The Future Of Blockchain Technology – Latest Trends

The blockchain technology can be implemented in different ways and for different purposes and that’s why it’s important to know about it and how it’s going to revolutionize the world by 2022 and beyond! This article explains everything about this technology, what companies are using it right now, the latest trends in this industry, etc. By reading it you will learn what blockchain is all about and how you can start using it in your company today!

 

Blockchain Technology Overview

A Blockchain can be defined as an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. Bitcoin was the first application of blockchain technology, enabling payments to be made directly without any intermediary or third party, facilitating the creation of new currency systems and assets exchanges on the Internet without middlemen such as banks or clearing houses to manage transactions. Thus, Blockchain Technology is considered one of the revolutionary technologies on the internet today.

 

Blockchain technology trends

Since its inception, blockchain technology has been taking major strides towards becoming a mainstream phenomenon. Currently, a lot of industries are testing and adopting blockchain technology for a variety of uses. Because of its ability to decentralize data and transactions, many companies have started looking into blockchain as a means to improve efficiency and accuracy in their workflows. Let’s take a closer look at what is going on with blockchain technology today...

 

1. Financial Sector Would Lead in Blockchain Application

In a report released by Gartner, Inc., it is observed that the financial sector would be leading in blockchain applications. The distributed ledger technology will have great growth within the financial sector to reduce fraud and create a more secure system for data transfer. The global blockchain technology market size was valued at USD 203.8 million in 2016 and is expected to reach USD 3,457 million by 2021 growing at a CAGR of 61.3% from 2017 to 2021.

 

2. Demand for Blockchain Expertise Continues to Escalate

Blockchain technology is growing in popularity, with more and more companies investing time and energy into understanding how to use it. As blockchain expert Hire Blockchain Developers India told CNBC, Every day you hear about a new bank that’s using blockchain or a financial institution that’s using blockchain or exchange that’s coming online. The demand for expertise in developing applications with blockchain is heating up. Here are some insights on what you can expect in terms of future job growth for these roles.

 

3. New Governance Models

Blockchain technology is a new area of legal development, and smart contracts are a useful step towards its widespread adoption. While that’s not exactly going to bring utopia to society—much less end crime entirely—it will certainly make it easier for large institutions to do business with each other. In fact, blockchain-based smart contracts have been called the single most important development in commerce since man-made paper.

 

4. The Blockchain-IoT Connection

A Little-Known Fact About IoT And The Blockchain In Your Home: In 2016, Gartner predicted that by 2020 more than 25 billion things will be connected to the internet. While you might not care if your washing machine is on a blockchain right now, in a few years there could be some incredible breakthroughs in home automation and security. Think about it: a single device hosting several smart apps, each dedicated to a different function of your household.

 

5. Better Integration of Smart Contracts and Law

Blockchain technology holds enormous potential to revolutionize legal and business processes, but implementing smart contracts requires developers to know specific programming languages such as Solidity, Serpent, or LLL. Over time, contract templates will develop their own lingua franca and blockchain companies will be able to hire developers to use template-based frameworks without needing them to learn a new language.

 

6. Blockchain Interconnectivity May Move to the Next Level

A number of blockchain development companies and organizations are trying to connect with one another to facilitate cross-industry exchange and collaboration. While we’re still far from a universal blockchain, there is a movement toward greater interconnectivity. As blockchains become more interconnected with each other, it will bring about a new level of transparency, security, and convenience. A smart contract on one blockchain can interact with a smart contract on another through something called an Oracles Service Provider (OSP), which essentially mediates messages between systems.

 

Conclusion

As we’ve seen, blockchain technology can revolutionize almost every industry on earth. In a very short period of time, it has transformed from an alternative payment system into a platform that is revolutionizing businesses around the world. With all of these changes occurring, there is no doubt that it will continue to be a popular topic for quite some time! As with any emerging technology, however, there are challenges and obstacles to overcome.

If you are planning to develop your own blockchain in the future, Hire Blockchain Developers in India at PixelCrayons. Our expert team of developers will help you get your blockchain app developed quickly and will work with you throughout its lifecycle for any updates or bug fixes.