How Companies are Revolutionizing Blockchain Applications with New Innovations
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.