By Enterprise Security Magazine | Tuesday, October 22, 2019
Blockchain’s impact on the different business verticals is increasing day by day, and the coming years will bring breakthrough ideas where the blockchain technology solution will play a significant role in shaping the enterprise world.
FREMONT, CA: The evolution of the blockchain for the last few decades has been mesmerizing. From a technological perspective, it has achieved new milestones and pushed new boundaries. When compared to the other technologies out in the enterprise market, blockchain technology has a lot to offer. Given here are seven blockchain technology trends, every enterprise CIO must look out for in the coming years.
Blockchain as a Service (BaaS)
Blockchain is considered as one of the revolutionary technologies ever. It is a game-changing platform that a number of startups and enterprises are working on. However, it is not easy to maintain, create, and manage the blockchain solutions. This is where BaaS come into the picture. BaaS is a cloud-based service that allows customers and enterprises to build their blockchain-powered products, including apps and smart contracts. These contracts utilize other blockchain features without the need for setup, management, or execution. For instance, some companies like Amazon, Microsoft, and other similar companies have already provided this service. The adoption of BaaS will help the companies to leverage the blockchain solution technology without even worrying about the enterprise’s initial investment.
Federated Blockchain is known as an evolution of the normal blockchain and is perfect for many specific use-cases. In the year 2019, there was a rise in the use of the federated blockchain as it gives the private blockchain a customizable outlook. Federated blockchain is similar to the private blockchain with a simple difference. Instead of one organization controlling it, many authorities can control the blockchain and pre-select nodes. The selected group of nodes then makes it certain that block is confirmed for processing transactions. Some of the instances include insurance claims, financial services, supply chain management, and so on. Another example of federated blockchain includes Walmart’s use of IBM’s blockchain for food tracking ability.
A hybrid blockchain provides the best feature and functionality of both public and private blockchain. For instance, the government cannot go entirely decentralized by using the public blockchain. However, they need to interact with the public. In such cases, the hybrid blockchain offers an ideal solution for providing the best customizable solution. This also makes proper use of what the blockchain has to present, i.e., transparency, security, and integrity. A few instances of hybrid blockchain include hybrid IoT, banking, supply chain, and enterprise services.
It is considered that smart contracts have been the core of the automated apps. Although they are somewhat limited, this is where the Ricardian contracts appear on the screen. Ricardian contracts open the door to a legal contract that is cryptographically verified and signed. Regardless of the smart contracts, Ricardian contracts can be studied as it uses human-readable text. In this way, Ricardian contracts provide a unique solution so that both humans and computers can understand without the help of any mediator or service.
Stable coin started observing the boost from 2019 onwards. Cryptocurrencies being the side product of blockchain, are known to be volatile. These give rise to stable coins. Stable coins, unlike, cryptocurrencies, have stable prices. Stable coin is not affected by the market condition and makes sure that the stability is maintained all the time. The majority of the stable coins are fiat-backed, but there is another type of stable coin that is backed by commodity or cryptocurrency.
The Initial Coin Offering (ICO) was one of the talks in the town during the year 2017-2018. It is estimated that 48 percent of ICOs are frauds that lead to the loss of trust among the investors. These tokens are given through security token offerings and are regulated. The security token offering protects the investors’ rights and redefines the whole process through which the enterprises or the startups raise money. The year 2017 market statistics for ICO also showcased that each ICO almost raised $12.7 million on the average. Overall, it is evident that the enterprises can surely see a shift from ICO to STO in 2019.