We are two decades deep into the 21sy century and technology sure is soaring high like the sci-fi movies once promised the world. One such example of technology is Blockchain. Blockchain has once again divided the world into believers and non-believers, just like the time world was divided into flat-earthers and round-earthers.
As 2018 nears its end, advancements in blockchain technology beyond cryptocurrencies become clearer in sight. Blockchain app development companies have been on their toes to present the world with a new technology. The applications that Blockchain technology has presented the world with can be implemented in any and all industries possible. Let us move forward to have a look at what Blockchain has given the world in 2018 and what do the predictions for 2019 look like in terms of technology.
Blockchain developments in 2018:
- Blockchain beyond cryptocurrencies:
Until now, Bitcoin remains the first and best known practical application of Blockchain technology. But over the year 2018, Blockchain has shown high potential in several other areas and industries. It would not be wrong to say that Blockchain as proven its potential to be Omnipresent. In the areas of security, banking, healthcare, Education, Supply chain, On-demand, and almost every other industry has been covered by the applications of the blockchain.
So even if the trend of cryptocurrencies in the world turns out to be a fad, the underlying technology of blockchain has enough proven applications to take the world by storm.
- Blockchain in 3 printing:
A software company named LINK3D, which is into Additive manufacturing(AM), is progressing on integrating 3D printing with blockchain technology. For Additive manufacturing, Blockchain technology can provide middleware which can stabilize any untrusted distributed network without blocking its functionalities in all the industries. Blockchain technology is already integrated with the company’s SaaS product which a digital factory, that is seen as a major advancement in the product and resultingly allow enterprises to deploy data governance and ensure data validation.
- Smart Contracts:
Smart contracts are self-executing contracts that are considered one of the most valuable applications of Blockchain technology. Smart contracts are formulated in a way that they verify all the regulations and accordingly process the transaction without the need of an intermediary. Smart contracts can be put to use in several different scenarios because they’re one of the most reliable methods of finalising a contract.
Blockchain predictions for 2019:
- Blockchain applications in Economy and Finance:
With the introduction and acceptance of cryptocurrencies in the world economy, it would be a much easier task to accept blockchain technology into the financial world. In fact, a few banks have already implemented blockchain technology for a number of their operations. And this is being undertaken since the year 2016. As per a PWC report, 77% of global financial institutions are expected to make Blockchain technology a part of their process by the year 2020.
- Blockchain integration with Government bodies
There have been predictions and assumptions that several government bodies across the world are interested in adopting a distributed decentralised ledger. The idea about Blockchain technology to be associated with Government is attractive to the authorities that are required to administrate huge amounts of data. And currently, each subpart of a national Government body maintains a separate database and that compromises the transparency of the system and takes longer periods of time to process a single request.
So it is clear that Blockchain technology will be a big help in this scenario. In fact, Estonia has already implemented Blockchain technology on a governmental level, in the form of X-Road. X-Road is a decentralised digital ledger that consists of all the information about all the residents of Estonia.
- Blockchain will meet the Internet of Things (IoT)
Many IoT companies, including the IDC or International Data Corporation, are taking into account the pros of implementing Blockchain technology into their solutions. Therefore, according to an IDC report, IDC experts believe that close to 20% of IoT deployments will allow Blockchain by 2019.
This is because Blockchain can provide a safe and scalable framework that can enable communication among IoT devices. And Blockchain has been considerably more resistant to cyberattacks than any other modern security protocol. And besides, Blockchain can enable smart devices to make automated transactions in a faster and cheaper way.
These are the major applications of Blockchain which will be in news all through next year. And although the initial development cost of a Blockchain system of a company can be high, this technology is sure to reduce the over capital investment for any enterprise. There many other things which have been in news as predictions for coming time regarding blockchain technology such as, law integration with smart contracts, Surge in the demand for Blockchain experts throughout various industries, Formulation of national cryptocurrencies, which are all huge developments and will require time and capital to become a practice. Let us wait and see what blockchain has in store for us in the coming years.