Let’s start with the blockchain prediction for the upcoming year 2019
- Dapps is said to be key to widespread crypto adoption beyond the payment systems created by bitcoin in offering users the ability to interact with cryptocurrencies.
- Enterprises apps are mostly designed to operate in a global or governmental environment and building enterprise apps is a complex project.
- Blockchain and the Internet of Things (IoT) is a picking up steam where the adoption of IoT is increasing the number of devices and sensors that gather data
Blockchain is the key technology for enterprises who require trustless transactions and a safe record keeping. Enterprises track the transactions easily with greater confidence with high security and blockchain adoption where no changes can be made however the cryptocurrency market is.
The technical benefits of the blockchain technology are very much acknowledged where enterprises are looking to make budget decisions and start a test project which knows where the technology is headed and the needs of tools and challenges are expected.
When there was a conversation with Emmanuel Thiriez who is the founder of Amalto and platform 6 with nearly over 15 years of implementation. Thiriez’s company has a very impressive list of clients like Chevron, GE, Iron Mountain with B2B applications which are powered by platform 6, a blockchain development platform.
There was a caution raised by Thiriez who cautioned against overestimating the impact of blockchain in the organizations but he is bullish on mid and long-term prospects.
On the whole, there are a lot of indications that enterprise adoption which will continue to grow in 2019. But Thiriez has a set of 5 trends that are key to the blockchain success. He brought up a highly visible project in 2019 which is as follows.
To ensure trustability, implementing blockchain and immutability of records is the main part of the story. In 2019 we will get to see more decentralization of apps themselves and too many apps use blockchain ledger and depend on centralized applications that represent a single point of failure and vulnerability which interferes with data before it gets written to the ledger.
The same approach is said to be applied to the application’s logic which must be decentralized. Each trading partner or member runs their own app and building such applications is not so easy because it required a step to ensure wide blockchain adoption for business usage.
Off-chain components are important for enterprise-class apps
Building enterprise apps is a complex project where Enterprises apps are mostly designed to operate in a global or governmental environment and there is a need to display, manipulate and store a large amount of data’s that are essentially needed to support automation of business process with the data.
Application of blockchain technology is important but however, the blockchain ledger is a small part of the enterprise app. User management, Workflows, systems integration, and many more off-chain components are needed. probably in 2019 more and more designed and architected applications will go beyond blockchain ledger and there will be a cut in smart contracts.
Recognizing the importance of non-technology issues
It is often the case with bleeding edge technologies where there are many non-technical issues that are to be dealt with.
There was an issue highlighted by Forrester principal analyst Martha Bennett who stated her ‘predictions 2019’ blog
“I often use the phrase, “blockchains are 80% business, 20% technology.” If anything, that 80% is on the low side, and we’ll continue to see projects held up or even fail because companies’ focus is on the 20%.”
Blockchain and the Internet of Things
Their conjunction between blockchain and the Internet of Things (IoT) is a picking up steam where the adoption of IoT is increasing the number of devices and sensors that gather data. There are parties who are involved in a business transaction based on that data. Blockchain enables safe record keeping through an immutable ledger and it permits decentralized operations and transactions while maintaining and building trust between all the players in the value chain.
Internet of things
Bundled service offerings can catalyze a sleepy consumer’s IOT market
The vision of a “smart” home as one integrated system is falling and the “Connected” value built into the devices is too narrow and they don’t work together. There is hope that in 2019 we will see players such as insurance, grocery, and food companies who offer subscription. Cybercrimes will enclose to a smart-city implementation where cities are becoming smart to increase operational efficiency and service quality but many fail to secure connected devices.
A market for IoT managed services will emerge in 2019
Planning, assessment, implementation, and IoT platform service that offers to help firms to deploy IoT solutions across many different markets and use cases which have recently dominated the IoT services market. In 2019, there will be an emergence of an IoT “run” market to help manage, monitor, and operate the fragmented array of IoT devices and assets. These offerings will target the ever-expanding array of smart products as well as on the networks and platforms that enables IoT solutions.
So what about blockchain?
The fact is that blockchain is a game changer where you can run it autonomously.
If you’re going to make the right choice blockchain will help you if not it is going to be your worst nightmare ever.
We see that there are some fundamental incompatibilities between IOT and blockchain where blockchain originated as decentralized technology. Internet of things gravitates towards centralization. Blockchain takes time to attain a consensus and that slowness defines the state of blockchain technology. It is recently undergoing major research on possibilities to handle transactions faster.
There are security considerations that the users have to maintain a private key which creates digital signature proving the ownership of assets on the blockchain and anyone besides can access your private key and can practically own your property.
There are scenarios that exist where blockchain benefits IOT.
An evolving ecosystem
The blockchain ecosystem is continuing to evolve quickly. Ethereum was in dominance in the past year with Hyperledger Fabric and R3’s Corda as the major platforms in the blockchain. It is very clear that the new platforms will continue to emerge with different strengths which will be very popular on platforms with its rise and fall. There are possibilities to develop for different platforms by adding the new ones. To be clear in 2019 there will be no one-size fits and so the company has to be prepared to jump from one technology to the other.
Major projects will raise visibility for blockchain
In 2019 several prominent blockchain projects will influence technology. The key to it is Walmart. Walmart and Sams’s club are very keen about ensured food safety and so they are requiring produce suppliers to trace their products using blockchain technology. If blockchain developers are as promised then there will raise visibility where the suppliers should make sure that there are different complicated steps that starts from farm to table which is safe and accurate. Still, suppliers have some time for implementing them but the system is outlined by Walmart is scheduled to be in place by end of 2019.
The blockchain is rapidly evolving and in 2019 new platforms and projects will emerge. A key trend is more decentralization of apps themselves. And recently there are too many apps that use blockchain ledger to rely on a centralized application. Understanding this issue is getting increased. people pay attention to off chain components as a key part of the blockchain project and it is becoming flexible when evaluating blockchain platform that will continue to be the key pieces of success in the coming years.