What is Blockchain?
A system that records information in such a way that makes changing, hacking, or cheating difficult to impossible is called Blockchain. Essentially it is a digital ledger of transactions that get duplicated and distributed across the globe on thousands of servers. Anyone on the network has access to everyone else’s entries in near real-time.
Bitcoin was one of the first applications of Blockchain followed by other cryptocurrencies. The financial industry initiated exploring Blockchain however it is a quickly-growing area of growth for companies across industries. Blockchain remains as one of the most promising technologies today. Let us take a closer look at upcoming Blockchain innovations and the way it is shaping different industries.
1. Plethora of applications
Blockchain is successfully being used in industries outside of cryptocurrency like shipping, voting, and food safety. IBM, Walmart, and Amazon are some of the brands that are heavily investing in ways to better use this technology. The gemstone industry is employing Blockchain technology to track a stone’s origin as well as to ensure transparency and value. Advancements are being made in medical data, supply chain, and administration processes by industries of all sizes.
BaaS which stands for Blockchain As A Service is a trend to watch out for. BaaS is a unique cloud-based solution that allows consumers to develop their own digital products using blockchain. Amazon and Microsoft offer BaaS services; several businesses choose Blockchain app development services. Digital products like application-driven applications, cross-border payments, smart contracts or other services can operate without actually needing the complete blockchain-based infrastructure.
3. Social Networking
Blockchain integration in social media is just a matter of time. Issues such as privacy violations, scandals, and data control can be resolved with Blockchain applications. The data exchanged on social media can remain undetected and non-duplicate, even after a deletion with a Blockchain application. It will ensure data is more secure and stays with the owner and not the platform. It would be interesting to watch if any social media platform is ready to do so.
4. Adjacent technologies
Adjacent technologies combined with Blockchain will assist in exploring possibilities that have not been thought of yet. With data that is secured Blockchain will better inform and strengthen underlying algorithms. As Blockchain can audit and enable enhanced insights derived from data that network participants trust.
5. Government Agencies
The government officials who have to manage large amounts of data find the idea behind distributed ledger very motivating. At present, all the agencies have their own database; however, with Blockchain technology, the agents can improve their functionality with efficient data administration.
6. Validation Tools
There are billions of devices connected to the internet. This makes device networks prone to hackers. With an urgent need for data protection, validation tools along with crypto-anchors, IoT beacons and oracles, mechanisms that link digital assets to the physical world by infusing outside data into networks. This not only eliminates reliance on humans for data entry but also improves trust.
7. Usage of Stablecoins
Stablecoins were introduced to avoid the volatility of cryptocurrencies with a stable value linked with each coin. Stablecoins witnessed explosive growth in the year 2020. We are very excited about where it goes from here.
8. Finance and Economy
With more countries experimenting with digital currencies, Blockchain has already gained momentum opening doors to more opportunities. Unlike other businesses, the financial sector does not need to alter their operations to accept Blockchain technology. Not only will Blockchain permit banks to reduce redundant bureaucracy but it will enable them to carry out quicker and safer transactions at lower costs.
Blockchain seems to be on the threshold of an exceptionally broad set of potential applications. An array of businesses are looking to develop their own Blockchain app in order to apply it in their operations. If you think your day-to-day can use enhanced security with additional benefits, get in touch with us and our Blockchain developer would be more than happy to discuss your project.