2019 presents a new set of Blockchain trends and benefits for the community and as usual, new trends are followed by Blockchain development companies and businesses.
A report by IDC shows that by October 2018, at least $1.5 billion had already been spent by technologies like the Ethereum and Hyperledger. The number is projected to reach $11.7 billion by 2022. The same statistics predict a growing value in the Blockchain market as well.
Other research works have complimented the aforementioned study findings on Blockchain industries. For instance, Upwork 2018 finds that Blockchain development is the most sought out skill among millennials. These are confirmations of the imminence of the Blockchain revolution and 2019 could be the year.
Here are some of the new trends set to take the industry by storm in 2019.
New Ecosystems And Business Models
If you have followed Blockchain keenly around 2017, you must have come across the McKinsey report. The report, published at bitcoin peak revealed that the underlying tech behind bitcoin would create new ecosystems which would be valued at over $50 trillion by 2025.
Two years later, companies like Kodak are filing ICOs. Kodak, which was left out of the digital revolution of the 90s, refuses to be left out on this. The dethroned photography king is planning a resurgence with the new KODAKOne, an image rights management platform formed in partnership with WENN digital.
Be prepared to see other firms follow suit.
Richardian Contracts In Blockchain
Smart contracts have no doubt revolutionized industries and its activities. It won’t be different in 2019. The only difference, the emergence of another form of smart contracts known as Ricardian contracts.
Ricardian contracts are faster-gaining popularity than their predecessors, smart contracts. Part of the reason why they are favorite is the fact that they are both machine and human readable, while smart contracts remain machine readable.
The Growing BaaS Blockchain Service
In comparison to enterprise software that assists businesses in managing operations, 2019 will see the emergence of the new BaaS platform. This platform offers organizations a decent template list to choose for Blockchain network implementations.
The platform saves time and money used in creating specialized platforms. Giants like Amazon, Oracle and Microsoft with Azure are already using it. This trend is set to be more attractive in 2019.
Emergence Of Hybrid Blockchain
We all know the two types of Blockchain, public and private. Public being the best, offering transparency, decentralization, and immutability. It, however, has a con of being slow due to protocols like the proof of stake encryption methods.
On the other hand, private networks are faster and cheaper but get away with the decentralization bit that Blockchain is famed for. Then comes hybrid Blockchain.
Hybrid Blockchain is the consolidation of the two, private and public Blockchain. It borrows different aspects of the two main types of Blockchain. It is cheaper, faster and allows certain parts of the Blockchain to remain public.
Tokenization Of Digital Assets
The immutability factor forms the core feature of the Blockchain technology. Transactions are recorded and can never be tampered with. This feature will find great use in the tokenization of digital assets.
There are loads of benefits with immutability but at the same time, it presents certain limitations when it comes to legal aspects.
For some reason, we choose to look at cryptocurrency prices and determine Blockchain’s fate. It’s 2019, we can’t afford to be myopic. If only we can open our minds and see, 2019 has so much to offer.