Blockchain technology has been benefitting from the rapid and explosive growth of cryptocurrencies. There has been a dramatic increase in the variety of cryptocurrencies as the industry continues to grow. Here’s what you need to know about blockchain technology and how it fits in with your business interests.
5 Blockchain Development Predictions for 2019
There have been some wild and crazy bold predictions regarding blockchain in 2019. We boiled them down and found the blockchain predictions for this year that are actionable and of interest to businesses and blockchain developers alike.
1. Cryptocurrency Trading and Blockchain
The first trend to watch is a continued increase in cryptocurrency trading in relation to the blockchain. In addition to popular and established cryptocurrencies such as Bitcoin, Monero, Litecoin, NEo, Cardono, Dogecoin, Ripple, Ethereum, EOS, Stellar Lumens, and IOTA have been thrown into the mix.
2. Banks and the Finance Industry Are Taking the Lead on Blockchain Use
The driving force behind a lot of blockchain development will be the finance industry and banks in particular. Banks stand to yield some enormous benefits from blockchain technology.
Blockchain development allows banks and other financial institutions to execute faster transactions at lower costs. On top of this, one of the savviest benefits of this is the added level of discretion that this technology and cryptocurrency in general enables. This will be especially important in international banking transactions.
3. Government Use of Blockchain Expected to Continue to Increase
One of the most significant users of blockchain technology and development aside from the finance industry are national governments. Estonia, for instance, has implemented blockchain to store massive troves of credential information on their citizens.
This trend is expected to continue to grow as more governments outsource programming and storage to blockchain developers.
4. Decentralized Platforms and New Business Models Based on Cooperative Competition
This is perhaps one of the most exciting predictions to watch in 2019 as events unfold. There have been predictions of decentralized eco-system platforms and new business models arising from the use of blockchain.
The most profound potential change in business eco-systems that could result from blockchain development is the realization of sophisticated B2B2C sales. Experiments with shared APIs indicate strong potential from decentralized ecosystems. This potential includes the possibility of advance P2P ecosystems. These P2P ecosystems, in turn, will serve to encourage more cooperative competition leading to entirely new business models.
2019 promises to offer exciting times for Hyperledger developers as well. Hyperledger developers will benefit from joining forces with cryptocurrency giant Ethereum in 2018. This will have ripple effects for a long time to come, both for Hyperledger developers and consumers alike.
5. The Introduction of Security Tokens
While utility tokens were not enough to attract institutional investors accustomed to buying stakes in companies, the possible introduction of security tokens could turn that around.
Crypto exchanges are making headway in navigating through regulatory red tape, clearing the way for security tokens to be introduced. However, support from the traditional market infrastructure like Nasdaq, the Swiss Stock Exchange, and the London Stock Exchange, in particular, will be needed to fully implement security tokens.
If it all comes together, this could result in massive allotments of investments and keep blockchain, and cryptocurrency booming. The growth would be explosive, making this an important prediction to keep your eye on.
Is It Time to Have a Blockchain-Ready Business?
Whatever 2019 brings in terms of the blockchain, industries are experiencing changes as the use and development of this concept continue to unfold. Make sure your business is on the right side of things and keep an eye on these blockchain predictions and the changes to come.