Tech giants have embraced the blockchain more than ever in 2017. Many of the technology companies moved in the blockchain. Microsoft, Oracle, and IBM introduced a new cloud-based blockchain as a service offering in October. While in May, SAP had given the early access to its own version of the offering.
The fortune 500 companies like Microsoft, IBM, Oracle, and SAP have eluded the fear of many and collaborated with providers to seek more business opportunities in the blockchain.
$200 millions were invested by IBM in Blockchain powered IOT while 1000 employees of IBM are dedicating to blockchain powered IOT projects.
The above examples are enough to explain the validity and adoption expected in 2018. However, these small developments are still considered as the minor disruptor and more is expected in the coming days.
Not only fortune 500 companies but also government bodies are also vigilant on potential benefits of the blockchain. While on the other hand, entrepreneurs are finding ways on how technology can be utilized as the core of smartphones and apps.
On the contrary, Bitcoin had big plunges and dropdowns, surprising the investment community. However, the development in blockchain is not going to stop or disrupted by the ongoing leaps and plunges.
Keeping aside all these investments, leaps and dropdowns in bitcoin and blockchain, we must know what’s expected in the future. Let’s have a look at it.
1. Interest in Blockchain Surging in Asia and the Middle East
People in Asia and the Middle East have shown great interest in the blockchain. The majority of banking institution are counterfeiting with blockchain projects or service offerings, especially in payments. For instance, banks in South Korea and Japan have just started testing blockchain technology that can help in same day international remittances and cut cost by nearly 30%.
2. Cybersecurity will Increase with Blockchain Technology
The increase in ransomware attacks demanding IoT cybersecurity, cryptocurrencies and blockchain will appear with emplacements on cryptocurrency technologies. It may sound innovative and fabulous; the rise in blockchain cybersecurity tools will be the next rising thing in the blockchain.
With the issues like Equifax, ascertaining that the enterprises cannot protect their current identity data systems, which demands a secure blockchain based identity approach, without any key player will appear.
3. Finance and Insurance will face the Consequences
Two sectors, finance and insurance will have a deep impact, facing disruption and threats from the rise of blockchain technology. Insurance will begin to rise with the complex multi-part processes and claims processing like subrogation will affect blockchain-based automation. JP Morgan will introduce cryptocurrency trading desk, in spite of Jamie Dimon’s comments dismissing the legitimacy of cryptocurrencies.
4. Digital Transformation through Automation
Blockchain will be the major driver of digital transformation through automation, tokenization of physical assets and activities, digitalization of processes and codification of complex contracts. Moreover, the issues like governance will outbreak bitcoin, Ethereum, and more with the rise in challenges. It will motivate companies to move to private blockchains, without slowing down the rise of cryptocurrencies.
5. ICOs will Grow Significantly
In 2017, a huge jump was seen in ICOs and ecosystem of cryptocurrencies has broadened far more than ever. Moreover, in the near future, ICOs will mature significantly and will take over venture capital funding.
6. Unpredictable as Before
The year 2017 was full of chaos and the trend will continue in 2018 as well. The hype will continue but will face ups and downs along the way. Despite the volatility of cryptocurrencies, people will tend to buy. Moreover, investors will join more with the potential of increase in future markets.
Private investors will be much more cautious. As cryptocurrencies are not utilized as a medium of exchange or playing the role of currency, cryptocurrencies will not likely to emerge as a payment network.
Conclusion
With the rise in cryptocurrencies and blockchain, let’s see what major disruption takes place and how will it impact the financial institutions. Moreover, cybersecurity will also be in the watch to avoid any disturbances occurred in the transaction of cryptocurrencies.
Thank you for the fundamental list of the top blockchain development trends that are going to grow this year. I’ve found other information that deals with blockchain development here: https://mlsdev.com/blockchain