6 Emerging Blockchain Trends

You’ve likely become familiar with the concept of blockchain, the public, digital ledger that decentralizes transactions and, instead, logs them across a number of computers. Along with cryptography, which protects the security of transactions, blockchain is the foundation for cryptocurrencies.

As these technologies become more widespread in their use, so does the variation of applications for blockchain. Many experts see far-reaching potential for innovating social media and cryptocurrency, along with different versions of blockchain to meet different needs. Here are six areas where blockchain is expected to change industries:

Stable Coins for Cryptocurrency

Stable coins will begin to dominate cryptocurrency, offering attractive qualities for investors, such as no loss of value connected to the coin, a strong and politically neutral base asset and backing by a physical asset. Stable coins will eliminate much of the risk that investors fear with digital currency, offering additional security layers and an overall stability in value.

Internet of Things

The expansion of blockchain offers improved data transmission and reporting for Internet of Things (IoT) devices, providing a system that is adaptable and safe. Blockchain protects these devices from digital attacks. The dispersed nature of blockchain allows for faster and less expensive transactions, offering benefits to a wide variety of industries, such as medical, manufacturing and transportation. And when blockchain is employed for better device sensing and recording in the medical field, it offers lifesaving benefits.

Federated Blockchain

The federated blockchain is an upgrade from the basic blockchain model, with customization for specific uses. It is similar to a private blockchain, but with a few additional benefits. A federated blockchain uses several authorities, rather than a single secure and trusted node. It is already being used in financial services, insurance claims and supply chain management.

Social Media

The introduction of blockchain in social media can help solve some of the most pressing problems associated with scandals and privacy violations, as well as control over data. Blockchain ensures that published data is untraceable and prevents duplication, even after it has been deleted. Users will also be able to securely store data and protect ownership, creating a more secure and controlled social media experience.

Giving

There’s one more area where blockchain is having a significant positive impact, and that is on charitable giving. Blockchain allows participants in charitable cryptocurrency sites to passively grow income while funding charities important to them.

One example of such a site is Military.Finance, which is cryptocurrency made by veterans for veterans and funnels a percentage of every token directly to charities that benefit veterans. Learn more about Military.Finance and begin your first encounter with cryptocurrency in a way that benefits our veterans.