What will be the future of Blockchain Technology in 2019?

Amongst the topics that are ascertained include the highlights and low points of 2018, we look forward to exploring new trends and developments in 2019. Today, we are doing short and long-term predictions for blockchain, as it helps keep the supply chain of businesses clear and free of third-party manipulation.

After the emergence of blockchain technology, so many use cases have been opened. The benefits of using blockchain help businesses in many ways out of which transparency and trust are the major things.

A recent article published by smartereum.com said about how CIOs of different companies feel about blockchain technology. Most of them say that there is too much excitement around blockchain technology and therefore this technology still needs to mature. Most of them do not assume that technology will have major advantages for business enterprises.

 

Blockchain Technology

Blockchain technology is a circulated digital ledger which stores data securely across several systems and facilitates online transactions. It is a reliable source and it eliminates the need for mediators all through the transactions. The kind of authentication offered by the technology creates an example of trust. It has far-reaching implications.

Today lack of implementation is the major challenge for the Blockchain industry. The technology is tempting in many places but the rate of interest growth isn’t similar to the rate of implementation. For example, in India, there has been an augmented curiosity in blockchain technology but there hasn’t been any concrete development in terms of business shifts.

In spite of this, some executives think that in 2019 blockchain technology will be adopted widely. According to some senior executives of United Airlines, blockchain technology is going to reach mass adoption in 2019. This proves that there is a lot of prospects in the industry which is yet to be hit.

 

Application of Blockchain Technology in The Energy, Automotive and Finance Industries

The assumptions of some executives are not positive about the development of the industry doesn’t mean that it will not grow up. There are many advantages of blockchain technology which are yet to be explored and in 2019, companies will explore these things. For example, the implementation of blockchain is highly needed in the energy industry. Saiterm, a Dutch power company is planning to disrupt the heating market worldwide with an Ethereum based system. Spring permits users to get coins back as a credit when too much energy is generated.

Salvatore Morale, a company representative said, “We, believe that Spring provides homeowners with a great opportunity to reduce the amount they spend on energy while also protecting the environment. The uses of pellet boilers, gas and oil have led to an increase in greenhouse emissions over time. Thanks to infrared technology, future homeowners will be able to work and live in maximum comfort while reducing global warming.”

There are also many necessary applications of blockchain technology for the automotive industry. As per the IBM Institute for Oxford Economics and Business Value, 62% of the executives in the automotive industry think that in the next two years blockchain will have a troublesome effect in the industry.