A lot of professionals believe the world is currently in the fourth digital revolution. In a short space of time, technology has become smarter in diverse ways. There are a lot of intuitive and complex technical solutions that are currently under development in several parts of the world.
The arena of digital technology has no doubt experienced the greatest percentage of activity when it comes to development and evolution. Within the sphere of digital technology, blockchain technology has appeared and also proved itself to be one of the fast-growing technology in the industry.
The blockchain technology had a major breakout in 2017. While there might still be jury concerning cryptocurrencies, there is almost no doubt in the minds of people that blockchain technology is the gateway to unlimited technological possibilities.
Blockchain solutions have made life easier for a lot of individuals and developers. As a result of this, a lot of businesses (both big and small, corporations and entrepreneurs) and even governments have dived into blockchain development to provide better blockchain solutions.
ICOs have already disrupted the crowdfunding arena in 2017. ICOs have already taken over the models of Traditional VC crowdfunding as the preferred method of crowdfunding for startups that are blockchain-based. This has given rise to successful ICOs such as EOS, Tezos, and Bancor that have raised millions of dollars. A lot of these projects are already in their advanced testing stages, and their beta versions will soon be made available for testing.
With blockchains becoming more useful and applicable in various fields of human endeavor, the coming years have very high expectations for the blockchain technology as well as advanced blockchain solutions. This is why a lot of people are venturing into blockchain development
. This article uncovers two vital blockchain technology trends you need to be on the lookout for this year.
#1 Blockchain and the IoT
This is one blockchain tech trend you should watch out for in 2018. IoT is short for the Internet of Things. Since 2014, it’s become obvious that fintech and finance apps are not the only things blockchains can be applied to. The Ethereum blockchain, as well as the smart contract framework it introduced, has given rise to a whole lot of opportunities. A lot of professionals believe that the technology blockchain has to offer can provide a unique and long-lasting solution to most of the issues holding the successful implementation of the Internet of Things (IoT).
A Brief Explanation of the Internet of Things
The Internet of Things is an extension of the internet communication protocol (ICP) to include all conceivable tangible items on earth. It is basically a network of people, animals, devices, cars, etc. all able to transfer data and communicate with one another.
By using an array of actuators, sensors, RFID chips, and some other devices with network connectivity capability, every single thing on earth can be connected to the internet. When implemented successfully, it will be possible to make M2M (machine to machine) communication without the requirement for a human interface.
A lot of stakeholders in the development sphere of the Internet of Things are exploring the potential, diverse applications of blockchains to the Internet of Things model. The security scheme for distributed devices in a network is one significant area of interest. The demands of the Internet of Things can’t be handled by the current enterprise security protocols. The distributed data point’s nature and the problems stemming signifies that centralized security setups won’t be able to take care of problems with an Internet of Things network.
The Implementation of Blockchain IoT
The technology of blockchain has the capacity to provide a secure and scalable security framework for the Internet of Things. The blockchain is theoretically tamper-proof at its core. The Internet of Things will become immutable when a ledger framework that is decentralized is implemented at all points of data. In addition, the secure blockchain framework offers faster transaction speeds, and it is also cost-effective.
This year (2018), blockchain is likely to witness greater levels of implementation and integration within the global construct of the Internet of Things. Blockchain has proven itself to be a broad decentralized model that prevent malicious attacks via single failure points.
With data integrity a major concern when it comes to the fidelity of the Internet of Things, it is unarguable that blockchain will play a vital role in IoT development this year. This will also have a tremendous effect on the IoT and blockchain development.
#2 Artificial Intelligence and Blockchain
Artificial intelligence has been a long-standing quest, and it has been around for a very long time now. Ever since computers emerged, developers have been sorting for ways to create thinking machines. Artificial intelligence is an algorithm that enables machines to perform certain functions that they were not designed to perform.
The most complex and fascinating devices in the world still only function within the scoop of their algorithms. When artificial intelligence is implemented successfully, it will give rise to machines that can learn and do things on their own.
Blockchain has also been noticed to have some potentials to facilitate some aspects of the implementation of artificial intelligence. The capability of a machine to learn relies on its access to large data – this is what will enable it to function to its fullest capability. A greater percentage of the large data that is available for mainstream utilization is kept for analytics. Large data exchange has not really been economically feasible, but this could all change with the help of blockchain solutions.
Blockchain can provide an environment that is very safe for owners of large data to connect with artificial intelligence developers. By so doing, they will be able to develop complex machine learning algorithms that can help smart devices to utilize a large amount of data at their disposal in order to achieve artificial sentence.
The coming months and years promise a tremendous deal of innovation and development for different spheres of human endeavor. This has also resulted in an increase in blockchain development. Blockchain technology has the potential to offer and integrate viable solutions to a lot of these advancements.