The top five emerging blockchain trends in this year are listed below:
1. Blockchain as a Service (BaaS)
The blockchain is one of the revolutionary technologies of the 21st century. More startups and businesses utilize blockchain technology for addressing their own blockchain solution. But, it is not always possible to develop, maintain and control your blockchain solution. This is where Blockchain as a Service (BaaS) – a cloud-based service comes into the picture.
The technological development in recent years has led to the arrival of new technologies and programming languages which enables to apply in cross-functional solutions. Besides, a new blockchain development trend is influencing the microservice structure and decentralized solutions. Blockchain as a Service (BaaS) is one of the trending technology which can benefit in offering solutions in all sectors.
Few organizations like Amazon, IBM, Microsoft, HP and others have already providing BaaS. We think that the utilization of BaaS by more firms and enterprises will increase in 2019. It will also facilitate companies to use blockchain technology without thinking much about the initial investment.
Eventually, all of this will be leading to Blockchain as a Service (BaaS) which has potential enough to come on the top of the blockchain trends in 2019.
Applications of Blockchain as a Service (BaaS):
- In developing decentralized apps (dApps)
- In supply chain for writing smart contracts
2. Hybrid Blockchain
There are few variants of blockchain in use and we think Hybrid blockchain can be one of the trends to watch out for in 2019. The hybrid blockchain is best suitable for both public and private blockchain which works by providing the best features and functionality. For instance, the government cannot just go completely decentralized by using public blockchain. Yet, they also cannot use private blockchain in some of their services as they require to interact with the users. For the above cases, Hybrid blockchain provides an ideal solution by implementing a customizable solution and also to make proper use of blockchain offerings has to offer such as transparency, integrity and security.
A Hybrid Blockchain Configuration enables the users to separate the data within a block into sections. Some of the set categories can be viewed openly by the public while some are reserved for authorized users.
Applications of Hybrid blockchain:
- Hybrid internet of Things (IoT)
- Supply chain
- Enterprise services
3. Federated Blockchain
The Federated Blockchain can be regarded as one of the best blockchain trends that are basically an enhanced form of the basic blockchain model. Federated blockchain makes it more absolute for specific use-cases. Many experts believe that the federated technology will be in the rise, as it provides private blockchain an outlook that is more customizable.
Federated blockchains are familiar to the private blockchain. For instance, in this type of blockchain instead of a single organization, there are multiple authorities to verify the pre-selected nodes of the blockchain. Now, this chosen group of various nodes will make sure to verify the block so that the transactions can be processed further.
Applications of Federated Blockchain:
- Insurance claims
- Financial services
- Multi-party functioning systems
- Supply chain management
4. Interoperability for Blockchain
The interoperability for blockchain can share data and other reports across various blockchain systems as well as networks. This function makes it easy for the public to see and obtain data across different blockchain networks. For example, you can transfer your data from one Ethereum blockchain to a particular EOS blockchain.
Interoperability within Blockchain networks will make these diverse peer-to-peer networks much more practical in the everyday scenario. Implementation of the above applications within the Blockchain networks will allow seamless interaction between various isolated networks. Therefore, it results in an extensive mesh of P2P networks where users can share desired information without requiring any intermediary.
Considering the potential and growth, it has in providing solutions in various sectors. Interoperability holds high potential for turning into one of the blockchain trends 2019.
Applications of interoperability:
- Simple and easy for users to transact from one blockchain to another
- Cross-chain transactions
- Improves multi-token transactions with the development of multi-token wallet systems
5. Stable Coins
Cryptocurrencies were the sole objective for the creation of the Blockchain technology. Despite its advantages, popular cryptocurrencies are highly unstable and are prone to obvious fluctuation within a short duration of time. This makes them risky and prone to crashes which doesn’t make them ideal for P2P transactions. This is where Stable Coin can address the instability or volatile nature of cryptocurrencies.
Unlike other cryptocurrencies, Stable coins are non-volatile and have stable prices. It is not influenced by the market situation and ensures that stability is maintained all the time. This makes Stable coins the ideal alternative for P2P transactions and for daily transactions. Since it is a relatively stable state, it is less likely to witness a currency crash, making it comparatively less risky for day-to-day transactions.
Fiat currencies back most of the Stable Coins, but there is another type of Stable Coins that are supported by assets or cryptocurrency. However, Stable Coins are not free from drawbacks; Stable Coins run on centralized system and regulations.
Stable Coin is still in its developing stage and it beats the whole purpose of cryptocurrency which was to decentralize currency and transactions. Stable Coin is likely to undergo various significant improvements during the course of 2019, making it one of the blockchain future trends this year.
The above blockchain technology trends will provide notable solutions for various organizations in 2019. We hope that this article on the top five emerging blockchain trends in 2019 will provide you with some important insights on above-mentioned blockchain trends.