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Trends That Are Shaping the Future of Blockchain Technology

There has been lots of hype buzzing around on Blockchain Technology over the past few years. However, what does all of this exactly tempting towards the near future?

Experts define Blockchain is an amazing technology that is entirely shaping the overall businesses. We have witnessed multiple digital currencies making their way out and the Blockchain technology revolutionizing the market space.

The Blockchain has raised one step further to offer new opportunities to the financial sector with the corporate world as well.

According to a study, around two-third of the firms decided, to implement the Blockchain technology by the climax of this year. The Distributed Ledger Technology (DLT) is providing the power and incentive to the majority of industries. The tech giants have already started upgrading their technology.

The Consensus is one example of the most significant aspect of the blockchain. FedEx CEO– Fred Smith publicly embraces the technology to an extended debate between the two blockchain leaders “Joe Lubin” (founder of ConsenSys) and “Jimmy Song” (an investor at Blockchain Capital).

The overall trends that were predicted for shaping the future of blockchain are:

The Blockchain and Content Streaming

Content streaming is a giant industry, and there exist a handful of platforms that dominate it.

Almost all the Wi-Fi-based household operates a streaming service, around 75% of Netflix subscribers, 33% of Amazon subscribers, and 17% of Hulu subscribers.

Utopi is an innovative firm using blockchain technology to enhance streaming content. Utopi customers exchange blockchain tokens for live streaming events such as classes, events, and concerts.

The Combination of Blockchain with Artificial Intelligence (AI)

Almost everyone knows what Artificial Intelligence (AI) is and how it bangs a blockbuster in the technological arena. The AI has allowed machines to perform extraordinary functions that no one thought of.

To access the big data, the machines are required to give its maximum output value and capacity. The big data is mostly available for the mainstream and is kept reserved for the analytics purpose. To exchange any data hassle-free, then you might need the Blockchain as it is familiar for its robust security.

So the big data providers can easily connect up with the AI developers. This not only simplifies the development of complex machine learning algorithms but also the devices can access the data to gain artificial sentience.

The Impact on the Internet of Things (IoT)

The report of the International Data Corporation (IDC) says that by 2019, 20% of all IoT firms will inherit the basic level of Blockchain technology.

Also, the experts believe that the Internet of Things together with Blockchain will see the wave in the automated insurance policies. Furthermore, Blockchain technology in the third generation security will become a crucial asset.

Using the tech, the digital transaction not only becomes secure, faster but also affordable. It will automate and simplify the business and complicated centralized IT infrastructure resp.

Blockchain Will Become its Own Asset Tracking Tool

The experts believe that within a few years, the Blockchain technology tokenization process will skyrocket in abundance. Even if you want to spell it out this will be using the tokens or coins that denote specific assets.

Users can track an asset using this token when it comes out from the supply chain. Similarly, the tokens can be used to represent the convertible assets in traditional currencies. Additionally, there’s not a single exchange risk associated with this Blockchain solution.

The Blockchain Network to Integrate the Rule of Law

The Smart Contract is linked to the Blockchain and bitcoin as well. Smart Contract is used for business operation automation process. So, this tool will be prominent for the businesses looking to control the Blockchain solutions.

However, to solve any dispute between the two business groups, the Blockchain is striving to enforce the rule of law. The dispute is mainly for the reason; it is a decentralized currency without any authority.

Both the parties will have to agree the specified rules prior to joining the Blockchain network. However, no conclusion has been reported on how to enforce the laws.

Moving from the Pilot to Production

According to the experts, the Blockchain technology was mainly targeting the pilot projects. However, some of them got dumped and others progressed up to the production stage.

So, the Blockchain will further help the enterprises to decide which technology to implement for raising the project value.

The Blockchain a Boon for an Array of Industries

The Blockchain is reinforcing majority of financial industries and the insurance sectors as well. The transaction is said to become easier while incorporating the smart contract advancement. It also serves in supply chain and payment in international currency.

The insurance sector will surely reap wide benefits by using the technology. The Blockchain will simplify the claim settlement process and that too without any fraud claims. The government, transport, education, and healthcare industry will also enjoy the benefits of Blockchain technology.

Asia and the Middle East to be a Huge Blockchain Markets

The prediction and report say that Blockchain will achieve more limelight in the Asian and Middle East markets as well. This is because the customers have already seen the big interest in this technology.

In addition to this, the banking system has already begun to test the Blockchain tech. It cuts down the cost nearly 30%. One such example is Japan and South Korea.

The Cyber-Security will become Robust

After the continuous attacks, the cyber-security needed much attention to strengthening the system. Here the Blockchain will surely act as a protective covering for the digital currencies.

An issue such as Equifax has allowed bringing a safe Blockchain identity approach to secure the current identity data systems.

Now you know about some incredibly awesome trends that you will be using in the near future. Blockchain will surely take our generation to a great height as this remarkably advanced tech is here to stay, so pay attention to these trends, invest wisely, and actively make your move!

 

Photo By Panchenko Vladimir

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Sara Noah

Sara Noah is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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