Outlook on the Future of the Blockchain Industry

Digital assets are tokenized real life assets on top of blockchains. Blockchain industry is expected to evolve and expand in years to come.

In his blogpost on Medium, Tony Simonovsky, a digital nomad and a blockchain enthusiast, provides predictions on the next major trends in the industry.

He concludes that the current focus on cryptocurrencies will expand to other formats in use of blockchain.

Distributed apps will become the norm.

This cryptoclass is based on smart contracts, agreements written in code that can self-execute on the blockchain.

Use of blockchain as the backend that will not only execute all kinds of applications but also store and secure data from these applications will be the ‘new black’.

The advantages the blockchain offers over centralized servers are improved security, privacy and reliable uptime.

Now we see several startups developing disruptive applications on top of blockchains in every industry. The results will arrive in a few years.

Worldwide, the major technology companies and public institutions display growing interest to blockchain technologies. The first develop consortium blockchains.

The new blockchains are faster and have greater scalability then the old ones. On- and off-chain scaling solitions tend to the latter.

However, the trend we may start witness soon, is development of interoperability capabilities.

Current state of blockchain may be compared to the time when LANs were popular, before arrival of TCP/IP protocols.

Just like LANs, the modern blockchains do not talk to each other.

Solutions for them to intertwin, communication protocols, industry standards are required and will be undoubtedly offered soon.

The blockhains connectedness will strengthen significantly.

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