The Biggest Blockchain Trends to Look For In 2018
The Blockchain trends are so diverse that many people say that it is web 3.0. According to the techno-pundits, there has been a no bigger advancement in technology than Blockchain after the invention of the Internet.
The existing hype around blockchain can be credited to a wide horizon of opportunities that blockchain offers. The surging number of ventures experimenting with the capabilities of Blockchain is also the reason behind controversies and concerns.
It’s been seven months in 2018. Let’s check out the visible trends seen in the blockchain world.
From paper to production
Given the rising significance of Distributed Ledger Technologies (DLTs) of which Blockchain is also a part; it is going to sweep the market with innovations and ideas. Not only this, reports show that many of the existing ideas are already rocking the financial sector, helping facilitate transactions and tracking assets. Paul Brody, principal and global innovation leader, Blockchain Technology at EY, says, “Blockchains are appearing in pilot projects everywhere, as those pilots and proof-of-concepts mature, while many will be abandoned, others will advance towards production systems.”
Increase in usage of Blockchain platforms for financial transits
Throughout 2018 we have seen big technical giants investing profusely in Blockchain. These investments are to furnish easy mobility of transactions between corporate parties. The important aspect of finance between clients is trust and blockchain promise transparency, making business easy.
Growth in usage of zero-knowledge proofs
Paul Brody affirms that “Suppliers and customers can’t and won’t join the private blockchain for every one of their business partners. The long-term future of the blockchain depends on the ability of companies to conduct private business over a public, shared infrastructure.” This is where zero-knowledge proofs join the picture. This new operation has started showing working models in 2018. Brody describes zero-knowledge proofs as a mathematical operation and a cryptographic tool that allows one party to prove to another that something is verified, without that second party needing any additional information. This method promises redundancy and immutability that comes from synchronizing the full transaction information across the network without compromising on security and privacy.
Blockchain networks will become more law-abiding
The challenges of solving disputes arising on blockchain platforms are certainly being addressed in 2018. The decentralisation, expanse of blockchain networks across geographic boundaries and no guiding authority are some of the issues that are being worked upon. Voting across the network (something like democratic elections) is one way to solve the problem. But today we need more innovative and transparent way to settle disputes over these networks.
There are several other innovations knocking the door like blockchain systems coming up with their own asset-tracking tools. Tokenization of Blockchain can be game-changing. The need is to foster potential ideas and nurture them.