Knowing About The Blockchain Trends Bound To Influence The Business World In 2019

The use of blockchain technology, especially in business is growing every day. Some businesses are embracing the cryptocurrency aspect of it and others are looking for and implementing other usages of this technology. Like any other technology, blockchain is also evolving constantly and with its growing popularity and effectiveness, knowing about these changes and the latest trends has become important.

Points To Remember – Latest trends regarding blockchain technology you need to know about are:

Increased Digital Asset Services – This one may come as a surprise because, in 2018, the price of cryptocurrencies has dropped significantly but that is no way an indication that the market is going to evaporate. According to surveys and reports, cryptocurrency is the future, whether you personally are going to use it or not. Keeping this in mind, businesses are looking to have custodial services for digital assets. At present, the financial industry is more active in this area but in future, others are going to join in.

Improvement In Privacy – Better security and privacy has always been USP of blockchain and things are only going to get better with time. Transactions are transparent here but that is not something everyone wants to pursue. So along with the open platform, blockchain offers a permission version. Despite that, better structure and security will be required and the technology will come through. Being prepared means, you will be ready for the revamped privacy settings and features when it rolls out.

Better Scalability And Micropayments – Back in 2017, blockchain hit its capacity as the demand outgrew the available supply. In 2018, the solution was rolled out for more tech-savvy users, the Lightning Network on Bitcoin. It allows users to make small payments to each other. It seems in 2019, a more user-friendly version will be released for the average user. This way, an average user will be able to make small payments off the blockchain network without major drawbacks.

Test For Existing Blockchain Projects – A number of blockchain projects launched during 2017 and 2018 has proved that the world does not different cryptocurrencies to pay for different services. It can be done with only one currency. This has hurt a number of companies. The trend will only intensify in 2019. So, the existing projects will be heavily tested and businesses need to buckle up accordingly.

Wider Use Of Timestamping Will Happen – Due to its tamper-resistant design and time-stamping features, blockchain has already proven to be quite helpful in storing proof and using them as required. It is anticipated that businesses will implement this feature with greater effectiveness in 2019.

More Information On The “Oracle Problem” And Potential Solutions – Its been widely predicted that blockchain is going revolutionize a number of areas including how goods are traced throughout supply chains. In theory, blockchain is presumed to create transparency for everyone like never before. The problem with this concept is that blockchain has no idea about what goes on in the real world. So, it requires someone to tell it the truth which has been dubbed the “oracle solution”. This may seem to be the perfect solution to the problem but it also creates a weak link that can be corrupted. So, the world is striving towards finding a better solution which will be an important part of 2019.

Advancements In Decentralized Identity – 2018 saw a huge breach in their trust or security, depending on the platforms they were using. Since then, the demand for a digital identity where the user will control which data is accessed by whom. This alternative is being developed to provide people with a choice if they so desire. It is anticipated that the first version of the technology will be available in 2019.

In short, blockchain technology is evolving and becoming more accessible to business and people. It is high time to prepare for the future and keeping an eye on the latest trends will help with that. At Sirchend Softwares, we have been actively working with blockchain technology for quite some time now. We are capable of answering the questions you may have and provide the services you may need. To know more, please contact us and talk to our representatives.