The Blockchain is a key technology invented to keep the track of the secured transactions happening on the Blockchain platform. This technology provides great confidence to the organizations to track the transactions without any hassle. Unlike, Cryptocurrency hype and then the fall in its value in the year 2018, the Blockchain technology is still gaining its position across the company environment.
According to Statista, the Blockchain Technology market size is forecasted to grow to 2.3 billion U.S. Dollars by the year 2021. The year 2019 is seen as the year to provide real-time solutions to the companies adopting Blockchain Technology. The mainstream organizations, financial companies, and charities will be using it widely. The Industry Experts are emphasizing upon the education of the Blockchain in order to open the completely new platform of innovations.
Insight into 7 Significant Blockchain Predictions for 2019
The companies that are looking forward to adopting Blockchain technology must be abreast with the innovative approach that industry experts are talking. You must be wondering that what’s in the baggage for the Blockchain in the year 2019. Let us dive into the top predictions that are going to strengthen the future of Blockchain Technology:
1. Tackling the Trilemma Problem
The Blockchain technology in the year 2019 will solve the challenge posed by the Trilemma problem. This problem is mainly concerned with the imbalance between the scalability, security, and decentralization. Most of the organizations are not able to put full trust in Blockchain because of this problem.
However, the Blockchain experts along with the organizations are working to solve the Trilemma. The replica watches massive research and investments are already being put up to sort out the hassles in real-time. The experts are working on the existing architecture to design the applications that solve the ongoing challenges. With scalable solutions being adopted in the year 2019, the Trilemma will be solved within two or three years from now.
2. Carry out the Decentralization of the Apps
Blockchain Technology is seen as the trustable solution to carry out a financial transaction in a secure way. Most of the applications that were using the Blockchain ledger relied drastically upon the centralized application system. At some point in time, the failure can occur or data can be tampered before writing it in the ledger. For this, decentralization of the applications will be used in 2019.
This approach will also be used while writing the logic for the applications so that there is no single point of control. The businesses or the trading partner will have their own apps. Although, it is not an easy process as it will a good amount of investment and expert knowledge.
3. Strict Government Regulations
Industrial experts are expecting strict government regulations this year to use the Blockchain technology within their company’s premises. Some of the experts state that this will pose challenges for the organizations but others are of the view that this will help in the development and the innovation process.
The Blockchain experts’ states that as this technology is speeding up the organizational leaders and partners must develop a sense of understanding and get proper guidance from the governmental authorities upon the Blockchain regulations. This will pave a pathway for the companies and the professional operators to work in an open manner.
4. Development of Stronger Connection with the Internet of Things
Internet of Things is ruling the technological world from quite some time. It has established itself as an individual device. The professionals are of the view that when it will be combined with other advanced technologies it will provide wider coverage to organizational growth.
It can include technologies as Machine Learning, Artificial Intelligence, Blockchain, and Fog Computing. Moreover, the merging of these modern technologies like IoT and Blockchain will create a greater revenue stream as well as a completely new business outlook and model. The brand new marketplaces will emerge and businesses will be able to retrieve massive ROI from their investments and get a broader spectrum.
5. Adoption of Blockchain Technology by Government Agencies
The government agencies will be adopting the Blockchain technology in the year 2019. Most of the organizations have already started investing and this has made government agencies to take a step forward along with other sectors. The Blockchain is also going to store and retrieve timely information or data as traditional systems used in government authorities are doing but it will do at a faster pace. This technology is cheaper as well as better in terms of functioning.
The Government authorities are interested in adopting Blockchain technology because it can store a large amount of data that is available to the agencies from anywhere globally and at any time. This system is also hack-proof that makes it get to the top of the list. However, the government agencies are still in the planning phase on the adoption of the Blockchain technology.
6. Useful for CyberSecurity
With the cases of Cybercrime increasing every now and then, the Blockchain is seen as an alternative to secure the huge amount of data stored with the organizations. The Blockchain platform was introduced as the means to secure the transactions. So, in this niche, most of the innovation is still stated to take place. This way it can play a greater role in the CyberSecurity too.
This technology will prove to be a game changer, as it will provide newer ways to identify and protect the privacy of an individual. The Blockchain technology renders strong and encrypted recordkeeping of the data that helps in protecting user’s privacy.
7. Blockchain will Become a Vital Part of Banking and Finance Industry
After the successful application of the Blockchain technology to the Cryptocurrency, the financial institutions and banks are looking forward to adopting this technology in the mainstream. According to a report, 77% of the financial companies are going to opt for Blockchain technology as their in-house process by the year 2020.
This technology is going to help banks in maintaining the privacy and secrecy of the transactions. Moreover, this will support the banking institutions to conduct faster transactions at lower cost with a reduction in the bureaucracy levels. Even a Gartner report suggests that the banking industry will gain nearly 1 billion US dollar of business worth from the Blockchain related Cryptocurrencies by the year 2020. Even the banks can launch the newer Cryptocurrencies that will be under the regulations of the monetary policy.
Finally, the Blockchain technology Fake Audemars Piguet is perceived as the mode or platform that can solve the problems related to any industrial or public sector or financial institutions. The year 2019 will witness a massive change in the ideology of the industrial owners to adopt the advanced technologies for business growth and development.
Even the introduction of the Smart Contracts under Blockchain technology will render technical and scalable design for the legal products. This will assist in solving many legal disputes that can further extend support to the organizational owners.
The industrial experts are looking forward to Blockchain Technology as a hublot replica watches mode of introduction of newer projects related to greater Return on Investments in the near future. If your company is looking forward to agile and secured Blockchain technological platform and experts, then you can reach out to Prism IT Corp Company advisors for more details.