Since the entry of blockchain, different sectors and industries of the global market have improved and advanced to a large extent. This technology makes complex business transactions faster, easier, and safer. Whichever business sector you may name, be it retail, healthcare, fashion or any other industry, the positive change due to blockchain technology is easily visible.
Blockchain technology is here to stay and it’s better that you stay aware of all the latest updates in this technology. We’re listing here, five latest trends in blockchain technology that you must know. Let’s start.
1. Blockchain and IoT conjunction
Since 2018, the conjunction between blockchain technology and IoT has been popular. The reason behind this rapid conjunction is the capability of blockchain technology to offer a distributed and thoroughly encrypted set of blocks or ledgers. In the case of IoT, the application of blockchain is even more concerning because hackers cannot easily break through this technology.
In the case of IoT technology, the most essential thing is to connect multiple machines with a detailed machine to machine communication. This communication is faster than manual communication. Hence, if you add blockchain technology with this, you can access transactions at an unexpected speed.
2. Unique investment opportunities
Prior to the invention of blockchain technology, investment was limited to securities and stocks, bonds, mutual funds, etc. However, blockchain technology has open doors to several new types of assets that you can invest in. Also, when I say that blockchain technology helps you in smooth investment, I don’t only mean cryptocurrencies.
Have you heard of tokenization? It is a digital asset that you can invest in through blockchain technology. Through tokenization, you can focus more on liquid trading as there are much lesser entry requirements for this investment opportunity. Blockchain makes sure that in any financial transaction, numbers of intermediaries are reduced and operational costs become much lower.
3. Resolving social media issues
Social media is an integral part of the modern business environment. If you’re neglecting social media platforms, you’re missing out on a large volume of potential customers who could be interested in your products and services. However, social media also generates many unnecessary scandals, privacy threats, etc. Blockchain can be effective in resolving these issues to an extent, if not completely.
Highly encrypted technology of blockchain can help social media users from data breaching. Blockchain can protect private information and can make sure that such information is not imitated. Therefore, by making social media and blockchain integration, users can have a lot of control over the datasets that they’re posting or sharing.
4. Growth of federated blockchain
Federated blockchain is another latest trend that you must be aware of. The Federated model of blockchain is just an upgrade on the basic model. However, its relevancy with practical cases makes it more popular. A federated blockchain is a personalized model that is designed for personal uses.
Hence, federated blockchain technology can be effective for different types of companies operating in different sectors. All you need to do is select certain nodes and make certain changes to fulfill your needs. Till now, federated blockchain’s greatest applications have been observed in supply chain networks, financial services, etc.
5. The concept of hybrid blockchain
We think that the hybrid trend in blockchain will also grow soon. A hybrid blockchain is simultaneously useful for private and public companies. A hybrid blockchain model can offer several advantages to your business. These include lower operational transactional costs, better confidentiality, security from cyber threats, etc.
We have introduced you to the latest blockchain trends. Summing up this write-up with the thought that blockchain will grow further in 2020 and in the years to come. We also think that blockchain technology can bring some great revolutions in the business world in the upcoming days.
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Author’s Bio: Sreyashi Chatterjee Content writer and Marketer. Social Media Geek. LinkedIn Profile – https://www.linkedin.com/in/sreyashi-chatterje-0ab573114/ Email ID – firstname.lastname@example.org