Blockchain Development

As the technologies are expanding with new innovations, the real-time challenges are the trend of the growing economy. The latest technology collides with ingenious Blockchain development to provide a nonstop solution for all the challenges faced by any business enterprises.

Blockchain – Are you hearing for the first time?

Will tell you in simple words, it is a chain of blocks to store data. The blocks are interconnected using some strong cryptography (encryption and decryption ) techniques so that all are interconnected.

Almost similar to the database, the only difference is each block contains the address of the previous block and to alter any data in a particular requires a long procedure for verification of data. This makes blockchain safe and secure data storage and mainly restricts fraudulent activities or hacking.

Though it was first invented in 2008, to record the transactions of Bitcoin cryptocurrency. Later on, it started evolving into the major business field applications and for technological inventions.

Now you will be wondering how this blockchain development company can be used for all the aspects of a growing economy. In this article, we will see the 5 Blockchain developments coming in 2019.

1. Blockchain Development-Cloud Based Service

2. Combined with digital technology IoT

3. Switching from Smart contract to Ricardian Contracts

4. Government agencies – Adopting Hybrid Blockchain

5. Cross chain technology -Blockchain

 


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  1. Blockchain Development-Cloud Based Service
  • Cloud service is in the trend of the latest technology. It is to serve the paid services and the applications to any organization by the service providers over a period of time through internet connections by following the service agreement.
  • Sometimes, to have your own blockchain is very difficult to implement. At the same time blockchain as a cloud service, you will be allowed to store the data online and it can be accessed remotely as it is connected to remote servers.
  • This advantage will definitely provide you with more opportunities to make use of the protected data.
  • Building your own blockchain needs a good investment. If you are a startup you can make use of this blockchain cloud storage as many companies like Microsoft, Amazon started providing this service and this service will be emerging more in the upcoming days. You can save the blockchain infrastructure investment.
  • The data get stored with the blockchain safety layers and it is very difficult for the hackers to mine the data.

Blockchain Technology


 

2. Combined with digital technology IoT

  • As we all know that IoT is an evolving digital technology, it can be combined Blockchain technology to realize the added benefits by IoT adopted organizations.
  • To optimize our time and money, IoT has emerged into the technology field at a very fast pace. This technology is integrated with our smart devices to communicate between IoT devices.
  • For example, you can operate any electronic device remotely by using your smartphone. This technology needs the data to be gathered for such operations. Those data can be stored safely and securely in the Blockchain record.
  • Many IoT Companies are into this research to have the safe and secure operation or communication between the devices.
  • Since the security protocols used in IoT technology is more vulnerable, Many started researching with safe data storage blockchain with high-security layers to implement this combined technology.
  • Apart from normal communication between devices, this blockchain technology connected with IoT will enable fast transactions between smart devices.
  • The transactions are verified by blockchain to ensure safe transactions. These transactions can also be automated by making use of Smart contracts of Blockchain, which will allow the automated transactions to happen based on the contract between two different parties.
  • This linked technologies will be deployed by many IoT companies in 2019.

3. Switching from Smart contract to Ricardian Contracts

  • Hope you all would have heard about smart contracts. It is a contract stored in the blockchain and it will be between two different parties. This will automate the transactions based on the contract.
  • Though it is a safe contract in blockchain, it will be stored in machine-readable form, so Richards contracts have emerged with legal agreements.
  • Ricardian contracts are evolving to have a legal contract between multiple parties. This contract will not be in machine-readable form. This will be very similar to the normal agreement in user-readable text, which will be understood by both the system and the user.
  • Smart contracts follow the actions in the contract without any legal framework. If any out of box scenario occurs, then this contract will be of no use. At the same time, the Ricardian contracts have the legal framework to set the regulations legally and can solve any type of dispute between multiple parties.
  • This type of contracts will be utilized for any confidential business transactions, high secured payment transactions in the near future of 2019.

 


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4. Government agencies – Adopting Hybrid Blockchain

  • Two types of blockchain are public and private blockchain. Public blockchain can be used without any central server and distributed throughout the network whereas in private blockchain the permissions are restricted.
  • As the government agencies handle a huge number of data, Blockchain will be adopted for their operations and services. In such a case the government cannot adopt completely public blockchain or completely private blockchain. It needs the combination of both public and private blockchain and this type of blockchain is hybrid blockchain.
  • In the near future, all the government agencies will adopt hybrid blockchain for its service and store a large quantity of data of all the residents.
  • One country from North Europe started its government services with the help of Hybrid Blockchain.
  • Hybrid blockchain evolving from blockchain development will be utilized in the upcoming days and soon will be blooming from 2019.

5. Cross chain technology – Blockchain

  • As the blockchains are emerging on a daily basis, it will end up with different blockchain in the future. The interoperability enhances the benefits of the blockchain. This interoperability between the blockchains is called cross chain technology.
  • Cross chain technology will be utilized in the near future to improve the functionalities of the blockchain in all the business sectors. It will enable to send the data to the different blockchain network in a more effective way.
  • As most of the blockchains are operated under an isolated environment, it is difficult to make use of the benefits. The cross chain technologies are into the deep research that the data transmission through networks will be a part of blooming technologies in 2009.
  • The future will have the scope to adopt the cross chain technology for interoperability between the blockchain networks.

5 Blockchain Developments Coming in 2019

Infographic Credit – Infinite MLM Software


Must Read: How To Prevent Blockchain From Hacking?


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Conclusion

Yes! The year 2019 is going to be equipped with the benefits and trends of blockchain development. This evolving technology with all the real-time applications will drastically impact the growing economy.

From the above trends, we can say that blockchain development will have the value and potential to improve all the challenges faced by all the enterprises and modern technologies.

The benefits range from secured data transmission to legal contracts and also to the advanced cloud computing services with all security layers of blockchain.

The interoperability between the blockchain network will enhance the overall benefits of the blockchain.

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Isha Parmar

Isha Parmar is a Senior Content Writer at Infinite Open Source Solutions, one of the leading direct selling and taxi dispatch software companies in India. She is a voracious reader and enjoys a broad spectrum of subjects ranging from romance and fiction to the latest technology. Her major areas of writing are covered in https://infinitemlmsoftware.com/blog

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