Blockchain Technology Trends in 2019 and Beyond

We have reached to the mid of 2019, but there are still various business leaders, enthusiasts and developers who are struggling with determining how to get the best of Blockchain arena. To help them out, we have curated this simple article on Blockchain Trends for 2019:- Blockchain Technology Trends in 2019 and Beyond

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Blockchain is presently one of the most promising technology trends with exciting potential across a wide range of use cases. It is basically a distributed and encrypted variant of a database, which can solve different issues pertaining to online security and trust. While many people associate blockchain with cryptocurrencies like Bitcoin, it has many other uses in supply chain management, safeguards against identity theft, logistics, and implementation of digital smart contracts.
Emerging blockchain technology suggests that global entities will depend on the trend much more in future years.
(i) Government will use blockchain application
(ii) Blockchain will increase in retail
(iii) Banking and financial institutions will adopt the technology
(iv) Crypto space will start using stable coins
(v) Big Techs will enhance using BaaS
(vi) Social Media will rely on Blockchain
(vii) Hybrid Blockchains
Blockchain is undoubtedly one of the most advanced digital technologies in the present times. It offers improved security, transparency, the immutability of data, and accessibility in comparison to conventional networks. While blockchain has been instrumental in driving many changes across different sectors, it is still evolving.
Therefore, close observation of blockchain trends is essential for navigating the intricacies of the blockchain landscape. The traits of blockchain clearly prove its capabilities for serving as a futuristic technological intervention. At the same time, the trends for blockchain in 2022 showcase how it is changing with each passing year.

Blockchain came into being as a disruptive solution for the finance sector with its advanced cryptocurrency transactions. However, Blockchain solutions have evolved with time to benefit other industrial sectors as well. Check out the key Blockchain trends that began in 2019 and are here to stay.
• STO (Security Token Offerings): STOs have replaced ICOs; they enable a firm to raise funds.
• Integration with IoT networks and Artificial Intelligence solutions: Blockchain integrations enhance the productiveness of IoT network and the effectiveness of AI solutions.
• Tokenization of Assets: Digital tokens are used for validating the ownership of asssets.
• BaaS:  The BaaS or Blockchain as a Service model assists businesses to develop, configure, and maintain the Blockchain infrastructure; and manage and support Blockchain solutions/systems
• Smart Contracts: This approach enables the formation of immutable and tamper-proof agreements between two or more parties without having to involve any intermediaries.

Logistics is one of the industries that can reap the benefits of blockchain technology. What is blockchain technology in logistics? A decentralized public record system that documents all changes to a record in real-time can help make logistics companies more efficient by publicly recording the movements of each shipping container. Armed with this data, companies can implement faster routes and eliminate unnecessary steps in the delivery process.
Distributed and decentralized ledgers also reduce the number of bottlenecks and clerical errors. Using smart contracts, retailers no longer need brokers, lawyers, or other third parties to complete tasks.
Smart contracts allow retailers and top logistics companies investing in blockchain to enter into binding agreements that are immediately terminated if all agreed conditions are not met. These ledger-based contracts increase transparency and profits while reducing delivery times and costly mistakes.

Blockchain technology is a decentralized, distributed ledger that stores the record of ownership of digital assets. Any data stored on blockchain is unable to be modified, making the technology a legitimate disruptor for industries like payments, cybersecurity and healthcare. 
Benefits provided by this technology are:-

1. DECENTRALIZATION – to remove the single point of failure from the system.
2. TRANSPARENCY – by making it possible for every member of the network to access the data at the same time.
3. TRUST – through mass consensus.
4. SECURITY – through immutable records of transactions.
Now, let’s learn what is required to construct an effective, scalable and secure blockchain based application.