The boom of December ‘17, was the final strand of hay that broke the camel’s back and opened floodgates to all things Blockchain. This technology has managed to disrupt sectors up on sectors. Ranging from government agencies to privately held corporations, everyone is eager to join in this decentralized bandwagon. As the market interest and the profit profile of those companies that have already taken the plunge continues to rise it won’t be long before the entire industry shifts on to it.
With mass adoption on the horizon, there are a few trends that seem to be emerging in the market in regard to Blockchain Technology.
1. Middle East and Asia Shall Rule The Block:
Moving away from the saturated valleys of California, cryptocurrency and Blockchain technology has found a new home in the Middle East & North Africa belt (MENA). Similarly, Asia too is welcoming decentralization with open arms. In the coming future, these sectors shall become the main hub of all things Blockchain.
The government of Dubai (United Arab Emirates) has been working relentlessly in decentralizing all the government sectors and turning it into a smart city. Every citizen of Dubai shall be getting a unique digital identity for the same.
Even the Gulf based private companies are especially pulling all the stops in welcoming Blockchain. They are going about in a systematic manner by hiring industry experts, creating entire portfolios and releasing white papers, generating an online community and creating awareness with the same on social media pages. Companies like Arab Coin whose operations are monitored by a joint venture of the Private Office of Sheikh Maktoum Bin Juma Al Maktoum and individual shareholders is set to take the world by storm. Similarly, cryptocurrency exchanges like Palmex with their token ‘DubaiCoin’ (DBIX) too are on the threshold of achieving international success because of its advance trading tools and rigorous security measures.
Further east in Asia, Japan has become the best friend of all things crypto. It has been legalized as an asset by its government and strict guidelines levied on the cryptocurrency exchanges ensures that the customer of the same is not swindled and there are minimum chances of hacks and scams. Case in point, the January 2018 hack of Coincheck had resulted in a loss of US $ 600 Million worth of NEM (XEM)
It is because of such developments, that these regions shall be the hotbeds of decentralization illuminating the path for all.
2. Cyber Security Protocols On The Rise With Blockchain Adoption:
In the coming time, AI and cyber security protocol management will be key buzzword in the industry. This shall be made possible with the help of company such as Rivetz. They are a Blockchain based security token. Rivetz Developer Toolkit focuses on the smartphone, the key for everyday communication. With it they shall enable multi-factor authentication across the devices, provide peer to peer transactions with encrypted cyber controls and help achieve greater heights of cyber security at the time of transaction and for authentication purposes.
Needless to say, gadgets and gizmos that are highly encrypted to withstand hacks are going to disrupt the telecommunication industry. It shall also bring to light the cyber security advancements that can be achieved with the help of Blockchain Technology.
3. Smart Contracts Shall Become The Norm:
Smart Contracts, one of the key features of the Ethereum platform shall finally get its moment in the sun. With it, any type of a business transaction is made secure and utterly transparent for both the parties involved. In the coming time, smart contracts and its implementation shall become the norm for all major corporate houses and are hence very valuable.
They eradicate the need of middle men. These intermediaries usually charge a hefty fee. Once their requirement has been made void, everyday transactions and operations shall run smoothly.
Case in point, Quantstamp. It uses Proof of Audit (number of reviews) protocol because of which once a smart contract has been created it is tamper proof and immutable. The security and the regulations behind these smart contracts continues to grow stronger. Therefore, their adoption too shall increase and eventually become the norm.
4. IoT shall Come Of Age With Blockchain Implementation:
A marriage made in technology heaven, Blockchain and IoT are the Yin and Yang that shall bring about a balance. Many believe, that it was Blockchain technology that was a key component due to which IoT has finally come of age and meet its latent possibilities.
As smart homes and its components are becoming affordable and achievable for the common public, the technology behind IoT too has grown leaps and bounds. With Blockchain streaming the path the only way the graph shall grow is up.
IOTA is a cryptocurrency that is using IoT as a key component of its ecosystem. Moreover, IOTA offers the users their Tangle ledger which works for free and is blockless and scalable. It even offers its users the option of transferring values without huge transaction fees. The developers of IOTA have created it to further develop the ‘Machine Economy’ sector. Hence, the value of this cryptocurrency is going to rise leaps and bounds in the upcoming year.
5. ICOs Shall Become Mainstream:
Now that the initial craze surrounding Blockchain has settled, many of the fake or phishing ICOs (Initial Coin Offerings) have died a natural death. What remains are those who are serious about Blockchain implementation and are offering the users the best of the best of their services.
ICOs are outlets for future investors to join in the protocol that is being developed by a company. While there has been a lot of bad press being associated with ICOs (compared to an exit scam or a Ponzi style scam) regulatory authorities have pulled up their socks and standardized all the ICOs. It is due to this, that the void in terms of protocols shall be eradicated. Furthermore, these policies shall turn ICOs into a successful alternative for regulating the financing a newbie company acquires.
The gaming giant Atari has declared its interest in Blockchain technology. It shall be actively pursuing the mainstream release of ‘Atari Token’. It is being hailed in the media as the new age cryptocurrency that is being generated especially for casino platform. What makes matters even more interesting is that there are even plans of creating ‘Pong Token’. It is being created especially for crypto casinos!
With such novel and unique ICOs launching, the naysayers shall soon realize that ICOs are the biggest trend in the upcoming times.
The ball is in the investors court. It is up to them to decide which crypto to invest in or which ecosystems to support. Decentralization is the future and Blockchain technology is the catalyst that shall power its path to the moon!