Top 10 Blockchain Technology Trends That Are Emerging Strong In 2019

Blockchain technology is decades old now since it emerged in 2009. From obtaining the technology behind cryptocurrency, it has come a great way to be recognized as one of the key innovations for businesses today. More applications utilize this amazing technology today and the future looks more promising.

The Blockchain application makes it big in a variety of verticals, from finance to banking, healthcare, retail, supply chains, and more. Whatever your business domain, you must immediately invest in a Blockchain Development service. Before you join the bandwagon, here are the trends in blockchain technology that you should know about.

 

Top 10 Blockchain Technology Trends That Are Emerging Strong In 2019

Federated blockchain

An upgraded version of the basic blockchain model, Federated blockchain allows greater adjustments in personal blockchain with some additional features. With the combined model, the blockchain is controlled by many authorities rather than one organization. For example, a group of nodes selected previously validates a specific block to facilitate transaction processing.

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Asset token

Emerging as one of the innovative trends in 2019 is asset tokenization, which requires the use of digital tokens to prove ownership of physical assets. The main purpose of this technology is to accelerate the process of buying and selling a security. Additional benefits of tokenization include greater liquidity and higher accessibility. These benefits make technology trends an attractive proposition for businesses.

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Stable coins

Because cryptocurrency is always plagued by volatility challenges, the concept of stable coins has emerged as the latest blockchain trend to overcome them. The value of this stable coin is tied to many assets such as gold, silver and even the US dollar. For this reason, fluctuations are minimal, unlike cryptocurrency. Stable coins have emerged as blockchain-based smart investments that have the potential to serve high profits while reducing the risk of volatility.

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Hybrid Blockchain

One of the most prominent blockchain trends this year is the hybrid blockchain trend. As the name implies, hybrid blockchain is a mixture that uses most applications from public and private blockchain solutions. With the hybrid approach, transaction costs are greatly reduced while the possibility of hacking is reduced to a minimum. Blockchain hybrid runs in a closed ecosystem, which ensures that every information on the network remains secure.

Interoperability between blockchain networks

Blockchain interoperability refers to the ability to share information and data across multiple network and blockchain systems. This provides better visibility and access for users on various blockchain networks. Also, users can take advantage of the convenience of transacting from one blockchain to another. The development of a multi-token wallet system is another aspect of blockchain interoperability.

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Blockchain as a Service (BaaS)

Blockchain as a Service is an offering which can be availed by customers to leverage cloud-based solutions for developing, hosting, and using their blockchain applications, smart contracts, and other blockchain functions. All the activities and tasks are handled by the cloud service provider to keep the infrastructure agile and operational. The trend is already catching up, with some leaders such as Microsoft, Oracle, and IBM offering BaaS for enterprises that want to invest in Blockchain without risking heavy investment needed for in-house development.

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Ricardian contracts

Another blockchain trend that has come to the forefront in 2019 is that of Ricardian contracts. These refer to human-readable legal agreements which are agreed and signed by both the parties involved in the contract. Further, the contract is converted into a machine-readable form which defines the intentions of the parties involved. Ricardian contract saves effort and time. At the same time, it is better than a smart contract because it is legally binding which is not the case with the Blockchain-based smart contracts.

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Over-the-counter trading

Also known as off-Exchange, this is an exchange mechanism that involves trading between the two parties without the supervision of the exchange. Since this form of trading offers several benefits including transparency, liquidity, and maintenance of the present market price, it is being embraced as a trend. Cryptocurrency miners, small asset managers, brokers, and cryptocurrency exchange OTC desks are the key participants in the OTC market.

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Convergence with AI

Businesses are fast embracing the powerful combination of Artificial Intelligence and Blockchain. Both the technologies complement each other in more than one way, thus serving truly valuable applications. AI renders scalability, security, and efficiency for blockchain. Conversely, blockchain drives greater trust in the machine-to-machine interactions and lowers the risk scenario for AI app adoption.

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Impact on social networking

Beyond the business implications of blockchain, technology is having a massive impact on social networking as well. Since it has the potential to address threats related to a privacy violation and notorious scandals, blockchain is poised to make social media safer than ever. Further, its implementation is also smartening up the user experiences with high-end features such as content relevance and data control. In this way, users can control what they see and feel more secure as well.

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Conclusion

Considering these innovative blockchain technology trends, it can be said that 2019 is a significant period for this technology and its adopters. Therefore, it becomes imperative that you embrace these trends as a part of the blockchain solution you invest in for your business. The best approach would be to partner with a technology partner that has the right skills and experience. Fusion Informatics is a leading Mobile Application Development Company in Bangalore, India that caters high-end Best Blockchain Development Companies In Bangalore as well. Connect us and we can help you find the feasibility of adopting a trending blockchain solution for your business. Further, we can also develop one that serves as a long-term asset for your organization.