Top 10 Blockchain Technology Concepts you Should know in 2020

Last updated on June 23rd, 2022 at 04:29 am

Blockchain technology is disrupting industries worldwide. Today many companies are formulating several modules to adopt the blockchain technology in their system. Sectors like IoT, trade market and financial system of the world are the most influenced sectors.

We all have been using the Internet of Things for several years now, however, we always had issues with the security feature of the IoT. However, with blockchain technology, we might secure IoT.

The IoT system never had any security measures to keep users’ data safe. But with the integration of the blockchain, users’ data are secured now with the public edger network.

The influence of blockchain technology is not limited to the above-mentioned field only. It has reached to almost every field of work. Let’s have a look at the fields that have been disrupted by the blockchain technology and the concept behind it.

Blockchain Technology Concepts you Should know

Blockchain technology is not now limited to only Cryptocurrencies. Today, you will find that companies are adopting different methods to adapt to blockchain technology.

Let’s have a look.

• IoT

The industry of the Internet of Things has skyrocketed after the integration of blockchain technology. With the help of blockchain technology, IoT drives transformations and Global Businesses.

The Internet of Things is a network that connects the devices with the people, and it is estimated that by the end of 2020, it will reach over 20 billion people worldwide.

This might sound interesting but you mustn’t forget its security problems. However, these problems can be taken care of with the help of Blockchain technology.

• Blockchain interoperability

If you are a blockchain engineer then you must know about the Blockchain Interoperability. This feature of the blockchain can allow the user to operate the network separately. With the help of the interoperability, the industry can bloom to its full potential.

• Defi

Decentralized finance is known as Defi in short. It is open-source finance that helps with the financial services that lending, insurance, buying, saving loans, and trading in the public ledger network. When compared with the normal; financial services, you will find that DeFi holds more advantages over them. DeFi is growing at a rapid rate and the best part of the DeFi is that it can easily be operated by smartphones. Hence, we can hope that it can reach every individual in the future. 

• DAML

Blockchain technology is improving at a rapid rate. And this has made engineers work on improving the Blockchain network. DAML (Digital Asset Modelling Language) is a programming language that helps the engineers to code multiple smart contracts at the same time for various blockchains. DAML is now open-source and is working to deploy improved developer experience to enhance the front end experience.

• Cryptojacking

Cryptojacking is another form of Crypto Mining. However, the only difference between the traditional Crypto mining and Crypto jackings is that Crypto-jacking a malicious activity of mining Cryptocurrency on victim’s computers without their consent. Recently this caused several users lots of problems. This field is still under research, so people know less about crypto-jacking. Crypto-jacking cannot be detected by the user endpoint, so, it will be easy to use network monitoring solutions.

• BaaS

BaaS stands for blockchain as a service. It is a manages blockchain platforms that allow engineers to develop blockchain-based software application and software and other digital services to the customers on the Distributed ledger network. BaaS has also the necessary tools that help the user to track down their transactions and help them to keep track.

• Lightning network

Blockchain is a fairly new concept in the market, so, coming with a payment system was really a complex process. To solve this issue, the Lightning Network, the second layer of technology, was introduced in the market for instant micropayments.

• Federated Blockchain

Blockchain is a boon for the people who used to spend a lot of money on complete transactions. However, it is a curse at the same time for the people who transact sensitive information. This was resolved by the Federated Blockchain. Federated Blockchain is a permissioned blockchain where every entity becomes a member of the network with a voting system.

• Transferable skills

Blockchain is becoming one of the core parts of the technology. Engineers are working on blockchain technology to improve the performance of the current technologies. This includes software development, programming, Cryptography, web applications, and data analysis. If you really want to excel in Blockchain technology, then you need to be proficient in all the above-mentioned fields.

•  Supply chain

We all know how supply chains work. And for most companies, the supply chain management system is essential. With the help of blockchain technology, Supply Chain becomes more traceable, transparent, and tradability.