Blockchain is seen expanding its reach at a light speed, making its way to the mainstream way of living a life. It might seem like a new concept. But it has been there for approximately 10 years. And with the pandemic accelerating the idea of decentralized web, it became a hub of new opportunities for people who care about data and privacy.
With that being said, we are now experiencing the rapid growth of blockchain technology in all parts of the world. As per the internet observation, we can see it making its way into finance, retail, energy, and whatnot!
The way businesses are changing and their operation, it’s safe to assume we are on a threshold of discovering some mind numbing trends in the coming years. Speaking about it, let us walk you through 6 latest trends that are expected to come in sometime.
Do you know that there are 4 different types of blockchain present in the system but we can only work with any one of them at the same time. Well! This is about to get changed.
We are entering the 2nd generation of blockchain where the decentralised web is available to all with ubiquitous accessibility and interoperability of different blockchains.
Let us dial back and understand what is happening right here.
The first generation of blockchain, Bitcoin, got live in the Public Blockchain, giving the users an independence from centralised way of browsing. But, the same network is not independent enough to integrate with other blockchains. What an irony!
But wait. As per the internet tech enthusiasts and AI research models, majority of blockchain networks could initiate communication between each other in the upcoming years
As a user, this interoperability will allow us more exposure and flexibility to scale our operations.
Blockchain as a Service (BaaS)
The idea of transformation of web2 applications to web3 is intriguing until you have the frameworks to replace the existing ones. Blockchain as a service is one of those frameworks which is potentially a replacement of Software as a service. And that is what makes it the hottest trend in the current scenario.
But that’s not it. There are several factors affecting the ‘why’ part of having it as a trend. As you know, Blockchain as a service is web3 oriented, which automatically makes it more secure, private, user-centric, & transparent.
On the other hand, if we look at the technical part, we find that it provides effective services including hosting, management, & maintenance. So, you don’t have to worry about servers & manpower to make it up & running. The only job that you need to worry about is creating blockchain specific apps & software and deploying them to the infrastructure. Everything else will be managed by the BaaS service provider.
But, if we dig deeper to undferstand the ‘whys’ of BaaS emerging as a trend, we find that, there are really less profitable alternatives available in the market. And thats why BaaS is getting majority of the spotlight. With that being said, let us conclude this section with its unparalleled trend-specific benefits.
So, BaaS offers low-risk entry points for the companies that are here for experiment, and it does not require big investments. In addition, it provides effiicient options for blockchain apps to scale and become accessible to its target audience.