Blockchain technology has become one of the most talked topics of present years. Tech industry has seen a massive change in the market dynamics due to the introduction of emerging technologies like blockchain. It is still at the stage of infancy, but it has certainly the potential to upend the traditional form of market. The 7 most important trends that will foray the future of blockchain technology are
1. More than Cryptocurrency: Most of the cases, people still mostly confuse bitcoin or cryptocurrency with blockchain. But, honestly, blockchain is way beyond the cryptocurrency. Blockchain in layman's term can be taken a distributed form of the immutable ledger which keeps on recording the data in a secure manner where manipulation of data is practically next to impossible. Industry behemoths such as Amazon, Walmart, IBM are experimenting with blockchain and trying to integrate with their business process to optimize it. IBM is coming up with their unique IBM blockchain solutions to implement in business cases. Companies are building blockchain use cases to optimize business process while reducing the cost.
2. Reverse ICOs: Because of their nearly oversimplified nature and viability in raising assets, ICOs have quickly turned into a famous method to pull in ventures by blockchain new businesses. ICOs have pulled in more than $14 billion in ventures simply amid the initial eight months of 2018.
As blockchain industry gets created and entered by new players, another pattern worth observing today is the development of reverse ICOs−the process where a built−up organization raises assets through an ICO and moves the entire or a piece of the business to the tokenized business structure.
3. A changing regulatory environment: Since the lion's share of first supporters of the blockchain business were the individuals who had confidence in free markets, it is reasonable that numerous individuals consider blockchain control as an awful news. Be that as it may, a defined regulatory framework will enhance the blockchain business.
While numerous institutional financial specialists are charmed by the blockchain business, to understand a sizable flood of institutional players and assets we require a more vigorous administrative condition.
4. The emergence of Security tokens: An ongoing pattern exhibits a solid inclination for security tokens. Security tokens are offered through a STO-Security Token Offering-which works much like a customary ICO, then again, actually it issues the shares of the organization's value. Security tokens overcome any issues between the conventional fund part and the blockchain business
5. Smart Contracts: Smart contracts are fundamental parts of blockchain technology, and they are difficult to write with only trained professionals able to accomplish the task. When there is a trust disparity issue, parties are well defined under law, the smart contract can be the best feasible solutions. As smart contracts are acutely secure, this will gain massive momentum in near future and strengthen the position of blockchain technology.
6. Blockchain with IoT: With the emergence of the blockchain, there is another player in the market-IoT. IoT devices share enormous data amongst each other and lack of common standards will become a major concern in the near future. Blockchain will become the resolver in this case as well by standardizing the data sharing process.
7. Fintech collaboration: If one industry is extremely excited in regards to the introduction of blockchain that is the Fintech domain. Blockchain technology has the potential to universally reshape the way business transacts financially across nearly every industry in the global economy. It will drastically reduce the transaction cost, money laundering cases which are the most prominent concerns for the financial services company.