Evolution of blockchain industry over the past few years has been incredible. Blockchain has been a major contributing factor to the world’s technological development. This article will take you through some of the most anticipated blockchain technology trends of 2019. The trends will guide you on what to expect from blockchain and its changing technologies.
Blockchain As A Service (BaaS)
The blockchain is one among some of the most radical technology of the current era. A game changer that can resolve quite a number of tasks and problems. One can’t help but notice that most firms and startups are creating their own blockchain solution. Firms such as Microsoft and Amazon are already providing BaaS.
Blockchain as a Service (BaaS) lets clients create their own smart contracts and blockchain-powered products, and access other features without being required to set up a blockchain-based structure.
Hybrid blockchain offers you the best of both worlds and is worthwhile. It has the features of both private and public blockchain. It’s an ideal customizable solution which also provides integrity, transparency, and security. Some use-cases of hybrid blockchain include its incorporation in banking, hybrid IoT, corporate/enterprise services etc.
Another ideal evolution of the normal blockchain standards is the Federated Blockchain. It is ideal in that it can be used for certain specific and private cases such as financial services, insurance claims and supply chain management.
Federated blockchains and private blockchain are the same but only with a twist. Instead of being controlled by one organization, many systems can pre-select nodes and regulate the blockchain. Selected nodes guarantee that the block is established for managing transactions. Walmart’s already uses IBM’s blockchain for food traceability.
Fundamentally Ricardian contracts are an authorized contract for a common understanding among parties. Ricardian contracts are considered a 2019 blockchain trend. It binds technology with legal contracts. The contracts are verified and signed cryptographically.
Understanding the Ricardian contracts is simple as it uses human-readable text. It’s a great solution for both computers and humans to understand each other without a mediator.
Interaction between Blockchains
2019 will experience improved technology which supports blockchain interoperability. With time, new networks that are blockchain based emerge. The new chains improve blockchain interoperability between various networks and systems. It also makes the blockchains more compatible. For instance, blockchain interoperability enables you to send information from EOS to Ethereum blockchain. Other vendors include WanChain, BlockNet, and Aion.
Stable Coins may see an improvement in 2019. As the name suggests, these coins rates are stable. They do not rely on market conditions because they are supported by fiat currency or commodity. Tether is an example of stable coins. Unfortunately, Stable Coins operate on rules and a centralized system. Due to centralization, issues of trust can emerge among the investors.
Up until 2018, ICOs have been a way of getting funds from the market. Since ICOs have been unregulated, security tokens will now protect the rights of an investor during the ICO process. The tokens may trend in 2019 because they are regulated and are offered through Security Token Offering (STO).
When it comes to the blockchain, great ideas are expected. The impact blockchain has had in the past years is substantial and this year looks more favorable for further growth.