6 Blockchain Trends for 2019

by Isabelle Abdou

Blockchain has been one of the biggest disruptions to modern technology since its inception 10 years ago. Digital currencies were made possible by the blockchain, but is has so much more to offer. A key factor towards the mainstream adoption of this technology is establishing its use in wider industries; the future of this pioneering technology looks bright.

1. GAMING
   
   Gaming and blockchain are a match made in heaven, with more and more gaming companies realising blockchain’s potential. Games built on this platform can use crypto tokens as in-game currency, and it is a hugely lucrative sector. Many games are turning to the technology to launch decentralised marketplaces where items from a variety of online games can be bought and sold. Expect to see these gaming blockchain projects come into fruition next year. Many experts believe the gaming industry will be the first to fully embrace blockchain. 
   
   
2. SOCIAL NETWORKS
   
   It’s impossible to miss how many data breaches social media giant Facebook faced this year. The Cambridge Analytica scandal came first, where they stood accused of selling user data to third parties, with this data then allegedly used to manipulate elections. More recently, 50 million Facebook users were hacked and their data stolen. For social media platforms currently using blockchain such as Sapien, security issues are a thing of the past. Sapien can also help combat the spread of fake news on social media sites as it uses a special proof of value protocol to verify posts.  It’s only a matter of time before mainstream social networks utilise this technology. 
   
   
3. RETAILERS
   
   Retailers are waking up to the idea of accepting payments from blockchain networks. The Intercontinental Exchange (ICE), an exchange on which cryptocurrencies operate, have announced a new partnership with Microsoft and Starbucks. Walmart are even trialling the technology to track their products. Blockchain infrastructure is changing throughout the retail world and systems are beginning to accommodate this.
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4. VOTING
   
   One of the most ground-breaking uses for blockchain is its potential for Government electoral systems, making the process more secure and transparent. Countries in political turmoil would find this especially useful, although voting scandals have even been prevalent recently in democratic countries such as the US. More people could also make their voice heard, as you would be able to vote from the safety of your home or on your mobile phone using an application.
   
   Financial services are still the most widespread use for the blockchain technology. A trustworthy decentralised ledger is what the banking system has been in dire need of for decades. Here are the most exciting new financial blockchain trends to look out for in the New Year:
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5. STABLECOINS
   
   The growth of stablecoins, cryptocurrencies whose values are pegged to real life commodities like gold or fiat currencies, is sure to explode next year. The main problem with mainstream cryptocurrencies is their volatility, while stablecoins maintain a steady value and are a less risky investment. The head of the International Monetary Fund (IMF), Christine Lagarde recently came out and declared that central banks worldwide should invest in their own fiat pegged stablecoins. Governments from Sweden to Australia are already doing this, as well as government funded blockchain exchanges like Xiong’An in China.
   
   
6. IT SYSTEMS
   
   Blockchain also has the potential to transform IT systems, especially for the banking sector. Microsoft and the United Nations have collaborated on a blockchain identification system for people without any papers and numerous start-ups have started working on blockchain based customer verification systems. Banks are also looking into using the technology to record loans and process payments faster.
   
   There are bound to be initial issues with innovative technologies, and blockchain will be no different. Technology in the 21st century moves faster than regulation. However, trustworthiness will be intrinsic to success. Blockchain promises to reform countless industries by permitting this trust and providing accessibility and transparency at lower costs.