Top 5 Blockchain Trends 2018

Top 5 Blockchain Trends 2018

Many people discuss the high potential and the revolution in blockchain technology. But only this year, the concept began to attract the public attention.

In the financial sphere, everybody talks about encrypted databases. Being the first tangible blockchain example, bitcoin contributed to its value in many ways. In the first half of 2017, financial startups that use this technology attracted more than $240 million. Blockchain started to penetrate into other sectors of the economy. That’s why this trend is likely to continue in 2018.

Our top trading bots

Here are five main blockchain predictions for the next year.

1. The use of the blockchain beyond finances

The blockchain impact on the financial sector is visible. However, any industry or organization can benefit from new technologies if it is necessary to register and monitor operations. IDC Health Insights forecasts that 20% of healthcare companies will have ready-made prototypes on the blockchain by 2020. Specialists expect a considerable progress in this direction in 2018.

Staff services use the blockchain platforms for the qualification tests. They simplify the selection of candidates and ensure that they have appropriate experience.

The efficiency of legal work will also increase thanks to the use of distributed databases. Next year we should expect the emergence of such innovations in the legal field.

According to forecasts of the Blockchain Research Institute based in IBM, Pepsi, and FedEx, the blockchain will become a "second generation" of the digital revolution (the first was the Internet). For example, the electronics manufacturer Foxconn plans to use the blockchain to track transactions in the supply chain.

2. Blockchain and the Internet of Things (IoT)

Combining these two technologies will significantly improve the business processes and daily life.

The blockchain and the Internet of things are fit well because of the security — encrypted and decentralized blockchain nature is ideal for monitoring the growing number of networked devices at work and home. Studies show that the computational power, consumed to generate the bitcoins, can be used to prevent smart homes from the next generation of cyber-burglars, who are ready at any time to "break in" and steal your data.

Another promising opportunity is that cryptocurrencies on the blockchain base are perfect for microtransactions between devices.

Distributed databases will be used not only for recording and analyzing operations. The machines will exchange payments when one company robots interact with other robots. IDC Health Insights forecasts that 20% of healthcare companies will have ready-made prototypes on the blockchain by 2020

3. Smart contracts

Smart contracts are also based on the blockchain technology. The idea is that contracts are executed automatically when certain conditions are met. In other words, payments, deliveries and other actions, determined by the agreement, can be performed independently from human intervention.

Smart contracts are distributed nature of blockchain for its existence. The deal is made when all the stipulated conditions are met. For example, employees can receive bonuses after the implementation of the plan.

The insurance company headed by AIG develops a system of smart contracts to oversee the creation of complicated insurance policies that require international cooperation. Most likely, the first prototypes of these methods will appear next year.

4. State cryptocurrencies

At first, the countries do not have much enthusiasm for the digital currencies, and there are reasons for it. Bitcoin was designed to avoid any centralized authorities.

Some countries (e.g., China) have responded hostile to the new technology. Beijing banned the work of the cryptocurrency exchanges on the territory of the country and warned the public about the high risk of investing in cryptocurrencies.

However, the situation can change radically in 2018. The governments can finally increase their support taking into account blockchain potential in improving the efficiency and transparency of financial and government services.

5. Blockchain projects that fail

There is no doubt the blockchain is a revolutionary technology. But it can be dangerous like all innovative ideas because many projects do not have clear objectives and detailed development plans.

It is important to remember that just like in the case of artificial intelligence and big data, blockchain technology will change the world forever, but the process will go slowly and gradually.

Today we are all accustomed to sharing information through a decentralized, interactive Internet platform. However, when it comes to sending money, we usually have to use the services of the old centralized financial institutions (banks). Methods of payments via the Internet appeared immediately at the start moment of this network, but they typically require integration with a bank account or credit card. Otherwise, we cannot use them.

Blockchain technology offers a tempting opportunity to get rid of this "extra level." It can take on three important roles traditionally played by the financial services sector: registration of transactions, proof of identity and contracts.

Bitcoin Surpasses $3,500 on the Anniversary of the $19,000 Record
Today, December 17 marks an anniversary since bitcoin hit the $19,000 high for the first time ever. Moreover, this day marks a petty recovery of the most...
Facebook Has Opened 5 Blockchain-Related Vacancies
More than half a year ago social media titan Facebook set up a blockchain group to explore how to employ this technology to the maximum advantage of the...
It’s Possible to Increase Bitcoin’s Block Size Without Hard Fork, Dev Says
It might be unnecessary to increase the block size of bitcoin through a hard fork, as it was though before. The novel method for the «big daddy’s» scaling...
Malta’s Prime Minister: Blockchain Makes Cryptos Inevitable Future of Money
The leader of the Maltese cabinet Joseph Muscat has openly claimed that unaltered ledger will help bitcoin and its brethren become the future of money....
JPMorgan CEO Jamie Dimon Calls Bitcoin a Scam, Again
Jamie Dimon, the top exec of the American investment bank JPMorgan Chase, remains one of the bitcoin bears. Last year he publicly called the “Big Daddy”...
Jack Ma and Steve Wozniak Have Different Views On BTC But Agree on Blockchain
Lots of the financial world’s guru claim that the price of bitcoin is highly dependent on what people think it is worth. And, as it is known, people’s...
Ripple Donated $29 mln to a Non-Profit As its Founder Dared to Ask is a nonprofit organization, established around 20 years ago to help educators collect funds for teaching projects. And, as it is known,...
Thai Central Bank Required Banks To Stay Away From Cryptos
Asian crypto market might not be having the best time of its existence in view of regional governments curbing on the use of bitcoin and its brethren....
Pantera Capital CEO Says Bitcoin Will Come Back to its Highs in a Few Weeks
After a week of drastic, preferably downward, gyrations, the king of all cyber assets ought to take precedence, reaching top rates, within the following...
South Korea Assures No Ban For Cryptos As $600 mln Unlawful Trades Revealed
On Wednesday, January 31, cryptocurrency market keeps sinking in red even though the finance minister of South Korea reassured the authorities do not have...
New Ethereum Hard Fork
Hard forks, hard forks, hard forks. We came across many of them. But you can not ignore changes, especially if it concerns platforms such as Ethereum.Everyone...
Bitcoin At Premium: How BTC Prospers in Africa
Years ago media predicted the rise of bitcoin in the emerging-market countries. Unsurprisingly, that’s what is happening today. Bitcoin and its brethren...
Bitcoin Can Reach $50,000 in 2018 – Blockchain Capital Partner
Spencer Bogart, who is a partner at venture capital company Blockchain Capital, in an interview with CNBC said that bitcoin has all the chances to soar...
Controversial SegWit2x Forks As Skepticism Over Bitcoin Clone Stirs Up
The bitcoin controversial hard fork SegWit2x after failing to be implemented in November 2017 at block 501451, has finally been launched on December 28...
Top 8 Venture Capital Firms Who Keep an Eye on Crypto Startups
In the last two years around 180 investors participated in at least one VC deal for a Bitcoin or its brethren startup. Here are the most popular among themTop...