What 2019 can bring for Blockchain Technology?

2019 has promising trends in the wide-scale adoption of blockchain technologies giving an impetus to blockchain development. It is expected to witness formal education programs for Blockchain, high-scale research and development, and sophisticated developments, as tech-enthusiasts are keen to develop expertise on the technology.

Revamping its identity

In many people’s minds, blockchain is synonymous with cryptocurrency. And the volatility of the cryptocurrency market has created an image problem for blockchain. But other industries like manufacturing and retail are discovering improvements blockchain can bring to their areas, such as supply chain transparency and ownership tracking. In 2019, the blockchain development industry is expected to make a concerted effort to establish an identity that’s separate from cryptocurrency — and better educate the public on the advantages it offers beyond financial transactions.

Big Firms Turn To Blockchain Development – IBM, Facebook, JP Morgan, Microsoft

2019 is seeing big-name firms turning their attention to blockchain in a big way. This is apparent when looking at the many reports of large companies that are now beginning to fill senior-level positions with blockchain expertise. In late January, IBM made headlines when they posted two senior-level jobs for both a Blockchain Application Developer position and an Offering Manager Position, showing the company is getting more serious about its development of the Stellar blockchain platform. Facebook will shortly launch Libra, a global cryptocurrency available to users of its suite of platforms (including Messenger and WhatsApp) Microsoft integrated tools built by the blockchain startup Truffle into its Azure cloud computing service to help developers build and manage enterprise blockchain applications.

Merging blockchain with AI :

Artificial Intelligence is in the business for decades, but its progress will experience massive growth when fused with Blockchain. Autonomous machines need high-end security to eliminate possible vulnerabilities, provided by Blockchain’s distributed ledger. The combination of the two striking technologies will help machines perform efficiently and results will be more spot-on. The use of AI when handling cryptocurrencies will ensure rational decision-making.

Merging blockchain with the Internet of Things (IoT)

Blockchain’s incorporation into IoT is being supported through a wide variety of measures intended to strengthen security. Several companies are leading initiatives to integrate blockchain into their production and supply chains. For instance, IBM is using its large cloud infrastructure to provide blockchain services for tracking high-value items as they move across supply chains. A Finextra report predicts that 20 percent of IoT deployments will have blockchain services installed in 2019. As these technologies converge, it’s expected to speed the implementation of both.

Countries may adopt cryptocurrencies

Another blockchain development trend that will drive an increase in blockchain development services is in government. Governments must maintain databases of citizens and include all details that should be available to all its departments in a secure way. Since the beginning of 2018, digital currencies were firmly entrenched in the territories of numerous countries, which showed a high interest in the introduction and blockchain development under the regulation of their jurisdictions. Countries are now seriously considering the implementation of a national blockchain-based cryptocurrency. Russia is the first to announce its intention. This will give rise to more demand for the capable blockchain development company to take on the challenges.

Increased demand for blockchain development firms

As blockchain technology is increasingly seen as a non-bitcoin linked technology and will become more popular, as a result, there will be a high demand for blockchain developers as well as people with specific blockchain skills and an urgent need to keep attracting top talent into the industry. Finding people with the skills to design, deploy and maintain blockchain technology is however going to be a key challenge for companies in the near future. Since the technology is new, blockchain development companies are few in number.

All these new advancements are expected to make blockchain technology more scalable, affordable and user-friendly and this game-changing technology is poised to achieve its promise of reshaping the digital world.

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