Riding on the success of bitcoins, the blockchain technology has gained a lot of traction in the past few years. However, there are multiple other industries that can procure benefits by implementing blockchain technology. Moreover, several market intelligence studies conducted globally also reflect that this technology has the potential to disrupt the lives of people over the next 20 years.

The list of seven top trends that influenced the blockchain technology in 2019:

• Blockchain leveraging other disruptive technologies: The convergence of blockchain with other deep technologies, including Internet of Things (IoT) and artificial intelligence (AI) is a major development in the past year. Multiple studies reveal that with the use of blockchain technology, both data and devices can be secured in the era of IoT, owing to the benefits offered by the encrypted distributed ledger technology. In addition, further adoption of blockchain is dependent on its integration with other technologies such as machine learning, AI and IoT. This integration is further expected to strengthen the commercial viability of the technology in the forthcoming years.
• Increasing traction of blockchain-as-a-Service: The year 2019 witnessed the growth of Blockchain-as-a-service platform. It is also expected that this concept will strengthen further along with the development of hybrid blockchains. It is also anticipated that in the coming years, the market for blockchain-as-a-service will grow significantly.
• Boom of start-ups in blockchain: The blockchain technology is expected to grow significantly in the coming years. From crowdfunding to incubator campaigns, several companies are increasingly investing in blockchain market and several start-ups are emerging on a global scale. These start-ups are generating a lot of buzz in the market and are projected to drive the market toward growth across industries.
• Digital assets considered a new class of assets: With the rise of blockchain, new platforms in the financial web are emerging. The cryptocurrencies, which are considered of no good by the conventional investors are revamped and renamed as digital assets for trading and investments, as these will be the more legitimate version of the crypto. This has been made possible with the help of new age digital platform by blockchain technology.
• Supply chain transparency with blockchain: The technology is known for introducing transparency to any process. With the help of blockchain, users can track and trace the goods in a supply and logistic chain by identifying bottlenecks and hold-ups in the process. This helps in establishing traceability and transparency in supply chain, thus improving the trust of the users.
• Implementation of decentralized governance: The use of decentralized governance structure is essential for scaling up the operations, adding value and driving innovation for a start-up operating in the blockchain market.
• Increasing interoperability between the types of blockchain: The development of hybrid blockchains, aims at ensuring the use of best features of both centralized and decentralized types. The interoperability of blockchain targets to develop improved versions of information sharing across multiple networks or systems. It is further required to amalgamate data on the hybrid blockchain platform. For instance, in order to achieve interoperability between polkadot and bitcoin, a bridge chain can be of great help.

Industries Implementing the Blockchain Technology

With the increasing popularity of the blockchain technology market, and owing to the benefits offered by the technology, such as transparency and data security, several industries are implementing the same. Some of these industries include:

Energy

The growth in the demand for decentralized power generation along with integration of renewable energy sources are supporting the growth of blockchain in energy, globally. In addition, the market is also observing an increase in the number of project launches along with platform launch activities over the past three years.

Banking and Finance

The technology is being progressively implemented across banking and financial services. Some of the factors driving this growth, include cost benefits, elimination of intermediaries, transparency, removal of risk of unscrupulous activity, government initiatives, and establishment of consortiums.

Healthcare

Blockchain technology plays a critical role in overcoming the shortcomings and challenges associated with systems followed by the healthcare industry. Some of the key benefits of deploying blockchain is the introduction of a transparent system, elimination of third-party intermediaries, and synchronization of operational processes, and associated costs.

Automotive and Aerospace

The blockchain in automotive and aerospace & aviation technology is driven by the factors such as transparency and removal of risk of fraud, reduction of transaction cost and fast transaction settlements, and establishments of consortium and associations.

Other Industries

Other industries include government & public goods, insurance, media, entertainment & gaming, generic, technology services, professional services, energy utilities, and manufacturing, among others.