The demand for bitcoin and blockchain wallet app, as well as the blockchain solutions they can provide, is on the increase, and it is gradually outweighing the supply. The gradual acceptance of bitcoin by a lot of businesses (both big and small) has resulted in the increase in demand for blockchain wallet app, as well as other bitcoin applications.

The way the blockchain concept was introduced by bitcoin was of greater significance, and this is why it is now being seen as the frontier for carrying out secure and fast transactions of any kind. While Bitcoin is synonymous with blockchain, blockchain has greatly evolved and grown larger on its own.

Today, a lot of businesses are creating shared ledger systems that tend to function with more of blockchain rather than bitcoin. While the demand for the development of bitcoin applications keeps growing and remains strong, opportunities in the technology of blockchain are enormously evolving. In this article, you are going to be exposed to the latest trends in the development and evolution of bitcoin and blockchain technology.

Smart Contracts

“Smart contract” is a misnomer, and it doesn’t really involve contracts. Smart contracts are small programs which are stored and executed in blockchains. People tend to use such programs because of the numerous benefits offered by blockchains such as unmatched security, resilience accompanied by distributed systems, and quicker execution speed.

Smart contract programs can be written to carry out a whole lot of functions. To give you a better understanding of this concept, listed below are a couple of examples of the capabilities of a smart contract.

• It is used to release digital assets, such as a certificate for completing an online course.

• It is used to release crowdsource funds: this is done only when a minimum amount is donated by a specific amount of contributors.

• It is used to automate an exchange platform to better meet the requirements of a regulation.

These are just a few; smart contracts can do a wide range of useful things; it can also be used to facilitate the execution of legal contracts. Blockchain app development companies that are very good in creating smart contract programs are in high demand.

If you want a customized smart contract code, it is recommended you go for a blockchain app development company with lots of experience and professionalism. A blockchain app development company that has been in business for some time; this is because once the code is added to the blockchain, bugs can no longer be fixed. This is why it has to be done right the first time.

Bitcoin Payment System for Retailers

The increase in the acceptance of Bitcoin by businesses means an increase in opportunity for bitcoin app development companies. As bitcoin technology evolves, not only does it create room for blockchain wallet app for customers, but businesses are looking for easily-implemented bitcoin solutions that will enable them to accept bitcoin as payment.

Bitcoin wallet doesn’t store bitcoin, but the keys used to access the wallet do. This tends to pose a greater challenge to developers. In addition to the creativity required to build unique products, best practices for the encryption and security of data are needed. Whether you want to create a web-based wallet or a blockchain wallet app that will be installed in the device of users, there are different security challenges facing each method.

There are presently a lot of companies that accept bitcoin as payment, and more companies are likely to join the trend; this is because a lot of companies and retailers are seeing the values as well as the opportunities offered by this technology, and they want to be part of it.

Blockchain Emerging Markets

The technology of blockchain is powerful enough to be exciting, and new enough to be scary. Blockchain app development companies that are developing blockchain apps for retailers and businesses should put the people who can benefit more from the features of blockchain into consideration. Blockchain technology has a lot of benefits such as resiliency, security, and speed (as mentioned earlier), and there are lots of other benefits that come to mind.

• Healthcare: The security and encryption of data are of utmost importance in the healthcare industry. So the healthcare industry is always looking for solutions to better improve the security of the data and information of their patients as well as their private information.

There is already a minimum of eight startups that want to bring blockchain solutions to healthcare facilities, medical research laboratories, and programs in charge of disease management. This field is very much open, but very soon, the competition will be much.

Insurance: The insurance industry is one industry that did not expect to be interrupted by the technology of fintech. But it was neither self-preserving nor realistic to think that the tidal of the financial technology would pass them by without a scratch. By utilizing and taking advantage of the numerous benefits the blockchain has to offer, fintechs are coming up with new insurance models with better offers.

• Gaming: Gaming might not be one of the things that would come to your mind when considering new markets for blockchain, but gaming should be on the list. There are already some games that are designed to run on blockchain technology. Blockchain technology makes it a lot easier to incorporate useful, amazing assets such as purchasing and sharing features within a game.

While the integration of blockchain into gaming platforms is still in the developmental stages, development companies that look for ways to make it work can greatly benefit from the ever-growing and productive gaming market.

Law Enforcement

While law enforcement agencies are looking for ways to fight criminal activities on the Bitcoin blockchain, they don’t seem to understand the amazing benefits this technology can offer in their everyday activities. If blockchain is not in existence, it should be designed for only law enforcement. The need for high level, top-notch security, and the need for various law enforcement agencies to gain access to large, vital data, make law enforcement a great market for the technology of blockchain.

Author's Bio: 

Melissa Crooks is Content Writer who writes for Hyperlink Infosystem, a app development company based in USA & India that holds the best team of skilled and expert app developers. She is a versatile tech writer and loves exploring latest technology trends, entrepreneur and startup column.