Blockchain Technology is one which creates a bonding between two unknown things without the intrusion of any third party which acts on nodes. Blockchain Technology is a decentralized technology. It is a shared database where you can perform entries but only after its authentication and encryption.
Blockchain Technology offers you a decentralized register of its authority by defining any individual transaction in the system, from the creation of a block and through any number of transfers made. Each computer is patted into the system that stores a copy of this Blockchain, and before a transaction, it can be executed the system checks that their version of the Blockchain is in sync with all other versions within the network.
Moving into 2018, it is significant to accomplish the full power of blockchain technology which will not only change the world of ‘Digital Economy’ but it will also have extremely diverse applications in other various fields. Also, there will be numerous enterprises which could benefit from enhanced security, safety, transparency and the removal of redundant mediators. Here we are going to discuss ‘How Blockchain technology will change the Digital Economy in the year 2018’.
Ethereum will be the largest blockchain developer ecosystem in 2018 by several multiples
Although Blockchain technology is commonly associated with Bitcoin due to which there have many applications that go way beyond digital currencies. In fact, Bitcoin is only one of several hundred applications that use blockchain technology today. Ethereum now is a thriving developer community.
If we are creating blockchain applications then it has needed a mixed background in coding, cryptography, computation as well as significant resources. Earlier unimagined applications, from electronic polling & digitally recorded capital assets to regulatory compliance & trading are now actively being developed and deployed faster than ever before. By providing developers with the tools to build decentralized applications, Ethereum is making all of this possible which is also expected to do same in the year 2018.
Unusual Features of Blockchain Technology
Blockchain technology is an anonymous tool that protects the identity of users. This technology is made of an algorithm that lessens the confirmation which is required for online transactions. It cannot be controlled by any single entity that’s why it has no single case of failure where it also re-checks itself in every 10 minutes. So these unusual features of blockchain technology have gained a lot applaud worldwide that’s why it has the greater probability that this technology will impact undoubtedly in the year 2018.
Enhanced size and space
There are much expectation and demand of Blockchain from all sectors where it needs more flashing and more spacious. In the year 2018, Blockchain will be furnished to store more data almost at every stage of the transaction whereas, now it is able to process only 7 transactions per second, while thousands of financial transactions occur every second throughout the world. So in this year, it is expecting that technologists will improve its speed and performance of Blockchain.
The huge growth and rising publicity of the blockchain market have attracted thousands of new investors over the past six months. A large proportion of these investors are drawn to the potential gains without completely knowing the technology. Newbies make decisions by using their passions and no passion is more compelling than anxiety where it has the anxiety of losing their money and anxiety of missing out there are the most common reasons for their anxiety. Hence newbies will often buy into an overpriced market so Blockchain technology is one of the best options for the newbies to invest its money that’s why it is also expected that after spreading awareness toward Blockchain technology digital economy will be most benefitted.
The Internet of Things and Blockchain
IoT is assumed as all about transactions, contracts, and liability in a spread environment. The combination of blockchain and IoT is viewed at and efficiently leveraged for multiple causes, ranging from smart contracts and IoT data monetization models across mixed chains of connectivity where trust is a crucial thing assumed.
Already, there are many blockchain applications in the context of the Internet of Things and some vendors have distinct solutions to facilitate the use of blockchain for IoT to, among others enhance trust, which save costs and speed up transactions as well. So, this connection of both these are unique so we can say these are going to boost up the digital economy in the year 2018.