Along the way, the blockchain technology has tackled many challenges that might not be so obvious in the starting, like slow transaction speeds, scammed Initial Coin Offerings (ICOs), and then the hackings on Crypto exchanges.
Evidently, it hasn’t been an easy journey. But blockchain still refuses to go away, and we are observing more interest generated around it, as technology and infrastructure develop further.
Space is now separate for the speculators and those who are in it for the long run. Giants such as Starbucks, IBM and International Exchange (IEC), has started accepting crypto payments. And now, Goldman Sachs has taken interest in blockchain, it is expected that other institutions will soon follow.
More importantly, even after lots of dead ends and redundant projects, blockchain development companies can still expect real potential and growth from the blockchain projects, because they just need to throw in the word “Blockchain,” to get the investors’ attention.
Now let’s discuss some blockchain projects that are high in demand, and the companies developing blockchain solutions are trying hard to tap into.
- Finance and E-commerce
Transforming the financial sector was blockchain’s primary target that hadn’t been achieved due to low scalability. But today, strides have been made and the game is changing, as the blockchain is now getting integrated into payment gateways via off chain transactions and master nodes.
The best performing crypto of 2017, XRP, owned by Ripple Foundation, is in contract with leading banks to offer crypto products and paving a way to incorporate cryptocurrencies, and other blockchain solutions into the banking sector. While Ripple is focused on institutions to help global transactions, Stellar Network, a similar network, is more focused on individuals for a similar purpose.
Through these, we are observing the efforts being made towards making crypto projects a functional means of exchange, and these notable developments are bound to continue, to create a fully-functional crypto financial system in the future.
Negative sentiments about blockchain’s cryptocurrency may sound scary in the news but investing and trading in cryptos seem to remain unaffected by that. Exchanges continue to move billions of dollars in transactions per day. According to a Coinmarketcap, the top three exchanges in crypto, OKEx, Binance, and ZB.com alone accounted for more than $1 billion in trade volume.
This depicts that blockchain development companies involved in the trading sector are not planning to go away anytime soon. This ensures that entities entrusted with such large transactions and huge amounts are secure and safe. The blockchain development companies are working on decentralized exchanges, to prevent the risk of millions of dollars loss via hacking.
This has made the development of custodial wallets inevitable, enabling P2P trading in the future. This will make native fees much cheaper than the present transaction rates. With the reduced risk of hacking and low native fees, blockchain projects focused on trading in Crypto will only get bigger and better.
- Social Networks
Social Networks are an innate part of our daily lives. Blockchain companies seek to create improved third-generation networks, to address the shortcomings of the current second generation web, with the help of blockchain applications, and current blockchain technology trends.
Indorse, a Social Network, sells ads and rewards users with IND tokens. Rewarded tokens are then used to build the user activity index. Other networks using the reward model are Synereo and Nexus. Another interesting platform, Humans.net, has endeavored to create a one-stop global shop for job seekers and service providers in order to conduct peer-to-peer networking.
The platform is free to use, with efficient data protection, and data is used for advertisements only with the permission of the user. Furthermore, it guarantees users a 25% share of the ad revenue. Unlike other networks that target certain professions, Humans.net is a wholesome blockchain platform to find any kind of service, from a medical consultant to a cleaner.
Recently, the social media giant Facebook faced damning security breaches and was accused of selling data to third parties. This shows that data centralization has far-reaching consequences. The use of blockchain in social networks results in the decentralization of data, ensures security, and gives users control of their data.
Blockchain Social Networks can ensure freedom of expression to people in those countries where users’ social media activities get monitored, by removing the identification linked to accounts and making themselves anonymous.
Through the blockchain social networks, users can also interact directly with one another, negotiate terms, execute contracts and processing payments without involving any third party. Blockchain networks can trade via utility token, with the help of Smart Contracts, at minimal or no fees, eliminating the need of third parties for transactions.
Blockchain Social Networks might not be having that high user numbers as compared to other Blockchain projects as it lacks urgency. But, The health sector, for instance, can easily attract the companies developing blockchain projects because it is a delicate and sensitive area.
Blockchain use cases in healthcare are being discovered by every passing day, and if applied, the entire healthcare system can be entirely overhauled. Currently, a number of healthcare and blockchain companies are working on blockchain applications to improve healthcare solutions for both patients and professionals.
Blockchain technology in the healthcare sector can tackle some of the biggest challenges more effectively and efficiently, allowing the doctors and other healthcare providers to easily and securely track pharmaceuticals, patient health history, even at the time of an emergency, and improve payment options, with the help of decentralization.
Unlike the older paper records or even today’s digital health records, blockchain applications can help to keep your health records in a complete, and singular form, from the time of your birth to death, regardless of the number of times you change insurance or doctors.
The above discussed are some of the major sectors where the blockchain application solutions are somehow high in demand, but other industries, like Manufacturing, Retail, Media, Tourism, Legal sectors, and many more, are in line to develop blockchain applications and take advantage of this disruptive technology.
This is a prevailing indication that Blockchain Technology has the potential to attract users because of its more favorable features, and increased concern over personal data security, making people turn more likely to more ethical and transparent Blockchain applications. Considering this, multiple top blockchain companies are trying to capture the early mover advantage and venturing to develop blockchain applications