Updates on Blockchain in 2018

• Toshendra Kumar Sharma
• August 24, 2018

Blockchain or Distributed Ledger Technology is the most talked about topics these days. It is being eyed as the technology for the future by many companies. Irrespective of the business vertical, Blockchain finds application in every niche. In this blog, I am going to highlight the top trends in Blockchain Technology for the year 2018. As per a study, around 2/3rd of the companies would be focusing on integrating DLT with their business operations. The reason behind this is that Blockchain offers the desired impetus to some industries apart from finance. In simple words, the multi-faceted approach of Blockchain would lead to applications in various fields.

What makes Blockchain so inevitable?

We know that for any business to run seamlessly, it is essential that there must be transparency and something that should guarantee the trustworthiness of the product and services provided by them. The Blockchain is a blend of state of the art technology and features that make it so useful for all the business verticals. Tracking of products and security is the prime concern for everyone. With Blockchain, all these queries are resolved thus making it so unavoidable.

The year 2017 was all about big names in the IT researching and developing Blockchain Technology-based platforms. Companies like IBM, Microsoft, and Oracle worked on launching cloud-based Blockchain in October. Well, this is just the beginning there a lot more than has to come out of Pandora’s box.

The most impactful development of Blockchain was ICO or Initial Coin Offering which affected the crowdfunding sector. It has already superseded many conventional crowdfunding models, and a lot more is expected in 2018. So let’s dig into what is going to happen in 2018:

• AI or Artificial Intelligence and Blockchain –

Well AI is something which we all know. The machines are programmed to perform by understanding the data they have and take necessary actions. It is true that AI has massively disturbed the current business operations, what if this technology gets blended with AI or Artificial Intelligence. For a machine to perform even more effectively, it is crucial that it must have access to big data without worrying about data being lost or hacked. Blockchain can play a significant role in becoming a hassle-free platform for the exchange of data.

Blockchain’s robust security ensures that the data providers don’t have to worry about the hassle-free exchange of data.

• Asset Tracking Tool-

One of the key features of Blockchain is the tracking of data. The information present in the distributed ledger is time-stamped. It means that every information on the ledger is present in chronological order thus making tracking of data or information easy. In the upcoming time, the tokenisation process in Blockchain is going to gain popularity.

The token can be used to track the asset when it comes out from the supply chain. Thus it becomes easy for anyone to track the information.

• The Internet of Things (IoT)-

As per the reports of the International Data Corporation (IDC) then 20% of all the IoT based industries are going to use Blockchain in some form or the other. The IoT will become more fortified. Blockchain will make transactions and information sharing more secure and safe.

• Smart Contract-

This is the next big thing we must be looking at when we are talking about applications of Blockchain in 2018. It is intimately connected with Bitcoin and Blockchain. It is a digital contract which is defined by certain pre-defined contracts. Once these conditions are met, the contract is executed. It can be used in various field like trading, transactions, real estate, etc. Since everything is automated and stored in the ledger, you can be assured that everything is fair.

• Blockchain for many industries-

Currently, Blockchain is bolstering many industries. From banks, financial institutions, insurance sector and healthcare, every domain finds the use of Blockchain. Its tracking feature can prove to be useful for many industries.

• Asia and the Middle East to be Big Blockchain Markets –

One of the most significant transformations you will notice this year is the growth of Blockchain in the Asian and Middle East market. Currently, China is funding various Blockchain based projects; nations like India also have companies working on providing a Blockchain-based solution. Now, Asia is a big market, and with these nations working on this technology, we can expect some considerable transformation in this zone.

Final Call-

Blockchain holds a great future in the times to come. Although the picture looks all good, there are certain aspects of Blockchain that we need to cater like problems surrounding public Blockchain, how will Blockchain response to the large volume of information exchange, the issues related to regulation? Once it can answer all these queries Blockchain will undoubtedly become the technology of the future.