Top 5 Blockchain App Development Trends to Look Out For in 2019

The blockchain technology, which was once considered a niche for startups, and even successful companies, has now become a winning platform in which billion-dollar enterprises are investing to develop scalable, secure products and make the big bucks. As for 2018, blockchain had an edgy, rocky road and saw a massive decline in the value of Bitcoin – which is the flagship use case (cryptocurrency) for this technology. Despite that, it’s still evolving at such a rapid pace and has immense potential to revolutionize businesses and lives.

In a
nutshell, blockchain is changing the way we do business and live, not
only technically but socially as well. From introducing robust
security tokens to creating decentralized ecosystem platforms as well
as advanced business models, it’s becoming a great deal on the
horizon. Blockchain practice experts say that companies are taking
several bold actions to proficiently live by the transition period
and improve growth and their business’s operational efficiency. Here
are the top five predictions and trends for industrial blockchain
every business should watch for this year.

Trend #1:
The emergence of security tokens

With
the appearance of Security Tokens Offering (STO), 2019
will be the year institutional, real estate, and stock market
investors can make the grand entrance in the market. These tokens are
the tangible assets that have been digitally characterized or
tokenized, aimed exclusively to raise capital and resources for a
specific project. These security tokens give holders the authority to
buy stacks and gain the rights of ownership of assets. They are
entitled to have a claim on equity, profit share, and dividends.
Putting STO into the place will reduce the risk of scams and also set
a translucent environment between the organization and its investors.

Trend #2:
Increased adoption of IoT

About 23 percent of enterprises already started investing in blockchain technology to protect their IoT-powered infrastructures and devices. Additionally, the number of IoT endpoints is forecast to reach 85.6 billion by the end of the year 2025, according to International Data Corporation (IDC). The adoption of this technology significantly focuses on identifying and eliminating the potential threats to your organization’s cybersecurity by keeping a digital record of your machine-to-machine communications and monitor those logs.

Blockchain
offers distributed, encrypted ledger technology to secure
transactions and improve the process of authentication while ensuring
attackers and unauthorized personnel can’t bypass security. The
built-in digital identity verification process, such as P2P
authentication protocol, prevents DDoS attacks and tackles the major
security vulnerabilities surrounding IoT devices. Apart from adding
ultimate security to the endpoints and networks, blockchain will
significantly simplify the tasks of managing devices located at
different locations while increasing the efficiency of communications
and providing more agility and flexibility for businesses.

Trend #3:
An Incredible Asset Tracking Tool

The
blockchain and the rise of alternative asset classes will continue to
gather pace this year. With several indicators pointing towards the
potential of the tokenization process and the possibility of the
slump in the bond and equity market, chances are that investors will
shift from cryptocurrency to digital asset classes. That means they
will be using coins or tokens to denote their specific assets that
previously lacked liquidity. These coins or tokens can be used to
track the well-performing investments and also represent convertible
assets in your traditional currencies. Though this exercise lacks
wide market access, it offers excellent opportunities for businesses
to get robust returns and scale their business.

Trend #4:
AI and Machine learning

A smart
contract is one of the integral aspects of the blockchain technology
that has the potential to digitally improve the performance and
authenticity of a contract. Disputes and miscommunication are two
primary reasons that are accountable to reduce the operational
efficiency of the business and increase the propensity for fraud. Any
kind of industry, from real estate to recruitment, that implements
and relies on the contract to handle various tasks and process the
automated payments should use smart contracts.

Doing so
will clearly define the intentions and goals of both parties involved
in the agreement, offer more security and transparency between
groups, and also help in reducing disputes. In this, a secure code is
placed on the top of a blockchain that records each and every little
detail of an agreement and creates an airtight contract. Ethererum is
one of the most popular examples of a smart contract platform. Since
the costs involved in building and executing smart contracts are
comparatively less, users will end up saving a lot of time and
efforts.

Trend #5:
Blockchain as a Service

Creating a
robust and productive infrastructure around the blockchain technology
is relatively simpler than maintaining it. Since the trends
associated with blockchain may not always be feasible, it might get
difficult to create, execute, and maintain a new blockchain solution
for your business. Not to mention, one might need to invest tons of
resources and highest value into the development of cloud-based
solutions for their blockchain system. Many tech giants, such as
Amazon and IBM, have noticed the increasing popularity for blockchain
implementations and started offering BaaS platforms to allow SMBs and
startups to employ cloud-based solutions to build, host, and scale
their blockchain-based apps. The external BaaS provider will handle
all the development and maintenance work to keep your infrastructure
agile and productive for a specific fee.

Bottom
Line

Apart from
the above-mentioned trends, there are innumerable advantages and
functionalities that blockchain has to offer to its users, including:

Creation and deployment of decentralized apps

Content streaming

Hybrid blockchain Models

Scalability and UX development

The convergence of AI to access big data rapidly and securely

Looking at all these trends, you can get a fine idea that how blockchain technology is going to take on an increasingly bigger role in various industries, from FinTech and payments to security to real estate. Not only would these amazing advancements shape the future of blockchain technology but also create new business opportunities for companies all around the world.

This content was originally published here.

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