Recently, the Blockchain Technology spread and emerged speedily in every field. Due to the huge public attention towards this technology, it can be expected to have a big demand in near future. Specially, we can predict that the traditional business processes will use and turn into modern processes. Because, this decentralized, shared ledger type technology helps to record any kind of digital data spread across multiple sites, countries and institutes in a secured way. That means, any kind of industry can interlink and achieve many benefits through this technology.
Uses of Blockchain Technology
Satoshi Nakamoto is the founder of Blockchain Technology. He first created a system around 10 years ago and aimed to empower individuals financially through a safe and secure global financial platform. Therefore, the financial industry, banks and cryptocurrency have got more benefits from Blockchain. But that doesn’t mean that it only limits to the financial industry. For examples, starting from Bitcoin Exchange, we can keep the records of medical and healthcare, supply chain data, election data and etc.
As mentioned earlier, the demand for the Blockchain increases day by day due to numerous factors as follows:
- The top factor highlights as reducing the chances of frauds, human error and manipulation in any kind of industry.
- Through using smart contracts like protocols eliminate the extra efforts in clearing, settlement and etc. That means, it reduces the administrative cost and make fast the transaction process.
- Blockchain eliminates the charges of offline reconciliation.
- Makes secure the settlements of cross company transactions.
- Reduce redundancy in the organization.
- Makes authorized access for the real time data.
Top Blockchain Platforms
Different Blockchain platforms help the blockchain developers to build apps which expand and enhance the uses of this technology. Any kind of company can use a relevant platform to develop a Blockchain based application. It surely makes the operations efficient and transparent. Here are the top platforms which can be used by the developers.
Vitalk Buterin is the founder of Ethereum. He developed this platform in 2014 as an open public Blockchain Platform. It is efficient and has features of smart contracts, flexibility and multi industry adaptability. And also it offers greater transparency as compared with the Hyperledger Platform. Another advantage is that it is flexible for any developer to develop apps using inbuilt programming languages like C++ and Python. But, Ethereum was built as a B2C application and status as a public Blockchain platform. Therefore, it is difficult to co-opt the current form into an enterprise application.
- Hyperledger Fabric
Hyperledger Fabric platform was created by Linux Foundation in 2016. They targeted to make a popular the Blockchain Technology for different industries and different purposes. Specially, the modular architecture of the platform made up to the top choice for enterprise solutions. Unlike Ethereum, Hyperledger has achieved the confidentiality by encrypting the transactions which can be modified by only authorized persons.
- IBM Blockchain
IBM, as a pioneer company to venture into Blockchain, they have created IBM Blockchain platform. It is a platform for transparent business operations which is also well concerned about the security issues. Go and Java are the supported languages for IBM Blockchain.
Multichain is an open-source platform which can form permissioned networks. This platform can use to develop applications for within and across different enterprises. C, C++, Java Script and Python like languages are supported to this platform.
Ripple platform is as famous as Ethereum and Bitcoin. It easily sends money globally through connecting banks, digital asset exchanges and payment providers. And also it is a faster and an efficient platform in Blockchain.
In Croda, all the users having a legitimate interest can communicate with each other and administer agreements and contracts. And Corda can be used by financial organisations, governments, healthcare, trade finance, supply chain, logistics and etc. Most importantly, Corda prevents the unauthorized access to the database. At the same time, this is known as a complex financial situations managing platform.
Quorum platform was introduced in 2016 by Ethereum Enterprise Aliance (EEA). But it facilitates both public as well as private types of transactions. This considers as an extension of Ethereum platform. Therefore, most of the updates of Ethereum can easily integrate with Quorum. But unlike Ethereum, Quorum performs to process speed transactions.
Future Trends of Blockchain Technology
After getting a massive success of applying Blockchain to the Cryptocurrency, most of the financial institutions began to use Blockchain applications. In fact, a recent PWC report says that 77% financial institutions are expected to use Blockchain for their main business processes in 2020. And another prediction was made by the global research and advisory firm, Gartner. They say that, 1 billion dollar of business value will provide for the banking industry through Blockchain based Cryptocurrencies in 2020. Even Australian Securities Exchange is planning to use a new Blockchain system to manage their financial market in 2020. Therefore we can expect economy and finance will lead Blockchain in 2020.
Another future trend related to the Blockchain will be the integration of government agencies. The shared or distributed ledger is a very important concept to government agencies. Because, they have to deal with very large quantities of data and each agency have separate databases. So, it is very important to apply Blockchain technology into such agencies make efficient their data management processes.
Smart Contract is another huge benefit of Blockchain. Although it is very easy and useful, there are some legal problems regarding Smart Contracts. Everybody should know that these are decentralized and aren’t regulated by any authority. So, the issues occur when the presence of disagreements and disputes in between parties and countries. Therefore, there’s a critical need of enforcing a proper law regarding these contracts to solve the current issues. Law integration into Smart Contracts will be another beneficial factor to the Blockchain.
When considering above factors, it can be predicted that, as a profession, Blockchain developers and experts will be in high demand in 2020. Since the technology is new, the Blockchain engineers, developers and experts will be limited in the market according to the demand. Therefore, it will be a huge investment to study and get more experience in this field.