Looking back on the development of Blockchain in 2019

Blockchain has never been a "hot" name in the field of technology in many countries. Governments and organizations now have an objective view of this technology and recognize the potential of Blockchain development in many areas.

Last year, after witnessing a massive decline in the value of Bitcoin cryptocurrency usage and reporting that many pilot programs showed that Blockchain was worthless.

Despite the negative results, many companies including IBM and Walmart continue to promote Blockchain applications and are confident this technology can create value for businesses that need innovative solutions for record keeping and protection. Transaction history.

1.Little fraud and more practical

2018 seems to be a unsuccessful year for Blockchain technology as many governments and regulatory agencies began to build legal frameworks for this technology and cryptocurrencies. However, instead of looking at the negative points, look at the great potential of this technology. Currently, many businesses have started to apply this technology to their business activities. Walmart, for example, is investing in solutions to improve food safety standards. In addition, Amazon also announced the Blockchain project in 2019.

2.The combination of Blockchain and Internet of Thing (IoT)

According to a report, the application of blockchain technology to secure data and devices in the internet of things (IoT) has doubled in 2018. This is a trend that almost continues in the following year.

Strong encryption is used to secure blocks of information in Blockchain. Hackers who want to attack a node in Blockchain need a huge amount of computing power, so it's not easy to delete or change data. Moreover, the decentralized nature of Blockchain is that attackers cannot bypass security by disabling a single point of failure.

As well as security, Blockchain also provides benefits within IoT. With the predicted number of connected devices in 2019 of 26 billion - a large number of machine-to-machine communications will take place. People will perform every task faster. Experts predict Blockchain will be used to record and monitor communications. And it is predicted that this year will be the booming period of Blockchain applications in IoT.

3. Developing Blockchain application in financial services industry

With the constant development of this technology and the potential of cryptocurrencies, the financial services industry is expected to dramatically change and change the way businesses do business. An example is Bakkt, the Bitcoin futures trading platform built by ICE - New York Stock Exchange. As a result, many Start-up companies have started deploying applications on Blockchain technology to combat currency fraud.

4. Increase investment opportunities

Blockchain technology enables the disclosure of investment histories and assists users in investing in higher-value assets. However, regulations are also needed before considering whether investment opportunities are safe or not. In addition, Smart Contract-based blockchains can cut third-party interference. Simply put, you can send money directly to each other without going through the bank, cutting costs and time. pay.

5. The strong development of cryptocurrencies

Cryptocurrencies are currently considered an investment by many people. No one knows what will happen to it, but one thing is clear: it will take a long time or never go away. And if cryptocurrencies do not disappear, Blockchain will still exist. In 2019, the future of Blockchain and cryptocurrency seems to be better, and there will certainly be more and more projects related to this technology coming out. As such, it is possible that Blockchain will remain a mystery that individual organizations need to make every effort to exploit its full potential. For the latest information on Blockchain technology, please contact E-GROUPS Vietnam.

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