Blockchain Trends to Watch in 2019

Google+ Pinterest LinkedIn Tumblr +

When developing a long-term cryptocurrency trading strategy it’s essential to take the state of blockchain into account. Why? The answer is easy, there's no question about the practical applications of the blockchain. While there are still many experts and analysts being skeptical about the future of cryptocurrencies, the technology behind it is getting more mature, robust, tested, and already proved to be useful.

Here are top blockchain trends for 2019.

Decentralized exchanges

It's a paradox that the most important nodes of the decentralized financial systems are big corporations. Blockchain should and will be used to create a decentralized exchanges system that will cut out the middleman. The only obstacle is the regulations, which are responsible for the centralization of exchange services since big players were able to become compliant.

Stablecoins will become popular

Cryptocurrency enthusiasts didn't mind the volatility unless the price in long term always went up. Their attitude towards everchanging prices has changed in 2018 with the market collapse. There's a growing pressure from the users to create some kind of "stablecoins" that would be designed for less volatility. This is a prerequisite for blockchain-based currencies to become popular means of exchange.

Eco-friendly mining

The price of Bitcoin and many other currencies have fallen below the mining affordability level. This has already forced many players to exit the market. The huge energy costs of cryptocurrency systems are also creating a lot of bad publicity. There's both public and economic pressure to introduce solutions that will lower the energy consumption of mining and securing blockchain networks.

Exchanges looking for additional revenue streams

With the abysmal 2018 for crypto prices, the volume of exchange has fallen rapidly. Crypto exchanges need to look for additional token-based services to make up for the lost revenues.

Data Marketplaces

Blockchain can already be used to let individuals control the usage of their data. Given the huge demand for big sets of data that can be used in Machine Learning, this is a growing market. Individuals could earn money for sharing their data, and companies could share the datasets in a secure way.

Non-fungible Tokens

These are unique tokens that cannot be replaced by other tokens. While a $1 bill is a perfectly fungible asset, let's say a ticket to the theatre is a non-fungible one. Non-fungible tokens are already used in gaming. They can be used in arts and other sectors where it is essential to prove or verify the authenticity of an item.

Decentralized Identity Management

Many fear the growing power of tech giants - Google, Apple, Amazon, Facebook - who are gathering the majority of the data generated every day. Blockchain could give individuals contorl over this data.

Autonomous Companies

These are so called Decentralized Autonomous Organizations (DAOs). Their advantage is full transparency as the financial transaction record and program rules are maintained on a blockchaing. We expect new DAO breaktrhoughs in 2019.

Supply chain distributed ledger (DLT)

The concept of using the ledger for all kinds of supply - from food to clothing or electronics - has been presend over the last years. Maybe this year finaly they will gain traction and reduce the logistics costs and enable full transparency and quality control of supplies at any stage.

Privacy coins may cause some stir

These are cryptocurrencies there transactions are not transparent and can't be tracked. Once global community finds a way to separate privacy coins usage for black market and regular ecommerce, these can become a true game changers in 2019.

Smart Contracts will Gain Traction

Blockchain makes it possible to replace traditional contracts (secured by the authorities and courts) by smart contracts, secured by code and design. So far there haven't been many practical adoptions of the solution, but this may change in 2019. People could make complex transactions - such as real estate purchases - without paying fees to middlemen. Ethereum has already launched a leading smart contract platform - this trend should spread around the blockchain based startups.

IoT embraces DLT

Internet of Things will create a new network of interconnected devices. They will need new infrastructure with new IP numbers. Using blockchain to identify them could bring a revolution to IoT development.

Make sure you follow these trends carefully as every breakthrough will probably affect the price of cryptocurrencies you can trade with SimpleFX.

Share

About Author

Leave A Reply

Translate »