Have you ever wondered about how data from billions of individuals is stored on the internet? Where all of that information goes and how it is kept track of? Well, the technology that makes it possible is quite fascinating. It is called block chain (formerly known as blockchain), and it is one of the most important assets of the tech community today.
Being originated in the 90s and resurfacing recently when the crypto currency “Bitcoin” came about, new potential uses of this technology have recently been found. I did some homework on the topic; let us now look into a few of these trends so we know what to look forward to.
1. Wanna give an inventive start to your business?
A treat for serial entrepreneurs, block chain technology could potentially help small businesses skyrocket in 2019. This new tech will find unprecedented ways to help ensure clarity and honesty in every business setting, seeing as it will become much easier to store and control the flow of information.
“If investors at some of the biggest technology companies are right, the next big restaurant chain could have no kitchens of its own.” – October 12, 2018 by Blockchain Interchange
This technology could potentially bring about the following changes, as predicted:
- Revolutionizing businesses as we know them today
- Creating an almost futuristic world by removing manual labor to a great extent
2. Say Goodbye to Scams in 2020
Block chain usage in 2020 will ensure more safety for its users than before. Being a new innovative technology, block chain became a target for a lot of con artists, resulting in more hype and less tangible substance.
You will see a great decrease in ads headlined with phrases such as “Earn Money Quick!”, which are quite often just disguised viruses waiting to take advantage of any gullible internet surfers.
- No more fake ads
- Trustworthy, practical uses with substance
3. Grab it while it’s fresh! Better Investment Opportunities Come Your Way
Since not a lot of big investors will leap at the chance of investing in a newly emerging business, smaller businesses can promptly take the very best of this tech for themselves and start implementing it. It will give them a chance to explore a mind-blowing technology before it becomes mainstream, giving them an upper hand on their predecessors.
- New and innovative ways to improve your business
- Comparatively affordable due to being new
4. It’s Not Just Bitcoin Anymore! Real World Uses for Block Chain
Block chain usage enables not only a safe way to store information, but also allows for better coordination between companies. Block chain uses resulting in practicality and increased productivity are becoming a major attraction for corporations, which are further fueled through predictions made by reliable sources in the tech world which claim to have foreseen this technology reaching great success.
Some of these major uses are as follows:
- Security purposes
- Money transfers or payment processing
- Monitoring supply chains
- Data sharing
- Royalty protection
5. Who Doesn’t Love a Good Hybrid?
This is one of the most important developments in block chain technology which you should most definitely look forward to this year! Combining the best features from both private and public block chains, Hybrid block chains shall stand out by using the most effective applications of both variants to provide us with an amazing and undoubtedly worthwhile service.
It gives them a chance to control what particular information from their servers remains private and what doesn’t, a liberty which it previously did not allow.
6. Inconsistence of Market Values isn’t a Problem Anymore
Crypto currencies, which block chains were previously used for, are very volatile. Stable Coins has been given rise, now that crypto currency is no longer an obstacle for mainstream adoption. It is a stable monetary system which often helps its users escape loss from incidents such as market crashes.
- A more secure investment
- Decreased chances of loss resulting in better profit yield
7. DIY Block Chains! Kind of…
The term block chain is no longer specific to crypto currency. The strong association which block chain tech has with crypto currency has seriously damaged its image due to its bad reputation as far as security goes. Thankfully, industries are now discovering improvements that block chain can bring to their work, thus gradually expanding its use in the market and slowly dissociating it with its previous shady uses.
People will have more control over how their own specific block chains operate, and have more access to its features than were previously available.
- Being able to use a new tech with a clean slate
- Further clearing the bad name of block chain so it can thrive and be more advantageous to its users
- Freedom to be more creative with block chain as its horizons expand
I hope you liked this article, please do comment your thoughts about this article in comments. To