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Blockchain

12 Aug 2019

Amazing Advancements Coming To Blockchain In 2020

The world around us is changing at a rapid pace, and technologies are bringing a huge transformation in human life. From years, technology is accomplishing various unanticipated and unintended tasks, that one could only see in the science fiction movies.

Incidentally. the seeds of advancements have got germinated and saplings are coming out from hard ground & bringing new life. The result is an extravagance, wherever you will see a new technology can be spotted blooming flourishing and bestowing humankind something amazing, wonderful, and praiseworthy.

Blockchain is one such technology, that is expanding, evolving and offering human with solutions of a different kind. The potential & capability to offer huge data security are making this technology everyone’s favorite one. The major hype in this grooming space is the creation of cryptocurrencies.

Consequently, businesses are engrossed in creating a blockchain strategy that can lead them toward progress and prosperity. And! most interestingly, if they don’t have one strategy, they are risking their business progress or simply missing an opportunity.

Embracing Blockchain For Industrial Progression

For the last few years, the potential of blockchain technology, benefits, risks of fully adoption of this technology have been gauged, discussed and analyzed at a greater extent. From all of that, one thing is clear that implementing, embracing and adopting a new concept accompany various risk, and this shouldn’t be forgotten and underestimated anyhow.

So where we are now?

Is implementation of new technology stack and blindly putting the generation and data on risks is exposing us to different security breaches, data loss, and hacks?

To glean into it, let’s take a glance over the blockchain implementation progression.

Blockchain As A Service 

The major advancement in this space is moving blockchain protocol from open source to enterprise. Today, the largest cloud providers are the biggest provider of BaaS- ‘Blockchain as a Service model’. These largest providers have established themselves fully and have thrived as market leaders with a huge customer base. Here are those leaders who have expanded so well in the year 2018.

Microsoft Azure 
Amazon Web Services
IBM Cloud 
Oracle Blockchain 
VMWare 

Except for these major cloud provider, the inception of various BaaS Companies has taken place all around the world. These are the companies that elevate their products above the contemporary cloud computing platforms.

These startups are smaller but more agile with the ability to offer something new every month. Therefore, this quality is making them a great choice for a quick faster go-to-market strategy. Consequently, the solution they are developing are wide and consist of different blockchain protocols. The major names in this niche are Kaleido and Blockdaemon.

Can you think about the needs of enterprises from a blockchain perspective? What improvements should be made to utilize the benefits of this ledger technology?

Here are the main categories where the enhancements need to be done: Platform, Infrastructure, Interfaces, Security & Analytics. Let’s glean more insights.

Platform

The platform requires major changes in various verticals including:

Operation resilience that basically comes about potential to maintain uptime and connectivity in the rise of certain conditions such as ‘component failure despite the numerous layers of protection’, and ‘strategy fails against the data loss and falsification’.

The pluggable consensus is another aspect that requires enhancement which signifies the ability to transport/ switch consensus mechanism as per the needs and skip the whole recreation network. Altogether, for supporting encrypted data storage there is need to propel ‘off-chain’ data storage capabilities.

Besides, the platforms would require Adaptors that can enable SQL-based ledger queries to make developer community work more comfortably with blockchain.

Interfaces

Interfaces need various improvements and the most essential is integration with enterprises. It will need previously created modules and onramps to integrate into current enterprise systems. Another need will be ‘powerful and precise oracles’ with the ability to incur external data in real-time into smart contracts. For this look for ‘Chainlink’.

Besides, Integration with GraphQL is very critical. From Facebook, GraphQL is a powerful API that allows the access of dataset in a single request. This can empower blockchain interface fully. Identity federation creation is also essential to inbuild the potential and to authenticate identities with existing providers. This will propel the adoption on the consortium level.

Built-in privacy and permission features also need to be created for the different section of the interface such as accounts, wallets, transactions, smart contracts and more.

Network & Infrastructure 

This category includes various aspects including ability to maintain performance at the network level. Therefore, this includes operation and management of thousands of nodes and keeping low latency, serving thousands of transactions with proven completeness.

Embedding the potential to reduce and scale network size on demand by adding or removing orderers and validators. Another enhancement will be a DevOps tool to perform integration with IT systems easily and making CI/CD build process seamless and quicker. Inducing support for cross-blockchain atomic swap and network interoperability.

Governance framework with set and pre-determined structure, funding prototype, participation protocols and more.

Security & Analytics 

To enhance this level in BaaS various aspects need to be implemented such as the provision for detailed privacy controls over data, execution of smart contraction and visibility for transactions.

Altogether, improved network analysis & monitoring with improved contextual meaning of transactions and potential to trace and correct on-chain events. SLA monitoring is also essential, especially with backward compatibility of upgrades.

And last but not the least, warehousing of data including transaction history, which includes combining data with other off-chain data sources and availing for BI reporting tool and other dashboards.

So, now answer one question, won’t blockchain implementation be progressive for enterprises? And won’t it surge the enterprise progress? 

Undoubtedly, blockchain progression and implementation will bring positive enhancement and accomplishments for enterprises. In this race, mobile app development is very faster and enabling the creation of high-grade applications for enterprises. At Techugo, developers are exploring ways to implement this technology in various ways and making things easier. If you have a tech idea or strategy that go well with blockchain adoption, but no team. Get the one and bring your idea into reality.

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