Remember how Bitcoin and Cryptocurrency established the technology and mobile app development market with its invasion last year?
Well, while the former year, 2017 was the year of Bitcoin, it is being said that 2018 will be a year of Blockchain technology. It is predicted that Blockchain is the new technology that will rule the mobile app development world with its widespread usage. Especially in the time when the society as a whole is busy conversing about net neutrality and adopting Bitcoin, this is the right time for Blockchain to mark its presence.
Bitcoin, however, came into practice six months ago and had been seen as a catalyst for the success of various financial services startups. Blockchain focused financial services startups were able to raise around $240 million in venture funding right since the mark of the New Year, 2018. However, the effects of Blockchain are a little far away from being a trend; it has undoubtedly created noise in the market. Another example that can be used is of Ethereum, the leading blockchain platform. It has been a catalyst for a wild and vague number of decentralized applications and many blockchain-based platforms, which proves the technology is all set to show that it is far away from fads.
However, its potential is yet to be exploited, here’s why we feel 2018 is going to be the year for Blockchain development in the mobile app development world.
1. It can be used beyond just the financial sector.
While you might feel that the implications of Blockchain development shall only be in the financial sector, you are wrong. It’s time you come to terms with the fact that blockchain development will be used not just in the finance sector but everywhere where transactions will be performed. Hence, you can count in the Healthcare industry, recruitment, and HR, legal work and even the manufacturing industry.
2. Blockchain meets the IOT (Internet of Things)
Yes, blockchain development will help benefit everything under the roof the Internet. While this might sound like a big clash of words difficult to combine, all the technologies will work together to build the gap between the various business processes and improve their working.
3. Blockchain technology means greater security
With blockchain development, comes the fact that it is encrypted hence, more viability to security. Blockchain true nature will help keep cyber burglars away. This shall also help record machine activity on the ledger and help advance the transactions through smart machines.
4. Smart contracts will finally be a possibility
Now what are ‘smart contracts,’ is you may ask? Smart Contracts are an idea where contracts will execute automatically when conditions are filled, or payment is initiated, or deliveries are dispatched. Blockchain development makes smart contracts possible by their consensus-driven nature. Hence, once the conditions of a contract are met, the contract will be automatically filled.
5. The Crypto Currencies will be State- sanctioned
We saw it with Bitcoin, how the government was not able to create or manipulate a tradeable currency, right? Well, 2018, however, will be the year when governments will finally trust and get on board the blockchain development bandwagon. And this will only be because they will be able to see how blockchain has its potential over both financial and public services.
Blockchain overall will change the way the world perceives business forever. And without a doubt, 2018 will mark the beginning of a new and advanced technology era.