This advanced technology is fairly new but it has made its identity as a unique tool that lets enterprises perform transactions with much more confidence and security. But before exploring Blockchain further, it's incredibly important to have a brief idea of where the technology is headed, what are the essential tools, and what roadblocks can be expected. And, this is why we have come up with top seven blockchain predictions for the new year.
- Recognizing Blockchain As An Individual Industry
It has been assumed that crypto and blockchain are interdependent on each other and can't operate alone. But it's the partial truth. It's a fact that crypto can't function without blockchain but it's not vice versa. Today, Cryptocurrencies and Bitcoin have been identified as two of blockchain's current and future applications. This is why 2019 will be the turning point for the blockchain industry.
It will be the period in which the blockchain industry will strive hard to establish its separate image from the shadow of cryptocurrencies. This will encourage many more entrepreneurs to welcome this technology with open arms. Also, they will discover new ways to implement it in real life applications.
- Blockchain Reunion With Internet Of Things (IoT)
The popularity of modern IoT devices equipped with sensors that gather and analyze a huge amount of data is on the rise. But tech-geeks are anticipating that this technology can work wonders if integrated with other unique streams such as machine learning, AI, the blockchain, fog computing, etc.
Specifically, it's believed that the successful integration of Blockchain and IoT can open new doors for several ways in which technology and business can evolve together. Blockchain and IoT are two powerful tools that can boost sales. Also, they are extremely beneficial for industries as they automate data exchange and provide a secure framework to operate in.
- Mass Adoption Of Blockchain & Advent Of New Businesses Where It Can Be Implemented
In 2019, this technology is believed to be adopted by the majority of the enterprises as they will move towards building decentralized apps. One of its greatest examples is IBM blockchain system for programmers.
It has been observed that too many apps using a blockchain ledger depend on a centralized app that's vulnerable. But with time, apps will be built with decentralization in mind that is without a common point of control which will pave the way for mass adoption of this technology.
In addition, the new year will experience a sudden surge in finding specific use cases for blockchain technology. Developers and tech-enthusiasts will try to discover the areas in which this technology can be the perfect fit. In a nutshell, the sole aim would be to using blockchain in situations where it can have the best possible impact.
Considering this trend, it's also anticipated that in 2019, government agencies will also start adopting blockchain technology. It's because this technology can allow government bodies to execute tasks that were earlier performed by older systems in a more efficient, fast, and cheap manner.
- Blockchain Experts Will Be In Great Demand
It has been studied with the help of data gathered and analyzed by most of the popular job sites that 2019 will experience an increase in demand for Blockchain professionals. The major reason behind this is that the technology is booming but there are fewer experts who can work efficiently in the domain.
The market isn't having enough Blockchain engineers because of two main reasons. First, the technology is new to most of the industries and they aren't familiar with it. Secondly, the domain is still not that stable. But considering the current scenario, the new year will be an awakening call for professionals with blockchain skills.
- Significance Of Dealing With Non-Technology Issues
As it's the case with every advanced technology, you have to deal with a lot of non-technology issues such as legal implications, industry-specific practices, and ecosystem management.
This will require entrepreneurs to pay close attention to these aspects and cope up with them properly for successfully accomplishing their blockchain projects. Also, there will be a need for them to keep themselves aware of every bit that's happening at the blockchain front.
- Emergence Of A Dynamic & Evolving Environment
The blockchain is blessed with an ecosystem that continuously evolves at its own pace. You can confirm that Hyperledger Fabric, R3’s Corda, and Ethereum were the three major blockchain platforms in 2018. But 2019 won't be the same.
New platforms and tools will continue to creep up over the horizon which will impact the popularity of the ones who are already established. This will encourage enterprises to experiment with new technologies when exploring blockchain projects. Also, they will be required to sharpen their ability to develop for multiple platforms and prototyping for the new ones along with it.
- Increasing Dominance Of Off-Chain components
Developing enterprise-class applications isn't a piece of cake. Such apps are built to function seamlessly in a government setting or a global business environment. Also, app builders must have the potential to showcase, control, and store huge amounts of complex data and to automate intricate business processes with the help of analyzing the available data.
In order to create such an app, implementing blockchain technology isn't enough. But there are several off-chain components that are needed to make the process complete. Some of these components are event mediation, user interface, user management, systems integration, APIs, workflows, security, etc.
Therefore, 2019 will experience a boom in the development of apps that are designed and structured much beyond the blockchain ledger. Only such apps will be able to earn a distinguished place for themselves in the market.
Without a doubt, it can be concluded that blockchain is going to have a bright future and has the power to transform the way in which industries are operating till now. More and more companies will try to explore this advanced technology in the coming year and those who managed to be flexible and pay attention to off-chain components when accomplishing their blockchain projects will reap rich rewards.