Blockchain gained in popularity due to the Bitcoin revolution. Now, industries and companies are adopting blockchain development rapidly. “Blockchain” is a technology which enables a peer-to-peer network of interconnected devices to store the data. This development ensures the capability to execute and authenticate large-volume transactions faster eliminating expensive intermediaries. Companies in software development, including banking, fintech, agriculture, healthcare etc… are seeking broader applications in various arenas administration, supply chain, and medical data, to streamline processes.
Decentralized applications, or dApps, are evolving at a greater pace than ever before. Blockchain has become a critical tool that nearly every company is exploring as a part of their innovation strategy. In fact, 2018 is expected to become the year businesses start to focus on leveraging blockchain technology to its full potential. If you’re looking to gain a competitive edge for your business, the time to invest in blockchain is now.
Blockchain and Internet of Things (IoT)
Since this year, started many researchers and analysts have predicted IoT dApps becoming the next key development in blockchain application development. Also, by 2019 20% of all IoT deployments are predicted to have at least basic levels of blockchain services enabled.
IoT security flaws generally revolve around three major events: authentication, connections, and transactions. Thanks to these vulnerabilities, already hackers have managed to take control of implanted cardiac devices, disable cars remotely, and launch the largest attack to date.
Given that security is one of the main challenges of IoT, as well as, data integrity, it goes without saying that blockchain could potentially revolutionize this sector. Stabilizing complex IoT systems is dream come true with Blockchain technology. It also eliminates the risk of single points of failure for an IoT network as a result of malicious attacks.
Blockchain and Artificial Intelligence (AI)
One of the blockchain’s most promising use cases lies in the fact that it has to potential to facilitate certain parts of an AI implementation. Hence, in order for AI to function, machines require access to big data. Up to now the processing of big data has not been economically viable. However, with the support of the blockchain, this may all change.
Blockchain can provide the data authentication on which AI models depend since the data stored on the ledger cannot be changed and is available publicly. That makes data stored in a blockchain more relevant than data that is delivered on unproven platforms that have embedded errors.
Not Just Ethereum
As the fundamental flaws of the Ethereum blockchain reveal its highly inefficient usage of the blockchain’s processing power, other blockchains are emerging to fill the gap. Instead of Ethereum, dApp developers are turning to other blockchains, such as NEO and Hyperledger.
NEO offers an advantage over Ethereum because instead of proof-of-work, it makes use of an energy-efficient consensus mechanism known as dBFT (decentralized Byzantium Fault Tolerant). As a result, NEO can process transactions at a much faster rate of 10,000 transactions per second.
Additionally, it also supports more computer languages while developers can only use Solidity for Ethereum developer. NEO supports Java, C#, and soon Python and Go, making it a more accessible option for startups and established businesses who are looking to hire dApp developers. Hyperledger offers one of the key advantage over Ethereum very few know about, it allows developers to create dApps with private blockchains and permission blockchains too. Hyperledger offers low node-scalability which enables high-performance scalability. With Hyperledger, nodes can also assume different roles and tasks in order to reach a consensus which enables fine-grained control over consensus.
The Cambridge Analytica scandal that engulfed Facebook this year was only a sign of things to come with regard to how company collect, store and access consumer data. Consumers are not happy that that companies are selling their data to third-parties using unethical and insecure means. As a result, companies who utilize data for the purposes of model building for AI are also being pushed towards leveraging blockchain.
Blockchain levels the playing field by giving companies the data for the purpose of model building while giving data owners the right to restrict access or grant permissions to the data. This year and in 2019, you can expect to see dApps emerge that will allow consumers to have greater control and monetize the data that they create.
While blockchain projects have mostly been focused on taking advantage of the versatility of blockchain technology, usability has been severely overlooked. This year, you can expect to see new projects that aim to make things easier for everyone, for end-users, as well as, developers.
New platforms are making things easier for developers with functional programming languages and easy-to-deploy and customizable blockchains. On the user end, the end goal is for users to not even know that they are using blockchain technology. For example, blockchain developers are building on platforms, which don’t require users to pay fees.
Blockchain technology has got a great future ahead and it will not offer a positive impact on business enterprises but also will influence the human lives as well.The Blockchain technology will also encourage individuals to introduce new currencies and cryptocurrency exchanges. It will meet with IoT to take technology on the top gear which is hardly imaginable.
Here’s nothing but opportunity ahead for businesses who want to utilize blockchain. However, most blockchain application development trends in 2018 require more than just developers.
You need right development partners to understand your needs and craft customized and state of art Blockchain application. Leverage the benefits of this future ready blockchain technology.
Ecosmob Technologies offers various solutions and services, moreover earned a reputable position in industry, since a decade now. Partner with the best in industry and find out right pro tips for projects and create something different and be ready for the future.