Since its introduction as a breakthrough in the technology sector by Santoshi Nakamoto in 2008, blockchain has been quite in the news lately. Though it is still in its nascent stage, news of its continuous successful implementations has been flooding around the world.

Here’s a list of remarkable blockchain services that have the potential of revolutionizing the way industries have been working. Check them out!

Hybrid Blockchains

Undoubtedly, blockchain technology ensures transparency to all the parties involved. Though this is an incredible aspect of the technology, it can sometimes be pretty intimidating for private organizations or even the government to work on a public blockchain. Also, working on private blockchains does not serve the purpose many-a-times. Therefore, a midway solution i.e. hybrid blockchain has been developed to can offer customizable blockchain preferences to peers without compromising with transparency and immutability.

Blockchain as a Service (BaaS)

Surely, blockchain offers a secure, traceable and unalterable way of sharing and storing information between peers. As there is no central party involved, it also comes with less cost when compared to the existing methods. However, setting up and managing private blockchains can be a tedious affair for many small firms. To handle such issues, tech giants like Amazon, Microsoft, Oracle, etc. have started offering Blockchain as a Service (BaaS). Customers can utilize BaaS, a cloud-based service, to develop their own blockchain-powered products without actually setting up a blockchain infrastructure.

Ricardian Contracts

Ricardian Contracts are a cost-effective way of making legal documents or agreements using blockchain. These can be looked at as more advanced alternatives to smart contracts that are cryptographically signed and verified. But unlike smart contracts, these use human-readable text that can be easily understood by computers as well as humans. Ricardian Contracts eliminate the need for a mediator to interpret the cryptographic language.

Blockchain Interoperability

With advancements in blockchain, businesses and organizations have either developed their own blockchain protocols or collaborated with blockchain firms. This becomes a hurdle when two companies with two different blockchain protocols want to share information. Here comes the concept of blockchain interoperability which aims to ease sharing of information across different blockchain systems.

Stable Coins

In regards to Bitcoin bear market, crypto enthusiasts aren’t sure anymore about where to invest and what to avoid in the upcoming days. Due to the volatile nature of cryptocurrency and it can completely crash at any time, given the present scenario. There’s an abundance of trust issue prevailing amongst the investors. Therefore, Stable Coins are seeing a boost in the crypto market. As stable coins are fiat-backed, these have stable market value. However, the unignorable fact is that these are managed by centralized systems which are again non-transparent and hence a bit controversial.

Blockchain powered systems have drawn noticeable applause in recent times. It’s time to see the technology unfold new breakthroughs that can be implemented in every realm.