Blockchain Development Trends Part 2
Top companies are already focusing on developing their own blockchain and expanding on its uses.
Here are more trends going on in blockchain development.
Smart contracts are agreements between two entities without the need of a third party. Smart contracts are becoming the trend in industries that rely on agreements such as finance, real estate and logistics.
They offer transparency and security that traditional contracts sometimes can’t meet. It also speeds up transactions and processes because agreements can be executed and verified in real time in a secure environment.
Regulation is on its way for blockchain, as it’s handling large amounts of money. It is also something the government can possibly use on a large scale. This will be nothing but positive for blockchain development growth.
Like smart contracts being able to be verified and executed in real time, the job market can use blockchain the same way. It can store records of those looking for a job, along with a history of their career. This would allow for more automation in the job recruitment field, meaning less costs and resources.
Automation and Privatization
Enterprises and e-commerce can use blockchain to tokenize valuable physical assets, digitize processes and code complex contracts.
Rootstock is an upcoming project that will use Solidity programming language to introduce smart contracts into the Bitcoin Blockchain. Ethereum is also using the same method and this would allow blockchain coders to transfer Bitcoin and execute smart contracts on Bitcoin.
Asia & Middle East
Blockchain development is becoming the main goal of countries in Asia and the Middle East. They aim to create payment services that would allow same-day international transfers at almost 30 percent less cost than traditional services. Banks in Japan and South Korea are already performing tests on their blockchain platforms.
Cryptocurrency companies are using ICOs to raise investment capital. This is becoming the trend and the fact that it is more efficient and transparent than venture capital funding is only making its trajectory go upward.
Insurance & Finance Industries
The insurance and finance industries require high security and a high level of traceability. Blockchain development is a no brainer when it comes to making tasks such as claim processing and subrogation fully automated.
JP Morgan is already planning on opening a cryptocurrency trading center at the bank.