Technology became smarter in a short period of time. There are many complex and innate technology solutions are being developed all around the world with hundreds of organizations building it. The block chain technology has emerged as one of the leading concept in digital industry.
What is Block chain Technology?
As Don & Alex Tapscott puts it – “The block chain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value”.
Block chains were invented in 2008 for use in the cryptocurrency (BitCoin), as its public transaction ledger. The invention of the block chain for bitcoin solves the double spending problem without the need of trusted authority or a central server. With block chain finding several applications in various fields, expectations are high in 2018. Let us see some block chain technology trends in 2018.
Block Chain and Internet of Things (IoT)
Since 2014, Block chain technology has been applied to more than just finance and fintech applications. Also, Ethereum block chain and its smart frameworks has opened new possibilities. Many experts believe that Block chain technology gives solutions for successful implementation of Internet of Things. It has the potential to provide secure and scalable security framework for IoT. By implementing the decentralised ledger framework, the IoT can become immutable. It is also cost- effective and provide faster transaction speed. Block chains have robust decentralized model that prevents itself from malicious attacks. In coming years, block chain will be implemented across the global IoT in a much greater level.
Block Chain and Artificial Intelligence(AI)
AI is basically an algorithm that allows machines to exhibit functions that they were not programmed for. Just like IoT, block chain has the potential to facilitate certain aspects of AI implementation. In order to function to its full capacity, machines capable of learning requires access to big data. Block chains provides a secure environment for big data owners to connect with AI developers. By doing this, complex machine learning algorithms can be developed to help smart devices take advantage of the data available in order to achieve artificial intelligence.