Apr 2, 2019 19:30 UTC
Apr 6, 2019 at 01:08 UTC
Latest Blockchain Trends of 2019
It has been a while since we have entered into the year 2019 and the worlds of blockchain technology and cryptocurrencies have both grown by leaps and bounds. While we have already told you about the latest Bitcoin trends of 2019, it is time to have a look at what trends are becoming popular in the world of blockchain this year. The latest blockchain trends of 2019 are quite exciting by themselves, so let’s get into it right away.
The following are the key trends that are emerging this year, in the field of blockchain technology.
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The use of security token offerings had started becoming popular last year itself, as more and more people started recognising the pitfalls of ICOs (initial coin offerings), scam-ridden and risky as they often are. This year, the trend of STOs is expected to gain more momentum as people realize the many advantages of it.
STOs ensure the best of both worlds: ICOs from the crypto market as well as the IPOs (initial public offerings). These tokens are usually backed by actual assets that act as a security, most common of which is an equity stake.
Today, more and more blockchain startups are embracing the STO model and choosing it over the ICO system, thereby bringing back an element of credibility to the whole system.
2. Hybrid Blockchain
We know what a private blockchain is and what a public blockchain is. Sometimes, it so happens that a particular entity needs to make use of elements from both these types of blockchain.
The most common example would be a government body, which would need to keep a lot of data private but also have a public domain for the sake of its accountability to the common people.
A hybrid blockchain is an up-and-coming trend in the sector which borrows elements from both and compartmentalizes the blockchain architecture to achieve a dual experience.
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3. Blockchain as a Service
Building a blockchain is hard work. However, what is harder is to keep that blockchain up and running.
Naturally, not all companies like putting in the hard work. To end their woes and capitalize on an increasing need, major companies (Microsoft, for example) have started their BaaS or Blockchain-as-a-Service platforms.
BaaS is not a new trend but is still one that is likely to get more exposure this year. A BaaS allows firms to build their own blockchain architecture, deploy blockchain smart contracts and run dApp without having to maintain the infrastructure.
4. Ricardian Contracts
Aside from blockchain smart contracts, the Ricardian Contracts are also fast gaining popularity. According to its actual definition, a Ricardian contract is:
“An agreement in the form of a single document that is presented by an issuer to an owner of property, where the ownership right of the owner is managed by the issuer of the document. The document must be clearly legible, just like traditional contracts on paper. In addition, the agreement must be legible by programs and software and be digitally signed, using digital keys and server information, in combination with a unique and secure identification method “
Basically, Ricardian contracts are agreements made on the blockchain and secured by cryptography, in a way that is readable by both humans and machines. It is a new trend in the world of digitising contracts.
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