Blockchain Technology Trends in 2024

It was only some time back when Blockchain came out of the zone where it was operating on the Whats + Whys and entered the Hows’.

And in just these few months, Blockchain has settled itself in the tech world so much so that there are now several branches which have emerged and come in the limelight as the Blockchain trends to look out for.

What is itself one of the major tech trends that will go mainstream has now come up with its own subsets of trends that are here to stay for some time to come before something new is demanded from the technology.

In this article, we are going to look at all those Blockchain trends in 2019-2020 that have or are soon to become mainstream in the world that has now accepted Blockchain whole-heartedly.

Wider Adoption and Growth

The prime reason behind the rise in queries like hire Blockchain developers are increasing is because the blockchain market has now expanded itself to an extent that it has become one of the most favorable technologies to be adopted in the world. At a time when the question if what is blockchain has shifted to how can blockchain be adopted in a process, we are staring at mass adoption of decentralization across industries. Which is also the first of the major trends of Blockchain.

Blockchain as a Service

It is an offering which enables the customers to leverage the cloud-based solutions for building, hosting, and using their smart contracts, blockchain applications, and several other blockchain functions. In the case of BAAS, the cloud service provider manage all activities and tasks to keep the infrastructure operational and agile, thus becoming a primal Blockchain trend for 2019-2020 and beyond.

Enterprises like IBM, Oracle, and Microsoft, etc. have already started offering the Blockchain as a Service on a great extent with the sole purpose to establish themselves as a medium for the enterprises to be involved with the technology without risking a high investment cost that would go into in-house blockchain development.

Asset Tokenization

The process of asset tokenization entails using digital tokens to prove the ownership of real assets. It works with the primary purpose of expediting the buying and selling process of security thus becoming one of the biggest uses of Blockchain technology.
The various benefits that tokenization of assets offer – Greater liquidity, Faster transactions, More Accessibility, and Faster transactions have all together attracted a number of players to enter the blockchain application development market surrounding Asset Tokenization.  

Greater IoT Inclusion

The decentralized market has found several use cases for merging IoT with Blockchain based applications. The fact that passing data with utmost security lies at the core of Blockchain technology fits almost naturally with the mechanism of IoT that drives on connecting devices and transferring information between one platform to another.
The ease with which Blockchain and Internet of Things mechanism fits have poised their market to become of $3021 million by the time we hit 2024.

Speed up AI

AI is in need of information to pick out trends from and Blockchain requires energy and power to cluster the computer system and the run the processes quickly – convergence for which they are both dependent on each other.

The benefits that AI and Blockchain combination can bring will only be truly effective when both the technologies learn something from each other and help each other.

Here are things that Blockchain will be taking from AI and AI will be taking from Blockchain. Things that have placed the convergence in our list of top Blockchain trends in 2019-2020.

How can AI be of help to Blockchain?

1. Energy Consumption
2. Security
3. Scalability
4. Efficiency
5. Privacy

How can Blockchain be of help to AI?

1. Increase Effectiveness
2. Lower Market to Entry Barriers
3. Reduce High-end Risk Scenario
4. Increase trust in the machine to machine interaction

Federated Blockchain

With Private Blockchain having already made an appearance in the decentralized world, it is now time for Federated Blockchain to make an entry. While falling under the Private Blockchain umbrella, it is poised to make it a lot more customized. Instead of any one organization handling the consensus, multiple authorities will be controlling the blockchain and the pre-selected nodes.

There are a number of use cases where the answer to why invest in Blockchain software development company becomes all the more clear –

• Insurance Claims
• Financial Services
• Supply chain Management
• Multiparty Aggression
• Record Security

Stable Coins

One of the biggest challenges that the Cryptocurrency market faces is the fluctuating value. If one day your coin is worth $500 the next week it might come down to $100. This heavy fluctuation is what Stable coins are here to solve.
The value of stable coins can be tied to multiple assets like silver, gold, or even US Dollars.   
What happens is that the value of stable coins almost always remains the same and does not fluctuate as violently as the cryptocoins.

This new form of investment that stable coins prove to be are everything that the profit-seeking victims of crypto volatility faces, making it one of the other major trends of Blockchain.

Interoperability

The key contributory factor of Blockchain’s mass adoption lies in Scalability, which is also one of the primal benefits of Blockchain. And true scalability can only be achieved when blockchain networks interact with each other seamlessly,   that brings in the concept of Blockchain interoperability in the forefront.
Seeing how the Blockchain trends are moving in the direction of Interoperability, soon we will see a time when a user will be able to share something from their Blockchain ecosystem to other user’s.

Ricardian Contract

The contract whose context was first coined in 1995 is a lot more practical than what Smart Contracts are.
The idea behind Ricardian Contracts, which is slowly upping its demand an adoption in the market is that there are two contracts – one in text format, which would look like an everyday contract and another would be the digital version which would only be readable by a machine.

This way, the parties will be able to take the contract to court if any discrepancy happens – something that is not possible with Blockchain-based Smart Contract, which is not admissible under the court of law.

Government’s Decentralization

Blockchain holds the key to decentralize government and fill in the gap of trust that the citizens have in their policymakers.
By bringing all the different information out in open with the promise of immutability and non-money making operation, the dire situation that is presently looming all around the world can only better when the right idea meets one of the top Blockchain development companies .

The time to come will see Blockchain helping the government in bettering

• Monetary Policy
• Government Spending
• Debt-based Money Instability
• Identity Theft
• Bailouts Hazards

Security Token Offering

While ICOs have been one of the major Blockchain trends for some time now, which came into limelight for hinting the question – Is ICO replacing VC funding, STOs are now getting prepared to emerge as an equally good mode of raising funds as the former.
Unlike ICO, the token which is offered in STOs is backed by tangible assets like profit, asset or revenue in the company, thus merging ICO and IPO together to offer a much safer reason for investors to put in their money in the projects backed by a technology that is still finding its place under the sun.

While initially unsure, more and more cryptocurrency exchange platforms are now opening up to the idea of listing STOs in their platform, only with an additional step of uploading the proof of SEC compliance.

Blockchain Exchange Trade Funds

ETF is a Blockchain powered fund that can be traded in the stock market. The fund type, while was in talks to make a massive appearance in 2018, couldn’t make an impression. But this year is expected to be different. There year, it is estimated that there will be a rise in the Blockchain ETFs in the market.

The fact that the ETFs are one of the most chosen options among the many exchange users because of the ease that they offer without any charge from the fund manager, is also something that will be the demand for ETFs up in the coming time.

Over the Counter Trading

Off-Exchange, as Over the Counter Trading is normally called is an exchange mechanism where trading happens between two parties without any supervision of the exchange. It comes with the benefit of offering liquidity, maintenance of the present market price, and complete transparency.

There are four main participants in the Blockchain OTC market –

• Small Asset Managers (buyers)
• Miners
• Brokers-Dealers
• Cryptocurrency Exchange OTC desks

Cryptocurrency Insurance

With more and more businesses and Blockchain development services now entering the crypto space, the strength of many Blockchain centric hackers has only gotten more strong. The number of hack incident and security breach instances are a lot more in number as compared to the adoption of the decentralized technology – with the former being reason for the latter.

This limitation that the Blockchain domain is facing because of the hacks has since the past two years driven the demand for cryptocurrency insurance – a market that is still lagging behind in terms of supply in front of the demand rate that is now growing at a very high rate.

2019-2020 and the time to come is expected to increase the number of players who are involved in the cryptocurrency insurance sector to much greater units.

Non-Fungible Token

While presently focused more on the crypto-based gaming platforms, the decentralized medium that cannot be transferred with any other crypto-asset is estimated to see a lot more traction coming in from other industries as well. Elements like certificates, security tokens, and passes, etc will benefit from the token type to a huge extent in the present and the time that is in front of us.

So, here were the 15 trends that are going to define how and what the Blockchain industry is going to shift and transform into, in the time to come. Seeing how big the domain is getting and how the innovation level is on a constant high, it is only fairly obvious that the list will grow over before we know it.

Wish to know how to grow with this list of growing Blockchain trends? Get in touch with our team of Blockchain specialists today.

THE AUTHOR

chirag

Blockchain Evangelist