The Blockchain Technology is evolving beyond cryptocurrencies and security tokens it was once limited to. Blockchain caught the attention of many fortune 500 companies and governmental bodies than cryptocurrencies. Companies such as Microsoft, IBM and Oracle already developed their own blockchain and are continuously improving them. Here we shall discuss the latest 15 development in the Blockchain sector.
1. Blockchain Usage in Cybersecurity
Security of internet facilities has proven a daunting task given the frequencies if cyber-attacks on well-established infrastructures. The emergence of ransomware further deteriorated the situation. Companies developed are developing a more efficient blockchain based cyber security solutions as a defence against ransomware.
The blockchain is decentralized technology meaning vital information will never be stored on a single server. This implies hackers will not hold any single computer hostage for its information content. This is because the system owner can retrieve all the information from the blockchain.
2. Content Streaming
Blockchain allows content streaming platforms like Netflix and YouTube to store data more securely and allows for interoperability. With blockchain in the content streaming industry customizable API can be deployed to enable third-party involvement in the platform. Moreover, APIs allow third-party companies to read and write data to the main blockchain conveniently and securely.
Streaming platforms use a lot of computing power to get their services to the general public. With blockchain technology, this huge cost of supercomputers can be reduced. Streaming platforms can tap the processing power of decentralized dormant computers running on their blockchain.
EOS deployed a cryptocurrency powered by blockchain technology to improve transaction scalability. The platform leverages Graphene technology to enable users to handle a huge amount of transaction per unit of time. EOS also uses a proof of stake consensus algorithm to enable significant scaling potentials for commercial usages.
Technically, EOS.IO uses C/C++ coding that gets compiled into web assemblies. Their application is designed around an event that responds to actions. Their models fit the business workflows of many companies making this technology a big deal.
NEO uses virtual machines to run smart contracts on a secure blockchain, also offers the possibility to use high-level programming languages like C#, VB.Net, and Java to develop smart contracts. The first NEO compiler of choice for NEO smart contracts 2.0 is the MSIL (Microsoft intermediate language). Companies with experience in Microsoft.net development could easily implement NEO smart contracts.
5. Microsoft Cryptlets and NEM
Microsoft Cryplets and NEM are amazing blockchain developments aiming to remove data loads of the Blockchain. The aim of these technologies is to securely hash the off-chain load within the blockchain. According to its developers, this will gain a big boost in efficiency and enable big data into the blockchain.
6. Internet of Things connectivity
Internet of things is the inter-connectivity of all devices aim to make data storage and creation as easy as possible. IoT devices encompass everything from wearable devices to home hubs, connected fridges and any other type of internet connected machine.
For IoT devices to function coherently, there is a need for a universal system that ties them together. Furthermore, the system would also allow data interoperability of the network. This is where the aspect of blockchain comes in. since the IoT devices come from different manufacturers, there is a need for a consensus for the blockchain required.
7. Increased use of smart contracts
Smart contracts allow the delisting of third parties from an agreement between two entities. Furthermore, smart contracts have a variety of practical applications in every industry globally. Its application ranges from finance and real estate to logistics and recruitment. Basically, any industry relying on agreements to operate can greatly benefit from smart contracts.
Smart contracts offer the highest level of transparency and security while speeding up transaction processes. With smart contracts, agreements can be executed and verified in real-time in a secure virtual environment. They are most beneficial in getting things done fast and securely and reacting to fast market dynamics.
8. Increased Regulation
As Blockchain gets into all sorts of different industries, regulators and lawmakers are also getting more interested in the technology. Sooner than later blockchain will receive the attention of the tax man. This would rise if governments can find ways to use blockchain technology on a large scale.
Once a new technology pops up and starts minting large sums of money to its adapters, governments get interested. However, government interest in blockchain is not necessarily bad news as it helps to get the technology to institutions. Furthermore, government regulatory frameworks allow for further growth of the technology.
9. Blockchain in the Jobs Market
The ability of the Blockchain technology to verify information in real time has a widespread application. This feature is applicable in industries such as real estate and recruitment agencies. Blockchain the jobs market is using to store job seekers records that can track people through their whole career.
Moreover, blockchain-based recruitment systems allow easy and automatic skill matching of job seekers to the right jobs for them. Companies looking to hire people to spend less time and resources because they could easily access job seekers records on the blockchain.
10. Automation and Privatization
Blockchain improves the efficiencies of digital enterprises and e-commerce to a level that has never been achieved before. The technology allows tokenization of valuable physical assets, digitization of process and coding complex contracts.
11. Rootstock (RSK)
This is a very brilliant project aiming to introduce smart contracts into the Bitcoin Blockchain. Rootstock uses the Solidity programing language as its smart contract language. Solidity is also the programming language of choice used in the Ethereum blockchain smart contracts. Rootstock makes it easy for Ethereum blockchain coders to migrate to bitcoin and build amazing smart contracts on Bitcoin.
12. Asia and the Middle East will Aggressively push Blockchain
Countries in Asia and the Middle East are getting more aggressive into Blockchain technology than their counterparts in Europe and America. Additionally, some of the largest banking institutions in this region are forging ahead with Blockchain projects or service offerings. Most of these innovations are moving towards the creation of payment services.
For example, some banks in Japan and South Korea are already testing their blockchain technology platforms. The aims of these projects are to achieve same-day international transfers at a cost reduced by at least 30 %
13. ICOs Improving and Becoming a Norm
ICOs became a major means of raising investment capital by cryptocurrency companies in 2017. The zeal continued into 2018 and development is increasing into this sector. Moreover, the efficiency and transparencies of raising funds through ICOs will overtake venture capital funding.
14. Finance and Insurance will go all in
Blockchain has got deep into the roots of the insurance and finance industries. Services offered in these industries require real-time security of the platform and a high level of traceability. The insurance industry involves a lot of claim processing and complex multi-party processes like subrogation. Furthermore, this business has features that blockchain based automation can easily deployed. Recently JP Morgan revealed it will open a cryptocurrency trading desk at the bank.
15. Better Scalability and more Micro-Payments
In late 2017 most of the existing Blockchain hit their upper limits as demand outpaced the network capability. Last year the blockchain industry took the first attempt towards the problem of blockchain scalability. Moreover, one of the approaches is the introduction of the lightning network on the Bitcoin blockchain. Currently, the lightning network is testing by some few tech-savvy users.
However, this technology will soon be available for widespread use by everybody. The developers of the lightning network promise a well-designed intuitive UI for everyday users.
Eventually, these are some of the few developments in the blockchain and cryptocurrency space.