How Blockchain will Shape the Future of Businesses

By CIOReview | Thursday, January 17, 2019

The blockchain is the key solution for enterprises that require seamless transactions and transparent and secure record keeping, and due to this, organizations are moving towards the blockchain adoption. Apart from knowing the technical advantages of the blockchain integration, enterprises are looking into the budget predictions and are starting test projects to know about this technology in a more detailed form. Let’s explore the following trends that are crucial to blockchain success.

1. Decentralization of Applications

Incorporating blockchain to ensure transparency and immutability of records are undoubtedly the essentials but 2019 will witness more decentralization of applications. If many applications are using a single blockchain ledger, they will rely on a centralized application which represents failure and vulnerability that could lead in tampering of data. Therefore, an approach needs to be adopted by applications as well; they must be decentralized with a single point of control. This means each trading partner has to run their app. Although building these applications isn’t easy but could be beneficial for businesses in the long run.

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2. Enterprise Applications

Making enterprise apps is complicated at times. They are designed to operate in a global environment and require to display, manipulate, and store vast amounts of complex data and support the automation of business processes with these data. Blockchain could be a suitable technology as it is a small part of this overall enterprise app.

3. Blockchain and IoT

The amalgamation of blockchain and IoT is creating a buzz in the technological industries. IoT adoption has increased significantly thereby increasing the number of devices and sensors that collect information. Many parties are involved in a business transaction based on this data. The intersection of these two technologies can help to speed up the processes.

4. Ecosystem

The blockchain system is evolving continuously, and the new platforms are continuing to emerge with different strengths, and this interprets that the popularity of platform will rise and fall. Moreover, the ability to develop new platforms and prototyping the ones that are needed will be a strength for enterprises.