A serendipitous technology that spent its budding days under the umbrella of the shooting star bitcoin, is the multi-billion platform today. Blockchain means big bucks. No two ways about it. This market is envisioned to upturn a market revenue of USD 20 billion by 2024. A 2018 IBM study says:
Despite the rapid decline of its flagship project, bitcoin, blockchain is showing tremendous potential and promise for revolutionizing businesses across industries across the globe.
Here are its top 7 finest trends that are shaping this year and the year ahead:
Gartner, in its 2019 report, says by 2025, 20% of the world’s top global grocers will be using blockchain for food safety. Both manufacturers and retailers use this technology to monitor the quality of their products. Triggered by the E.Coli outbreak of 2018, Walmart is shoring up its food safety standards solution. Solutions that can pick breadcrumbs of raw materials in any items and trace it back to its farm roots. China’s JD.com, IBM’s Food Trust and others are following the lead.
A Gemalto 2019 study says, use of blockchain in the IoT sphere almost doubled in 2018. By 2023 the number of connected devices will be over and above 23 billion. International Data Corporation (IDC) says by 2025, the total number of IoT endpoints will be 85.6 billion. About 23% of organizations are already investing in the blockchain technology. This trend continues to spike up and is unlikely to slow down anytime during the year ahead.
A game-changing slant, Blockchain asset tokenization shows tremendous promise in exchange of high-value property. Security Tokens Offering (STO) introduced earlier this year will revamp the operations for stock market investors, real estate players and institutions. Buyers can get ownership of the assets by buying stacks. Launch of several STOs is expected by the end of this year.
Backed by the steadiness of the fiat money, stablecoins address the volatility issue of bitcoins and are a powerful low cost, global and speedy solution for payments. A Trojan horse alternative to previous cryptocurrency versions, this improved and sustainable version is much likely to wash out other small players. USD coin was recently launched in 85 countries.
Blockchain Consortia, a one-shot two kill solution, aims to connect competitors by creating and maintaining cloud space for businesses wherein they can collaborate to solve problems specific to their business. It also promotes the development of reusable technical standards platforms. Popular blockchain consortia include Bankchain for Banks, B3i for insurance industries, Enterprise Ethereum Alliance (EEA) to promote enterprise ethereum, Financial Blockchain Shenzhen Consortium (FISCO), Global Blockchain Business Council (GBBC) and others.
Blockchain-as-a-service allows users to use the features of the blockchain technology without constructing their own platform. It gives them access to the cloud and they can create apps, execute smart contracts and utilize a well-developed, fully-functional infrastructure. Amazon and Huawei have invested substantially in this.
AI needs extensive and top-notch quality data to function. Blockchain-based data marketplaces will enable the selling and purchase of this data. As the entered data couldn’t be altered or erased in it, blockchain is any time a superior and more dependable source than any other data source alternative out there. It will outcompete them sooner than expected.
The technology’s other dominant developments include its budding solutions for voting, human rights, healthcare and solar energy. A true metamorphosis? We bet, it is!