Blockchain technology is arguably one of the biggest innovations of the last decade, its effects are gradually being felt in several important industries especially in financial, manufacturing, education, healthcare amongst other industries. Blockchain can be defined simply as a series of unalterable records of data that are managed by several computers not belonging to a single person. Cryptographic principles protect and bond each of these blocks of data referred to as chains.
Emerging Innovations in Blockchain Technology
There are emerging trends and innovations in Blockchain Technology and its application. And there will continue to be continuous growth in these innovations because of the importance of Blockchain in industries. Below are few emerging trends in Blockchain Technology:
- Rise in blockchain consortium or federated blockchain: Federated blockchain is quite similar to a private blockchain. But unlike private blockchain which is usually controlled by a single secured node and usually owned by one organization. Multiple organizations control federated Blockchain, they come to pre-select a node to change their network. It creates a hub where a group of organizations can efficiently create and share information at the same time.
- Blockchain as a service (BAAS): World-renowned companies like Amazon and Microsoft are already developing platforms that offer Bass. Blockchain as a service is a type of cloud base service offered through the use of blockchain. This will enable individuals or enterprises to develop their own digital products, blockchain apps, smart contracts, e.t.c.
- Ricardian Contract: This is simply a contract document readable by both machines (computers) and humans. It converts all information into a legal document in an executable format by software. Ricardian Contracts are also referred to as smart contracts. They lower the transaction cost of contracts and aid in the easy and fast resolution of the conflict between parties. Their cryptographic signatures ensure a high level of security.
Case Study of 4 companies Revolutionizing Blockchains Applications
Blockchain Technology will continue to revolutionize businesses because of its transparency, security, trust, and integrity of data shared within and across business networks. A lot of blockchain applications are being developed and several enterprises are at the forefront of these innovations. Below are the top 4 companies gradually revolutionizing blockchain applications.
The learning curves for developing blockchain Applications can be an arduous task for developers. Developers are often faced with learning to connect blockchain nodes, remote procedure calls, collect token addresses on various nets, and be able to grab applications’ binary interfaces amongst other complex and rigorous daunting tasks that need to be done. The learning curve is steep and requires some complex engineering knowledge.
Project APIS is a structurally decentralized read and write protocol created to allow decentralized applications to perform at a global scale. This successively makes it possible for developers to reference common API architecture used for reading and writing to public Blockchains.
APIS non-code platform for non-technical users
The team at APIS is also at the forefront of developing a platform for non-technical developers. This is basically giving room to persons with no coding experience to take advantage of blockchain technology. There has been a constant growth in using no-code platforms in recent years. In fact, a no-code platform is projected to reach a market size of $100bn in 2030, and business enterprises are taking advantage of no-code platforms for blockchain application development.
APIS team serves two major groups of the audience; they simplify the complex engineering behind the development of blockchain applications for non-experienced developers and build no-code platforms for developers or enterprises who find it expensive to build blockchain applications.
ScienceSoft has been in the blockchain industry for several years, they offer customized end-to-end blockchain development solutions. These services include smart contracts, blockchain wallets, private Blockchains, and the development of decentralized apps and decentralized autonomous organizations known as DAOs.
ScienceSoft helps enterprises to automate, secure, and improve business processes through the use of blockchain technologies.
ScienceSoft is also involved in the integration of blockchain applications such as smart contracts and client apps into an enterprise ecosystem.
Ripple Lab Inc
Ripple lab is an American fintech company founded in 2012, they operate a platform that enables cross-border payment solutions through the use of blockchain technology. Their exchange platform ensures a smooth experience in payment processing. They provide financial service providers and banks the avenue to transact directly with each other without third-party interference.
Ripple lab is able to achieve this through its global payment system called RippleNet. They possess several platforms such as xCurrent, xRapid, xVia, and a host of others all geared towards providing groundbreaking services in the financial industry through blockchain technological innovations.
Blockchangers is based in Norway, they help promote blockchain technology through cooperation with private and public institutions. Their services include lectures, workshops, consulting, blockchain development, banking software development, front-end services, etc
Blockchangers has been a big player in the promotion of blockchain technology, they play host to the biggest blockchain conference usually held in Oslo, Norway.
Blockchain technology will continue to impact our industries. It Increases security and trust and helps traceability of data shared among or between organizations.
Many start-up companies are helping with the innovative transformation of this technology to benefit all businesses. The list above shows the top blockchains companies to look out for if you are looking to engage, develop or integrate blockchain applications or technologies into your enterprises.
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