Blockchain has had a revolutionary impact on almost every industry in the year 2018. It is not only ideal for handling transactions but they can be applied to almost any business that is based on the exchange of information and the authenticity of the transactions. So, there are plenty of businesses that have already leveraged this technology to take most of its advantages.
According to Gartner, it is predicted that 30% of the global customer base will be made of things which use blockchain as a functional technology in order to conduct all commercial activities.
As we have entered the 4th quarter of 2018, it’s time to look forward to what’s in the store of Blockchain for 2019. In this blog, we will explore some new Blockchain trends that you must use for your business in 2019.
Here is the list of top 3 trends in Blockchain technology:-
1) Asset’s tokenization
The concept of tokenizing high-value assets viz. exotic automobiles, art, real-estate and more is very intriguing and can be a bit esoteric to blockchain startups. So, this will emerge as a great trend in the coming year.
2) Progress in Innovation
When it comes to various industries in this technology world, innovation i.e. fast and furious must be looked upon before going ahead with your business. For example, Fidelity in FinTech and Walmart in food supply chain management industry, Ford in autospace etc. are already hitting the ground in this technology. Coming to the innovation, Devery will help businesses by leveraging trustworthy, unique and verifiable identifiers for goods and services stored on the blockchain.
It is one of the hot topics today and soon becoming an interesting trend. Amazon web services are the proof which has recently joined the BAAS providers that includes Oracle, HP, Microsoft, SAP, and IBM. BAAS helps organizations by allowing them to test DTL (distributed ledger technology) with any risk of deploying it in-house and the capital costs.
Which industries will be greatly adopting Blockchain in 2019?
-> Food industry
Blockchain technology is ready to revolutionize the food industry by introducing the traceability of food and the transparency of the workflow in the mix. The origins of food will be much easier and quicker to track, allowing food retailers to pinpoint where low-quality foods come from. It will also be easier to track the expiration of perishable products.
In addition, blockchains will prevent false transactions from unreliable providers. The whole process of food production will be recorded, and all those involved will see unwanted changes anywhere in the chain and will be easily rejected. This will push the industry towards more ethical practices.
Many of the major food companies viz. Carrefour, Walmart, Nestlé, Unilever are already working to establish Blockchain networks within their supply chain process, and this trend is expected to grow by 2019.
-> Logistics and transportation industry
The transportation industry is one of the most complex industries in the world, with many moving parts. Sending an item from one place to another involves a large amount of paperwork, from the tracking of the object to the management of the mode of transport, the people assigned, the operating costs and the nature of the time box of the work. It requires a lot of effort and there are many things that can go wrong.
Blockchain can help improve the process of registration in this industry, introducing transparency and traceability and, therefore, allows all those involved to monitor each step of the process and identify errors, mis-categorizations, and mismanagement.
-> Gaming industry
Some game franchises are already using blockchain, and cryptocurrency enabled payments for in-game asset purchases. Players are already familiar with several currency models in the game. However, Blockchain can provide support to the gaming industry beyond financial transactions.
Blockchains can provide decentralized asset exchanges for players, which will prevent many scams.
In addition, the shortage of virtual items and collectibles can be verified quickly and easily, allowing players to know exactly how much an item is worth. Game developers will also be able to monetize their franchises correctly.
By 2019, we can expect major gaming franchises to begin using blockchain technology to make the industry much more secure and reliable.
-> Art industry
The art industry suffers from art forgers and thieves every year because it becomes more complicated to demonstrate the authenticity and ownership of art.
Therefore, Blockchain is an excellent way to secure the origins of the work. In addition, this innovative technology eliminates the middleman who saves a lot of money for artists, art dealers, and collectors.
So we have seen the top 3 major trends in BLockchain that will affect business in the near future. In fact, 2019 should be full of tons of news from the worlds of cryptography and blockchain which doesn’t mean regulatory issues, security and privacy, pirated exchanges and more.
So, we are in an incredible year where you will be amazed by the various new trends in Blockchain technology.
Now, if you are planning for development of Blockchain apps but unable to decide where to outsource your project then don’t worry about it.
At ValueCoders(a leading software development company), we have a large and efficient team of Blockchain developers who have successfully delivered more than 500 apps across 20+ countries and continue to cater to the needs of upcoming clients.
Lastly, I would like to ask you what other blockchain trends do you expect to see next year? Do you think that blockchain technology should be widely adopted by various industries? Keep answering this by commenting below and share your views.