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Predictions that Would Lead To Resurgence of Blockchain

By CIOReview | Monday, February 4, 2019

Cryptocurrencies have undergone a tremendous value fall in the last year, which raised questions on the adoption of blockchain technology. Many believe that existing investors will step back from the development projects of the technology. But for the matter of the fact blockchain has allured various established entities that recognize its potential as a standalone technology. Blockchain is independent of cryptocurrencies—they are just one of the successful application the technology—and has found research grounds in various verticals for its development. The intrigue and need of overcoming present drawbacks, has resulted in hefty investments made.

Out of many, few futuristic applications of blockchain have been discussed below that assure its expansion in the market.

Convergence with IoT

Currently, IoT technology is also in its early stages but has comparably vast adoption then blockchain. Still, IoT experiences a major drawback of cybersecurity as in present it utilizes centralized storage system that is highly vulnerable to cyber threats. In addition to it, IoT devices themselves serve as an easy point for hackers to crack in. Blockchain, on the other hand, is distributed ledger secured with encryption, immutability, and authentication ensuring complete security of the stored data. Merging both the technologies would provide a secure environment for data sharing and boost secure automation.

Features to Support Regulations and Applications

Blockchain’s features such as transparency, liquidity, and security token are anticipated to be beneficial in several industrial processes. From logistics to finance, leaders of the sector find the technology of great use in positioning transparency at the core of transaction operations. Distributed ledger automatically records all transactions data in forms of blocks giving a complete track which ensures hundred percent transparency among network entities.

This feature would also help in maintaining data regulations like GDPR. Security tokens can be used for secure authentication for existing applications instead of developing new blockchain application—integration of technology to existing is quite easy.

Growing Influx of Cryptocurrencies

Although, crypto has fallen and still lacks wide adoption to rely on but is evident to expand in future. In the age of digitalization, digital currencies are inevitable; sooner or later they will dominate the trade.  Blockchain in those scenarios will be the most optimized technology as there is no market bigger than the market for money.