Interest in Blockchain technology has reached the mainstream. According to a third party Google survey “In November 2019, ‘blockchain’ was the second most searched term on Google. Now, until January 2020 the search rate has been increasing at an outstanding rate. And, it will not stop even in the coming years from now. So, if you want to Hire Blockchain Developers, and still don’t know how it will facilitate you in the upcoming years, this content is for you.
What is Blockchain all about?
For those who have not yet heard of the hype, “blockchain” is a type of distributed database designed to record Bitcoin-encrypted currency transactions. It’s a chain of digital blocks (chunks of data) where transactions are stored, effectively making it impossible to change or delete once they have been saved. Simply, it exists because it is extremely safe and highly resilient, making it a perfect place for blockchain developers to understand the architecture and protocols of the technology available.
Why blockchain will be more popular?
These capabilities have some obvious applications related to banking and finance, but many other industries are also investigating blockchain. The technology could someday be used for smart contracts that would allow companies to pay each other without an intermediary payment processor, track digital rights for movies, and music, record patient health data or monitor supply chains, and shipments. In fact, there are so many potential uses for Blockchain technology.
The financial market will adopt Blockchain first
Block chain’s roots in cryptography make it inevitable that banks, insurance agencies, and other financial companies are among the first to use blockchain technology. A global survey in 2017 found that only 9% of the financial services companies surveyed were already making substantial investments in blockchain, while 36% expected to do so in the next 3 years. And, this rate this year, and for upcoming years will be more than 35% in real-time. So, it’s time to Hire Blockchain Developers for the Companies to gain maximum advantages.
More use cases involving Blockchain are expected to emerge
Financial companies may be the first to try blockchain, but they are far from the last. A survey found in 2019 found that 11% of hotel and leisure companies and 6% of automotive companies have already invested in technology. Experts say that Blockchain’s ability to manage smart contracts can make it suitable for digital copyright management, and can also be particularly beneficial for streaming services. In addition, many types of companies are considering how blockchain can be useful for the Internet of Things, perhaps allowing secure payments directly from consumer devices, or even allowing machines within factories to order, and pay for their own spare parts when required.
Countries are considering regulating Blockchain
Blockchain is indeed both a blessing and a curse for blockchain advocates and the government is about to start using this technology in various practices. On the one hand, startups are free to innovate as they see fit, but on the other hand, more established companies are hesitant to adopt the technology until they know exactly how it will be governed, and above all how much risk will be involved. Some government agencies and international organizations have already started preliminary work to regulate the technology. And, this will gain seed from mid 2020.
Investors will continue to fund Blockchain startups
Venture capitalists are in an uproar to finance startups related to the new technology. According to a survey in 2019, investors already injected around the US $ 1.8 billion into this market. In 2018 alone, blockchain startups secured more than $ 501 million in funding, and the total of 2019 already exceeds more than $ 303 million. In 2020 – 2021, the numbers will be double. Many well-established technology companies have already announced projects in the field. Many others are joining industry organizations focused on improving and standardizing technology.
Ethereum will grow in importance compared to 2018 – 19
One of the most interesting projects in the blockchain spectrum is Ethereum. While bitcoin can only be used as an encrypted currency, Ethereum has many other uses. And, leading companies like Accenture, BP, Credit Suisse, ING, JP Morgan, Intel, Microsoft, UBS, and many others have joined the Enterprise Ethereum Alliance. It is estimated that more than 15 new organizations will follow these trends this year.
Regulatory companies and organizations will drive Blockchain interoperability
A focus forthe Wall Street Blockchain Alliance (WSBA), Enterprise Ethereum Alliance, hyper ledger, and other such organizations in the development is at the peak. This will be the core reason for the blockchain interoperability. If companies can unite around a specific standard, it can help accelerate the acceptance of payments based on bitcoins, and other solutions.
Blockchain could dramatically reduce the amount of time needed to settle transactions, jumping from days to mere seconds, and could add an unprecedented level of security. In addition, some research indicates that it could also cut costs in the billions of dollars. Many within the banking industry believe that blockchain will enable entirely new business models, and in this race, the industry is among the first to successfully implement the new technology. As a result, Accenture predicts that Blockchain will be considered mainstream across the financial sector by 2025.
New technology will make Blockchain faster, and more scalable
Many of the technology companies currently hiring blockchain developers, and working on blockchain projects are looking for ways to make blockchain transactions even faster, and more scalable. Two of the most notable efforts in this space include Raiden, which allows transfers of assets at a very high speed. And, lightning, which focuses on scalable instant transactions. Many other projects are also focused on improving technology.
Another prediction for the future of blockchain is the impact it could have on emerging markets. Blockchain and cryptocurrency could help the developing world to overtake more developed economies. Whether these theories will materialize or not, it seems likely that blockchain will have a major impact on the global economy. Undoubtedly, all businesses need this amazing and fruitful technology incorporated in their daily chores.
Vibhuti Technologies and its high-tech blockchain developers can prepare you for the innovative future and cater you with the entire advancement available so far. Our abilities, expertise, energy and right approach makes us the most suitable professional for your advanced requirements.