Blockchain is a list of records that are growing and which are connected or linked using a technology called cryptography. It is basically a design of an open ledger which is used to record the transactions between two parties in an efficient and permanent manner. The technology of blockchain has evolved over these years but it has maintained its position in the market as it still offers much more than the other technologies available in the market (Abrams & Agarwal, 2016). Following are some of the recent developments of blockchain that will leave you amazed.
Blockchain as a Service (BAAS)
Blockchain has evolved so much that people have understood its importance and need that is why they are now trying to build their own blockchain solutions. Many of the start-up firms of entrepreneurs find this technology interesting and compulsory to have in order to conduct their business effectively and efficiently. It is obviously difficult to build and manage a whole set up of blockchain so they have overcome this difficulty of the firms by offering them blockchain as a service. Blockchain As A Service (BAAS) is a cloud-based system and it allows different companies to use it for the purpose of developing various blockchain products or apps without worrying about the blockchain-based infrastructure.
The concept of hybrid is something that is being applied in each and every sector whether it is cars or anything else and now it has also gained the attention of the blockchain system. The hybrid blockchain system is developed in order to take benefits of both the public and private blockchains. It offers the features and functionality of both systems such as public and private blockchains (Gatteschi, Lamberti, Demartini, Pranteda, & Santamaría, 2018). This is such a technology which provides ideal and customized solutions to every problem whether it is related to finance, supply chain, IoT etcetera. It never compromises on three things which are inclusive of transparency, integrity and security.
Another development of blockchains is Ricardian contracts which show that they have also entered the law system of the world. They also offer their expertise in this sector as well. Previously, the smart contracts were introduced but it provides contracts in machine language which can only be understandable by the computer and not by humans. This drawback of smart contracts has overcome by the Ricardian contracts as it offers contracts in a readable format so that the machine as well as the human can read and understand the contract before signing it. It has an amazing and revolutionary development of blockchain technology.
In the market of finance and investment, a large amount of risk is involved at each and every step which restrains an investor to invest his money. But it is equally important as well for the businessmen or any other person to invest rather than just carrying it in the bank accounts. Previously, the technique called as ICO was being used by everyone but then due to lack of security, it lost its customers or investors. Around 48% of the ICOs were a scam and that was the time when security tokens were introduced. These tokens are offered by security token offering and are regulated which gives a complete sense of security to investors (Alcarria, 2017).
All of the above-mentioned developments in blockchain technology surely mark an era of technology where anything is possible for anyone, without any question of “how” involved.
Abrams, H., & Agarwal, T. (2016). Recent Developments in Blockchain. Blockchain Enabled Applications: Understand the Blockchain Ecosystem and How to Make it Work for You , 151-181.
Alcarria, S. (2017). A Blockchain-Based Authorization System for Trustworthy Resource Monitoring and Trading in Smart Communities. Sensors.
Gatteschi, V., Lamberti, F., Demartini, C., Pranteda, C., & Santamaría, V. (2018). Blockchain and Smart Contracts for Insurance: Is the Technology Mature Enough? . Future Internet.