The future of blockchain is looking promising. In this article, we will go through some of the key trends for blockchain in 2019 and how the technology is constantly growing.
The future of blockchain
We already know that blockchain technology has huge potential for all industries, including energy, healthcare, trade finance, and many more. But what will 2019 bring for the technology and what are the implications?
STOs
Security token offerings (STOs) are starting to become more and more popular. People have started to see the recurring pitfalls with ICOs (initial coin offerings) and are being put off by the number of scams and the risks involved when committing to one.
This year, the rise of STOs is expected to continue and gain more attraction from investors as they have proven to have many advantages. STOs are normally backed by real-life assets that act as a security. Security tokens aim to serve as a blockchain-based store of real-world value, whether by tokenising existing assets (such as precious metals, stocks and bonds, or real estate) or by serving as a currency.
Blockchain as a Service
Another key trend for 2019 is going to be Blockchain as a Service (BaaS). We are increasingly seeing the mainstream adoption of blockchain technology from start-ups right through to huge corporations and tech giants. Not all companies have the ability or time to integrate blockchain into their community. To help them out with capitalising on the increasing demand for the technology, major companies such as Microsoft have started to use Blockchain as a Service.
Even though it is not particularly a new trend, the service is set to grow bigger. It will allow firms to build their own blockchain architecture without the need to maintain the infrastructure as BaaS does this for them.
Hybrid blockchain
Hybrid blockchains are an up-and-coming trend set to hit the sector this year. They borrow elements from both private and public blockchains. This is done to create a dual experience for users and companies alike.
The term ‘hybrid’ is used to describe a blockchain that aims to use the best parts of both private and public blockchain solutions to create one super blockchain. They aim to create controlled access whilst having freedom for users at the same time.
Blockchain in healthcare
In 2017, global blockchain technology in the healthcare market was valued at just over $35 million. With blockchain’s current growth, the value is expected to grow a massive 65% by 2026.
The overall landscape and future of healthcare is growing, and blockchain is helping this to happen. The use of blockchain has the power to bring about great changes to the system. With the technology, patients’ information can be safeguarded, bringing power back to the patients.
Not just that, but the blockchain revolution can also ensure that doctors and patients alike can facilitate peer-to-peer appointments. This means long waiting queues can be avoided and doctors can receive requests personally and be able to confirm their availability instantly.
Final thoughts for 2019
The future of blockchain is looking bright, with 2019 set to be a great year for the growth of the technology. We can already see from these four areas that the technology has the power to revolutionise the way businesses and sectors work.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.