyond fintech
- ✔ MusicIndustryAdaption
- ✔ Blockchain Powered Public services
DApps and Defi
More and more companies are creating decentralised application to automate their business processes securely. Decentralised finance, Defi, Decentralised finance a sub category of DApps saw a major up tick in initial quarters of 2019 and are expected to grow even further. Vast variety of DApps developed on ethereum included DApps for games, decentralised exchanges, social media and content distribution, automated payments and voting and identity management.
Blockchain IOT Alliance
Internet of things is another technology with a lot of promises about automation and smart cities. A key challenge that IOT has to overcome is data security. Blockchain is being used to secure data exchanges between IOT devices by companies like SmartAxiom , Xage and HYPR. This could prevent a compromised device from malfunctioning the whole system. Despite all the benefits the biggest challenge for blockchain to be widely adapted is to accommodate the sheer volume of data
generated by millions of IOT devices. As IOT growth has been increasing at a rapid speed researchers are implementing new techniques to increase transaction processing speed on blockchain.
Security Token Offerings aka STOs
The growing popularity of Initial Coin Offerings also attracted the snake oil salesmen and people fell for their scams and frauds. This forced multiple governments and leading social media platforms to enter digital asset space and enforce regulations on ICOs. The solution that emerged is STO which is a hybrid of ICO and IPO. It has most of the benefits of ICO like swift fund raising and is also regulated like an IPO as vetted and accredited investors can take part in token sale. As of 2019 popularity of Security token offering has grown even more. While ICO are purely speculative and based on promises STO are asset back token which make them more practical. STOs saw a 130% increase in first Quarter of 2019.
Blockchain Beyond Fintech
Mostly famous for its most promising application in fintech , blockchain is on the verge of fundamentally revolutionising supply chain, health care, elections and real state. Blockchain is a real deal to fill efficiency and trust gap between parties.
In supply chain it offers traceability , tackling counterfeits, authentication of real goods and proof of promises made by suppliers about their product. This increases consumer trust in company and increase brand value.
In Health care blockchain offers secure tamper proof data storage of patient’s medical history which can be shared among docker without any risk.
Tokenisation of Real estate ables property owners to offer digital token for their property. Blockchain can track these investment by time stamping transaction immutable thus limiting risk of fraud.
Image source: NCTA.com
Blockchain in music industry
One of the most peculiar but plausible adaption of blockchain is done by music industry. Blockchain can eliminate music distribution platforms between artists and fans and also tackle the piracy and illegal rights issue. Listener can make micro payments directly to artists bypassing third parties. Many music companies have already provided unique solutions using blockchain what it requires is just global recognition.
Blockchain Powered Public Services
Estonia is a real example of digital society. Most of the public services are offered by government digitally that does not involve any paper work. Taxation, registration of vehicle, voting and many other services provided digitally are backed by blockchain technology. Now many other countries are also catching up with the trend and investing in blockchain to evolve in to digital society by securing and tracking data using blockchain. For example blockchain technology can be of perfect use to trace and record tax revenue.
If you want to invest into any of the above industries than contact your blockchain development company.