A Closer Look at Block Chain Technology
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Explore the Five Tech Trends That Will Rejuvenate the Industries
Blockchain - a tech heavyweight will dominate enterprise conversations for years to come. Looking at the trends making the headline, it is evident that blockchain is indeed a necessary investment. It has emerged as a powerful tool in bringing efficiency, transparency, and credibility in the transaction procedure. Though the development is in an early stage, we are witnessing a few new trends, let's have a look.
• Institutional investors: The investment in the blockchain industry by institutional investors has started to bring stability in the underlying technology. A higher number of these investors are participating in Initial Coin Offerings or ICOs, a means of raising capital through cryptocurrency by startups. With the participation of institutional investors, the market stakeholders can have a sigh of relief and address the problems of volatility by boosting ICO growth and adoption.
• Convergence of AI and IoT: Artificial Intelligence and Internet Of Things in collaboration are increasingly experimenting with the blockchain innovation. Future homes, workplaces, public institutions need more organized management to keep their systems efficient, hackproof and transparent. A well-organized AI based blockchain, with advanced algorithms and complete decentralization, will help in attaining automation and also tackle the problem of security and transparency. Simple, cost-efficient and the evolving blockchain innovation can be leveraged for improving AI and IoT applications and vice versa in specific domains like healthcare, smart cities, entertainment, etc.
• Smart Contracts: It is one of the most exciting characteristics of blockchain technology as they evade the need of a mediator and creates agreement among all stakeholders. Industries which rely solely on agreements like financial and entertainment can be leveraged through smart contracts as blockchain technology offers increased transparency and safety while speeding up the whole process. Smart contracts can be signed and substantiated in real-time thereby speeding up the entire process and responding accordingly and rapidly to the changes in the market.
• Increased participation from regulators: Blockchain innovation is widely used and welcomed in all sectors now; with its increased use there are higher chances of receiving interests from lawmakers, regulators, and taxmen. Many countries and their regulators are investing in this innovation and are redefining regulations to incorporate clear guidelines for crypto projects.
• Businesses are creating their tokens: Crypto is a new currency in the market yet it is catching up with speed. Telegram, Kodak coin, and Facebook are few of the standard organizations who appear to have denoted their entrance into this industry. Many big firms are thinking about their very own tokens as of now. However, the actual test lies in keeping up the cryptocurrencies, persuading individuals about their value in the future and motivating them to utilize it.