Undoubtedly, the blockchain technology is at an early stage of its development, so much so that when compared to other technologies it still has a lot still to offer.
In 2017 cryptocurrencies took the world by a storm. The price of Bitcoin shot up to nearly $20,000. The average ICO returned well over 10x. ICO funding surpassed traditional VC funding. Blockchain technology emerged as the new buzzword of choice by executives.
In this post we will explore the nine blockchain trends for 2019 that should be taken into account :
1) Hybrid Blockchain
The hybrid blockchain could be one of the trends to look throughout this year. It can be said that this kind of blockchain brings best of both worlds, offering the best features of public and private blockchain.
For example, a government activity cannot be completely decentralized through the use of a public blockchain such as Bitcoin, Ethereum or Cardano. On the other hand, this does not stop the functioning of a private blockchain for assured services, where communication with users is essential.
Precisely in these cases, the hybrid blockchain represents an ideal solution to provide a customizable solution, thanks to the attributes of a private blockchain, and take advantage of the safety, honesty and clearness profit of a public blockchain.
2) Chains of federated blocks
In very general terms, federated block chains are very similar to private chains except for one small detail: instead of being controlled by a single organization, there are several organizations (integrated with a consortium, for example) that participate in its management. In this sense, the consortium is accountable for approve and offering the qualifications to run the nodes that comprise it.
Among the most appropriate use cases for the federated block, chains are an insurance claim, financial services of all kinds, supply chain management and food traceability, among others.
3) Blockchain as a service (BaaS)
Due to the costs of time and money, it is very complicated for many companies to embark on the development of their own blockchain platform. It is not for all time possible to create, maintain and run a blockchain solution.
To solve this problem, companies can use Blockchain as a Service (BaaS, for its acronym in English), cloud-based platforms that allow users to develop their own products, including decentralized applications, smart contracts and other solutions. All the way through this option, you save the require to arrange, manage or run blockchain infrastructure.
At present, there are a few companies that previously offer this type of service. It is very likely that during 2019 the use of BaaS solutions will amplify. So, different companies will be capable to make use of blockchain technology without disturbing regarding having to make a significant initial investment.
4) Interoperability between blockchains
The interoperability between block chains aims to improve the exchange of information through various networks or blockchain platforms, considering that new value propositions constantly arise for different use cases, but that, for the time being, they cannot be integrated or it is too much do it.
Without a doubt, in the course of this year, we will witness a series of improvements in the interoperability of block chains. Today there are few platforms that offer interoperability, among which we can mention Aion, WanChain and BlockNet.
5) Value tokens (security tokens)
In 2017 and 2018, we witnessed the rise and take-off of ICOs as a new way to obtain liquidity to finance projects in the crypto world. However, close to 80% of ICOs have been scams or failed projects, causing the loss of investor confidence. The same, in the huge majority of authority around the world, ICOs are a free mechanism for lift up cash. You can check all the ICOs on ICO list.
In contrast, the value tokens are issued under the support of a value token offer (STO) that operates under a regulation. Consequently, there is a clear procedure to move up cash and finance start-ups that work on blockchain projects, make confidence and safety in investors and reducing the risk of fraud.
Considering that an STO requires formal management to exist, it’s administrative, operational and legal costs are usually greater than those of an ICO. STOs are not yet a popular option, however, it is expected that throughout this year, the main cryptocurrency exchange houses will include them in their portfolios.
Likewise, in the environment of a private blockchain, where access privileges are granted by the company that controls it, the company will not want its competitors to have access to the information that is being added in its network. Having said that, the privacy improvements may be used for commercial purposes.
The year 2019 will bring innovative and disruptive ideas around the blockchain. Its impact has not gone unnoticed in many business sectors. The role that blockchain is playing in the digital transformation should not be underestimated.