Let’s talk Blockchain: What’s coming in 2018?
Blockchain is becoming more than a trend — some people are going as far as calling it a necessity. Why should we expect blockchain to dominate the sector of economic transactions in 2018? Let’s find out.
What happens when business blends with technology? The result is a dynamic economic environment, flourishing markets and happy customers. In short, it is an online ledger which aims to simplify the digital transactions.
The unique features of blockchain technology include the following:
- It is an anonymous tool, protecting the identity of users.
- It is made of an algorithm which lessens the verification required for online transactions.
- It cannot be controlled by any single entity.
- It has no single point of failure.
- It re-checks itself every 10 minutes.
How does it work?
Blockchain creates a bonding between two unknown entities without the intervention of any third party. It works on nodes and is a decentralized technology. It is a shared database where you can submit entries but only after confirmation and encryption.
What’s coming in 2018?
Blockchain has already gained immense importance in the stock market and also in the easy clearing of settlements. So what does this technology have in store for 2018?
1. More use in 2018
In 2017, Blockchain technology was the second most searched word on Gartner website. Financial analysts expect it to be the source for the 20% of global finance by 2020. In 2018, it is expected that the technology will pave its way into
- Smart contracting
- Public administration
- Supply chain management
- Recording patient health data and
- Tracking digital rights in music and movies.
2. Blend with IoT
Internet of Things (IoT) and Blockchain technology will be inseparable in 2018. IoT refers to a network of electronic devices, vehicles, home appliances connected via sensors and actuators. It is believed that Blockchain technology will help IoT get in-depth details into the assets, operations and supply chains. This technology will be a part of the solution, help in improving workflows and make the processes more cost-efficient.
3. Improved size and space
With so much expectation and demand from all sectors, Blockchain needs to be faster and more spacious. In 2018, Blockchain will be able to store more data almost at every stage of the transaction. Right now, it is able to process only 7 transactions per second, while thousands of financial transactions take place every second throughout the world. That said, it’s no wonder technologists are improving the speed and efficiency of Blockchain.
4. More privacy
It is believed that the concept of public Leger in Blockchain technology might lead to fraudulent activities and hacking. Thus the necessity to build private blockchains.
5. Replacement of other technologies
Still excited about cloud computing and data analytics? Well, the scenario may change fast in 2018. There are high chances that Blockchain technology will gradually replace these technologies in capital investment.
Which business areas should resort to Blockchain technology in 2018? Let us make an assessment.
- Start-ups: If you are looking to gain from online business and want easy international transactions, believe in Blockchain in 2018. Just have a matured technology in place, some IPOs (Initial Public Offers) in the market to raise funds and from a start-up, you might find yourself as the owner of a small or medium scale enterprise by end of 2018.
- Stock market: Blockchain will play a pivotal role in identifying the intrinsic value of cryptocurrencies. It is believed that the price of cryptocurrencies, which are dependent on this technology, will rise in 2018. Cryptocurrencies like Ethereum, Ripple and Zcash will be in high demand and hence people investing in this kind of stock will gain more profit.
SEE ALSO: Blockchain: A technical primer
- Product development: Blockchain assists in direct peer to peer transactions without the intervention of any middleman. This means that people have now a direct say in the product development, which can be termed as the evolution of economic cooperation.
- Organization decisions: Blockchain is being used on an app known as Boardroom. In 2018 you can use this application to make organizational decisions. While using this technology the current financial status of the company, management of digital assets and equity becomes transparent to everyone involved in the business.
- Politics: Last but not the least, Blockchain technology will impact the political scene of the countries using it. Now, with the transparent publicly available database and Ethereum based smart contracts, voters can take unbiased decision while electing their leader.
So why just use technology to connect with friends on social media and play video games? Enter Blockchain technology to enjoy safe and secure, hassle-free online transactions. Blockchain technology might be the future of the internet; be a part of it.