The adoption of blockchain technology has been lower compared to other emerging technologies largely due to the difficulty of understanding the technology. Blockchain as a Service (BaaS) is key to the technology’s diffusion as it enables businesses to get started with blockchain based applications.
Listed below are the key technology trends impacting the blockchain theme, as identified by GlobalData.
BaaS
BaaS is a type of cloud-hosted software as a service (SaaS) that enables companies to rent a blockchain platform instead of building it. It works as a fully managed blockchain service that goes from project creation to full implementation. Experiment with blockchain applications and smart contracts and use the advantages of the blockchain, such as more transparency and data security, without having to worry about building up expensive internal resources and skills. BaaS is particularly attractive for small and medium-sized enterprises (SMEs), it is dominated by cloud service giants like IBM, Microsoft and Amazon.
Permissioned blockchains
The original purpose of blockchain technology was to enable the transmission of values in trusted networks. Different parties did not have to trust each other to conduct transactions that involved the exchange of values. Beyond the world of cryptocurrencies, however, trust is still important to most traders. Most commercial blockchains will reject the completely trustworthy model promoted by cryptocurrency platforms in favor of licensed platforms where participants are screened and approved before they can join the network. to multiple participants over time. New entrants need time to better understand the functions and properties of a blockchain. Many private blockchains are likely to become federated or hybrid versions.
Zero-knowledge proof (ZKP)
ZKP allows one party to prove to another that it knows a value without passing on information other than the fact that it knows the value. Imagine a new loan applicant who has to convince the bank that they have sufficient account balance. Traditionally, this would mean sharing bank statements for this period and giving the bank more personal information than necessary, e.g. B. the exact account balance and the details of the transaction. With ZKP only information about whether or not they meet the requirements. In connection with blockchain and especially public blockchains, ZKP guarantees the confidentiality and security of user information. There are different types of ZKP, with zkSNARKs (zero knowledge succinct non-interactive knowledge argument) being the most popular.
Artificial intelligence (AI)
The convergence of blockchain and AI is considered inevitable, as both deal with data in different ways: AI analyzes and generates information from the data, while blockchain enables the secure storage and exchange of data to make their decisions. In the past few years, there have been many prominent cases where AI has contributed to bias and discrimination. With blockchain it is possible to trace the origin of the training data used for the AI model and to trace all steps from data entry to completion. It becomes easier to review the decision making process of an AI model when the decisions and associated data points are recorded on the blockchain, which creates trust. Blockchain and AI can also be combined for data protection, creating diverse data sets and data monetization.
Internet of Things (IoT)
Blockchain can add an additional layer of accountability and security to IoT data and be a future enabler for IoT efficiency, scalability and standardization. It can also act as a facilitator of IoT applications such as supply chain track and trace. In healthcare, for example, Blockchain-enabled IoT devices will allow patients to control access to the data collected by these devices. The technology will make devices more resilient to cyberattacks and provide detailed records of when the data was accessed by another party. With a smart contract, you can automate payments based on a specific condition measured by IoT sensors.
Integration
Blockchain companies have enabled integration at the application programming interface (API) level to reduce developer programming requirements and invite business users to build blockchain applications quickly. Blockchain functions are increasingly being integrated into core technologies such as business, database and hybrid and multi-cloud applications, for further blockchain adoption. The Big BaaS players like IBM and Microsoft are driving development. The complexity of adopting blockchain often puts companies off The integration of technology into core technologies makes it easier to use and makes it an attractive alternative in the digital effort Transformation.
