It’s been a vicious year for the blockchain and cryptocurrency industry in general. The cryptocurrency industry specifically, took a massive plunge this year after displaying gravity-defying price surges last year. Bitcoin’s price is down 85% from its all-time high, while all altcoins are down 90%. Today, Bitcoin’s price hovers a little over $3,000. From a price viewpoint, it’s safe to say that 2018 has been a cataclysmic bloodbath without clemency. Unlike 2017, which was filled with an influx of ICO scams and businesses which added the term ‘blockchain’ to their name to take advantage of the hype, 2018 has seen the cryptocurrency industry face increased scrutiny from regulators.

For most industry experts, this ever-increasing clarity from regulatory authorities over blockchain and cryptocurrencies is an important blockchain breakthrough. For one, governments and regulators are starting to realize the potential of the blockchain. Secondly, several jurisdictions from around the globe are releasing regulatory frameworks that foster blockchain innovation rather than hindering it. Furthermore, businesses and authorities are warming up to blockchains with institutions realizing the potential of the technology while simultaneously accepting cryptocurrencies as an asset class. Despite all this, a glance through 2018 and you’ll notice that the year was filled with some reasonably awesome accomplishments. Below are some of these accomplishments that graced the year.

10 Best Blockchain Innovations of 2018

Much of the accomplishments achieved this year came from the fact that in the period leading up to 2018, about $6 billion was invested in the blockchain. Although not all blockchain projects and ideas came to fruition, significant industry milestones were made. Some projects successfully came out of their proof-of-concept stage and became publicly functional and accessible. Below we take a look at some of 2018’s best blockchain innovations.

1.Oasis Labs

Oasis labs recognizes the problem with today’s data which is that it remains highly restricted due to the fact that exposed data can be misused or inadequately protected. Moreover, shared data can result in privacy violations or data breaches. Therefore, Oasis Labs has built a privacy-preserving cloud computing platform on blockchain technology to solve this problem. The platform will enable privacy-preserving and computationally complex applications while simultaneously allowing developers to build applications that protect user data.

2. Blockdaemon

Blockdaemon simplifies the blockchain set-up process by providing node-deployment tools. These tools work with Stellar, Bitcoin, and Ethereum nodes, thus, giving users flexibility in the platform that they chose. In fact, through Blockdaemon’s infrastructure, most of the setup and configuration work is done. Blockdaemon claims that anyone can deploy a node in a matter of three clicks. Moreover, users can test it out for free, making it easy for everyone considering to leverage the blockchain for their product.

3. BlockFi

BlockFi is a secured non-bank lender providing dollar loans to owners of crypto-assets. Unlike traditional banking, BlockFi issues loan collateral in Bitcoin or Ether. It holds the client’s assets with a registered custodian and issues a loan in dollar fiat currency to their respective bank accounts. BlockFi is a fully functional platform that’s easy to use.

4. Conflux

Conflux is a next generation fast, secure, and scalable blockchain that processes concurrent blocks without dumping any as forks. The Conflux team realizes that existence of a fork wastes network or processing resources and downgrades the network’s safety. This leads to an undesirable user experience, long processing delays, and high transaction fees. The Conflux protocol addresses this problem by presenting relationships between blocks as a direct acyclic graph thereby achieving consensus on a total order of the blocks.  

5. Codex

Codex hopes to solve the provenance problem of assets by creating identities for any asset, secured by blockchain. Through Codex, an asset’s identity, ownership history, and changes in ownership gets stored in a secure digital token known as Codex Record. This improves overall provenance by simplifying provenance documentation, issuing provenance rewards to auction winners, and simplifying digital certificates of authenticity for online retailers.     

6. Dirt

Dirt is a protocol for decentralized information curation that leverages tokens to encourage honesty in the information industry. The company’s vision is to organize the world’s information and to make it freely accessible, as most data is privately held and expensive to access. Therefore, Dirt provides a platform for information providers to contribute information where (if information is accurate) it’s freely distributed. If incorrect, anyone on the platform can challenge the information and earn tokens for identifying inaccurate facts.  

7. Goldilock

Goldilock is an innovation that seeks to create an ecosystem where data storage and security is extremely reliable and convenient. Therefore, it allows individuals and institutions to store their digital assets in a secure storage space that’s offline until the user wants to connect it to the internet on purpose.

8. Ankr

Cloud computing is currently monopolized by tech giants. Therefore, users are charged high margins due to high infrastructure and human costs. Moreover, various obstacles prevent the mass adoption of blockchain technology into real world business applications. Ankr, resolves these issues by creating a resource-efficient blockchain framework that enables Distributed Cloud Computing (DCC) while simultaneously providing a user-friendly infrastructure for business applications.   

9. Pundi X

Pundi X is the project responsible for creating a POS device that’s capable of processing both fiat currency and cryptocurrency transactions. Through the use of their ecosystem, users can pay merchants using popular cryptos such as Bitcoin and Ethereum. The POS device then converts the crypto to fiat currency, thereby enabling merchants not to worry about price fluctuations or the need to convert the crypto. The main goal of Pundi X is to make purchasing via cryptocurrencies a day-to-day reality.

10. AuditChain

AuditChain is revolutionizing the audit and accounting industry by creating the first decentralized continuous audit and reporting protocol ecosystem. It is part of DCARPE (Decentralized Continuous Audit and Reporting Protocol Ecosystem). Their platform will leverage blockchain technology to provide real-time balance sheets, income statements, cash flow statements, and other reports. By providing real-time reports, AuditChain will help drive transparency, compliance, and improve current audit and accounting inefficiencies in the industry.

Conclusion

If any of the innovations above are anything to go by, the future looks bright for the blockchain industry. Currently, blockchain technology has wholly disrupted the financial industry and is slowly finding more usefulness in other sectors. If you saw our list of ten best blockchain innovations intriguing, we invite you to check out our Blockchains.my (BCMY) digital wallet app.