Latest Trends That Are Driving Blockchain Technology Forward in 2024

Blockchain Technology 2

Though the mainstream viability of cryptocurrency is still a big question, there is one technology that has highly emerged and is geared up to do big things. Blockchain technology continues to gain popularity as users across multiple industries are finding newer applications for its usage. Recently a report was released by Deloitte, which stated the various industries that were heading towards using the blockchain technology.

Though it is not quite ready for primetime, it is now getting closer to its breakout moment with each passing day. The momentum is switching from focusing on exploring the potential of the latest technology to identifying and developing practical business applications using the blockchain technology.

This piece of writing will give you an overview of the latest blockchain trends that you need to watch out in 2024:

IoT connectivity: 

The internet of things is there to connect our devices and to make things easier for us to create and even store data about ourselves.  This is applicable to everything from home hubs to wearable devices and any other types of internet-connected devices that you can consider. All the internet connected devices actually need some sort of system that can tie them together and make the data interoperable.

It is here where blockchain comes into effect, but only if many manufacturers can agree to come together on the specifications required for the blockchain. The best part is that the technology can offer a lasting solution to the problem and can also protect sensitive information while offering direct communication among connected devices.

Incorporating smart contracts into traditional businesses:

There are multiple areas in various industries that can use smart contracts –  healthcare, finance, logistics, real estate and etc.  This helps to eliminate any third parties, thereby bringing in more transparency to the operations and processes.

Blockchain development company helps to track the data whenever you need and keep a complete control over it thereby reducing the likelihood of fraud. Another most significant advantage is the speed. Smart contracts enable conduction of all the operations within a split second where no other third parties are involved. This boosts the proficiency in making transactions and closing business deals.

Content streaming:

Blockchain could be of great use for content streaming companies for example Netflix. It helps to use the stored data securely and also paves the way for interoperability. But there can be the more practical usage of blockchain in the streaming industry that needs large amounts of processing power.  Just as bitcoin taps into the dormant computing power across the network of machines, the streaming companies can also witness reduced operating costs by distributing the load across various machines by using the blockchain technology.

Increased interest in verified online identities:

With increased “bot problems” in the social media industry like Facebook and Twitter, most companies are now looking for customer outreach platforms that will help to increase their marketing return on investments. Engaging with customers having their identities verified by using blockchain technology and smart contracts is very attractive to the business owners who are not willing to market in the “black hole” of social media.

Date provenance:

In the area of data provenance, the platform running on the cloud should inherently be able to trace immutably who is creating the data, what are the rights of the owner, when was it created all with regards to manipulating the data.  Data provenance service would allow the app developer to add devices to the network and also track each piece of data, allowing the data to be accessed by others, but only with permission from the originator. This service can be offered to the app via blockchain or smart contracts.

Blockchain for increased regulation:

Blockchain technology has become very popular in all sorts of industries and it has also started to receive more attention from the lawmakers and regulators. It has started to attract the interest from government organizations, taxman and etc. who are finding different ways to use the blockchain technology on a large scale. This technology is now used by many organizations and is helping to create large amounts of money from those who are able to take advantage of it. It is helping organizations to increase the consumer trust by providing the framework that is needed for future growth.

Speculating and discussing on the future of blockchain is like predicting the future of the World Wide Web two decades back. Today, with enterprise-level adoption in varied industries, there has been a huge hiring for engineers with abilities related to blockchain technologies.

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