Why Investors Should Pay Attention to Blockchain App Development in 2018
The world is watching to see how blockchain app development will advance this year. Last year seemed to surprise most people as different industries began to sit up and pay attention. Many expect more evolution of blockchain technology in 2018. It is sure to be worth the watch for developers and investors. There are several trends to keep an eye out for in the coming year.
Rapid Growth of Blockchain Technology
As blockchain continues to mature, it will demand the attention of investors. It is expected to become robust as it moves quickly from just exploration into critical production modes. Overall, start looking for more blockchain app development in 2018. As the realm continues to grow at an accelerating rate, big players in both financial and technology sectors will introduce new platforms and tools based on blockchain. For the coming year, expect to see blockchain move into mainstream technology. It is fast becoming a world-wide phenomenon and many of the early successes continue to become well known. Investors should be paying attention since blockchain app development is expected to transform a variety of industries including logistics, retail, financial services and medicine.
Links to AI and IoT
Last year, companies paid more attention to the new services enabled by blockchain technology. In particular if it was in combination with Artificial Intelligence (AI) or the Internet of Things (IoT). When Microsoft and other 19 prominent sector names partnered up with and IoT based crypto platform to bring the first cryptocurrency market into being, everyone paid attention. It’s expected that this partnership is powerful enough to enhance a wide variety of businesses and the lives of individuals across the board. Blockchain applications are a useful way to monitor the growing number of devices on the Internet of Things because of it is encrypted and decentralized.
Increase of Permissioned Blockchain Apps
Most of the time when we talk about blockchain applications, we are solely discussing public networks. Bitcoin, for example cannot thrive unless it is open to the public. However, as they gain in popularity, the need will rise for more blockchain app developers to provide permission blockchain usage. Some examples of permissioned usage include:
- Financial institutions that allow only employees access to certain areas
- Corporate accounting which need a secure environment that allows access to highly sensitive information by numerous parties
- Various test platforms need to test financial services before they are rolled out to public blockchains
Another perspective includes consortium blockchains. As the financial industry continues to look for ways to use blockchains, they may be find industry partnerships beneficial. Consortium allows for networking to prevent having to figure it all out from scratch. For instance, banks can share blockchains in cryptocurrency development. Government agencies can use consortium blockchains for shared data to provide more security.
Public blockchains may continue to drive investments for some time, however developers and investors should not ignore the growing markets for permissioned and consortium blockchains. Right now, competition is low and financial rewards are often much higher.
My own company, Tagcash, concentrates on permission blockchain applications with a financial core. However, aside from the wallets, tokens, trading and other financial uses, Tagcash is experimenting with different services using permission blockchains. We are also open to partnering to develop modules within the platform, before being rolled out elsewhere if successful.