There is no question about how rapidly blockchain has evolved over recent years. What now we have to see is how blockchain is changing the world and evolving businesses, and what are the trends it is setting. This world has Sitoshi Nakamoto to thank for this revolutional technology.
Emerging trends of blockchain?
Blockchain-as-a-Service, BaaS, is a Blockchain trend that has played its part and has contributed significantly to the development of the blockchain. It is a new blockchain trend that is currently integrated into a number of startups and companies. BaaS is a cloud-based service that allows users to develop their own digital products by working with blockchain. Currently, the major players in the field of blockchain-as-a-service are – Microsoft, Azure, Amazon Web Services (AWS), IBM Cloud, Oracle Blockchain, and VMWare
Another rising blockchain trend is Federated blockchain. The term ‘Federated Blockchain’, also known as Blockchain Consortium, can be considered as an upgraded version of private blockchains. In private blockchains, you can only access the network if you are authorized to do so. In the private blockchain, only a single entity has access through the network. While in the case of the compound blockchain, not only a trustworthy node has sole influence on the network, it can be operated by several predefined entities at the same time.
The term Federated Blockchain can be referred to as one of the best blockchain latest trends in the industry
Stablecoin is another category of cryptocurrencies designed to minimize price volatility and provide stability. Tether is the best example of a stablecoin. Currently stablecoins are in the early stages and it is predicted that 2020 will be the year blockchain stablecoins will reach their all-time high. Price stability is the key element that is missing in cryptocurrencies and hampers their use for daily payments. However, with the introduction of stablecoins, we can expect some growth in this scenario in the coming years.
Blockchain & IOT
Blockchain & IoT are both considered the revolutionary technologies of this decade. While blockchain offers an encrypted and distributed filing system to keep records secure, the IoT connects the internet and everyday objects and enables them to send and receive data. Combining them can improve security as it is expected to be the renewed focus of IOT tech market.
Blockchain & AI
Integration of Blockchain and AI is one of those that businesses will benefit the most from in terms of development. While it currently takes days to confirm a bitcoin transaction from one peer to another, AI can speed up this process by minimizing the use of computer power in this area. In addition, AI can improve blockchain efficiency far better than humans or even standard computing. By looking at the way blockchains are currently running on standard computers shows that a lot of computing power is required to perform basic tasks.
In light of these trends, we can see that the use of blockchain will only rise further in this year and help development and businesses grow bigger. Blockchain will eventually deliver the revolution it promises.