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The Use of Blockchain in 2019
Blockchain flourished very well in 2018. Organizations adopted blockchain and industries from retail to shipping are using it to safeguard themselves from disruptive threats. Furthermore, they are pushing it to new markets and creating new revenue streams. In the coming years, consumers will begin to use blockchain technology without even recognizing it as blockchain. Supply chain projects will be the reason behind this exposure. The food industry will benefit from the ability to scan a label on a food product which will improve consumer trust and enhance food safety and traceability.
Government agencies worldwide will use blockchain-based financial instruments and build sustainable regulatory frameworks. Privacy will be a blockchain trend in the coming years. In a permission blockchain, information will be safeguarded because as a business, the information saved on the platform should not be available to the competitors. Privacy enhancements usable for business purposes will open up more possibilities.
Production ready blockchains running live transactions need highly capable software engineers. Skilled software engineers will be in demand in coming years. Diverse and multi-disciplined tech teams will be required to bring Internet of Things, AI, analytics and other technologies and fuse it with blockchain. Blockchains is known for its transparency for everyone involved. However, the platform needs someone to link physical objects to digital assets on a blockchain. The individual responsible for connecting the physical object will be the corruptible link in the system. Technologies in the market can solve this issue, but blockchain has to solve more problems than it creates to make it worthwhile.
Security tokens will be introduced in the blockchain market in coming years. Institutional investors have not entered the market because of utility tokens are just not substantial enough to investors. The familiarity of the IPO combined with the benefits of blockchain will redefine the IPO business. Programmable equity creates opportunities for high liquidity and performance at lower costs. The collaboration will be one of the trends in the blockchain. Mobilizing business ventures while establishing governance models is difficult. There is a level of complexity involved, and companies engaged in this activity understand the process and will encourage collaboration in the coming years.
Check out: Top Blockchain Companies in Europe