2019, A Look Back At The Development Of Blockchain Across Different Spectrums

Last year, 95% of companies across diverse industries were investing in blockchain technology projects.  In 2019, those lead projects are lastly touching the end-users from the test stage. Goldman Sachs, a former verbal cynic of blockchain technology, has launched a crypto-investment program for its clients in the last few months of 2019. Beyond investment and finance, leading blockchain programs have been kick-started in several other verticals including agriculture, cybersecurity, and healthcare.

Enterprises no longer have doubts regarding blockchain’s capability in terms of its worthiness towards attention, as per Sky Guo, CEO of Cypherium, a startup giving enterprise-centric blockchain programs & solutions. On the opposite, Guo says they are now actively trying new ways of putting this technology in to replace legacy systems. Henri Arslanian, head of fintech and crypto research department at PwC, said that 2018 ‘cleared the noise’ in the spectrum of blockchain and 2019 will be the time when big players would enter the fray of crypto investments and technology. Indeed, in the initial months of 2019, many major enterprises have signed off new partnerships with blockchain fintech companies (ING Bank and R3); put their money in blockchain & crypto projects (Nasdaq and  Symbiont), and fresh conglomerate partnerships emerged (Wall Street Blockchain Alliance and R3).

In the year 2019, we have also witnessed many company level decentralized ledger technology integrations. Such integrations will ensure major involvement of

Top vendors offering ready to use software – The top vendors are offering custom blockchain software which is free from the initial constraints like speed, scalability, and security. The modern custom blockchain solutions offered by the leading vendors have better scalability, security, and privacy. Decentralization has been maximized with minimal transactional processing time with quick smart contract maturity.

Greater interoperability – The greater interoperability implies that the concept of the hyper ledger will be extended to inter-ledgers. Yes; this concept implies that different blockchain ledgers can interoperate among themselves. This facility was not available in the past with blockchain platforms which had minimum flexibility in inter-operability. However, customer data privacy can always emerge as a concern. This is the reason why it is very important to upgrade for corporations to stay compliant with a rapidly changing technological landscape.

A better understanding of blockchain sentiment in and around blockchain technology – Blockchain is getting better acceptance within circles that were not blockchain-friendly at all. Today, the entire spectrum of blockchain is undergoing a significant transformation with more and more enterprises offering blockchain-based solutions. The overall perfection towards blockchain is changing significantly especially with the introduction of more and more decentralized networks.

Blockchain is expected to reach greater heights in the year 2020 with more massive transformations underway with major corporations taking a more flexible approach towards blockchain.