If we speak about that one technology that has evoked interest in the minds of users all over the globe, then that surely is Blockchain. But, despite all the concerns, controversies that centre around the technology, we have seen the adoption of the technology by many of the technology giants.
It is interesting to note that the market for the Blockchain based products and services will reach a figure of $ 7.7 billion in 2022 as per Markets and Markets. The result is that the old school companies like IBM are going all out on Blockchain. So, much so, IBM has invested $ 200 million USD towards Blockchain-powered IoT. So blockchain application development company are on trend right now.
Not only this, we find many of the Fortune 500 companies embracing the Blockchain technology. Some of the big names in this growing list of companies include Microsoft, Oracle, SAP and even Walmart and Starbucks.
The enterprises are leveraging the power of the Distributed Ledger Technology of Blockchain to not only facilitate transactions but for tracking assets. Everyone in the network has a copy of the same record and no one can change the record, without everyone’s knowledge.
Despite the fact, that we have seen plunges and rises in Bitcoins, the development of the Blockchain technology shows no signs of disruptions. This is proved by the fact that Government agencies and entrepreneurs are also adopting the technology.
In this post, we will highly the visible trends on the Blockchain technology in 2018. Let’s explore some of these trends.
Trends on Blockchain Technology
1. Blockchain will Finally go from Pilot to Production
If we go by Paul Broody, the Principal and Global innovation leader at EY, Blockchain is finally slated to move from a pilot phase to the production phase. We will see the maturity of pilots and proof-of-concepts and many of these projects will eventually move towards the production phase. But the fact remains that many of them will be abandoned too.
In addition to this, Broody adds that the hyped ones among the Blockchain technology projects will fail and only those which will be adding value will survive. This will help the technology leaders in various organizations to identify the right kind of partnership, that they must be eagerly seeking for.
2. Enforcing the Rule of Law
The enterprises which look for harnessing Blockchain technology use the smart contracts which acts as productivity enablers.
In case of disputes, the courts cannot take a decision as the Blockchain networks are decentralized and have no single enforcer or arbiter and often crosses across geographical boundaries.
One way to solve these disputes may be by voting over the network. But this may lead to trouble as one party may be more popular – the other with legal claims.
The parties in a Blockchain always agree on certain rules, before joining. But, it is not easy to enforce these rules for a dispute. So, the rule of law need to take up as a challenge in 2018.
3. Logistics Tracking and Brand Tokenization
Blockchain is not just a distributed database service or a digitized notary as believed by many. One game changing use of the technology is that of tokenization – using tokens or coins for representation of assets.
A token can be used to represent a single item say on a supply chain, without any probability to occur in different locations, at the same time. This will reduce the risks for exchange.
Moreover, companies can raise money with brand tokenization using the brand image as a tangible asset.
4. Growing Number of Zero Knowledge Proofs
Broody of EY has predicted the birth of zero knowledge proofs in 2018. Let’s now explore them. Blockchain will be used to perform transactions or even sharing information between Government or corporate organizations.
However, contrary to popular beliefs, that the suppliers and the customers will be enforced with a private Blockchain by these enterprises, the trend will be more towards a shared and public Blockchain system.
So, the future will be dominated by sharing private business information over a public and shared infrastructure. This is where lies the importance of zero-knowledge-proofs.
The zero-knowledge-proofs are just starting to show up as working models in 2018.Let’s find “What are zero knowledge proofs?”.
The zero knowledge proofs are used as cryptographic tool and are basically mathematical operations. They become handy to verify parties in transactions and there is no need for public or private keys for validation of the first party.
This enables the Blockchain to have security and privacy – without giving up the immutability and redundancy that arises due to synchronization of the entire transaction over the network.
5. Increased Usage by Media Companies
Blockchain has already evoked enough interest among the media community with use cases for publishers and content creators, payments and guaranteeing rights of use.
The larger media companies will embrace the technology in 2018. Comcast is the one of the first to use Blockchain for buying ads using the Blockchain.
Finally, the hype around this emerging technology is bound to burst the bubble. But, this must be seen as a sign of market maturity – eradicating some of sillier ideas floating around the technology.
It true definitely we will reach a figure of $ 7.7 billion in 2022 as per Markets.
I would like to share one more fihures with you guys is Blockchain startups lost USD 760 Million Dollars in ICO Hacks in 2017 alone.
More than 50% of the budget goes into PR and marketing.It is my request with every ICO that allocated around 15% of their total budget for cyber security. A good cyber security posture helped them raise more money.
Read this news for more details: http://itmagazine.com.pk/2018/04/23/australian-cybersecurity-startup-entersoft-protects-1-billion-worth-of-ico-funding/
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