Where will blockchain go in the coming new year 2020?
We’re on the edge of 2019. Isn’t this a great time to make predictions about blockchain – a revolutionary technology waiting to disrupt multiple industries.
2020 will be a year where most industries will be setting milestones to bring in the best development in their businesses.
You might want to look at what statistics say about blockchain technology: –
Blockchain with AI
- According to The International Data Corporation (IDC), the global spending on AI is speculated to reach USD 57.6 billion by 2020.
- 51% of businesses will soon transition to AI with blockchain integration.
Blockchain with IoT
- Multiple IoT companies have adopted blockchain technology for their business solutions. Based on findings by IDC, it is expected that 20% of IoT deployments will be enabled by 2020.
What’s even more interesting is the fact that by 2020, 77% of financial institutions are expected to adopt blockchain to be a part of an in-production process – report by PwC.
If you’re still wondering what’s new about blockchain and why should we adopt it. You need to look at the latest blockchain technology trends for 2020: –
- Amazon and Microsoft using blockchain as a Service (BaaS)
A recent trend integrated by these big giants along with startups and enterprises.
BaaS, a cloud-based service enables users to develop their digital products with the help of blockchain. These products include smart contract applications and other services that can function without the help of the complete blockchain setup.
Other names include Oracle, Facebook, IBM, Baidu, and Tencent.
- Building a new era in social networking
There’s no denying the fact that social networking has become an integral part of our daily lives. As per Statista, the current social media users globally are around 2.77 billion.
Though we’re still at the early stages of blockchain-based social media, it is predicted to disrupt this ever-growing field by giving their users control over data along with transparency.
The integration of blockchain in social media will solve problems such as data control, privacy violation, the relevancy of the content, and scandals, etc. A new era will be introduced in social media as the data that will be published will remain untraceable and neither will it be duplicated even after it gets deleted.
- Stable coins dominating the crypto space
Cryptocurrencies, as we know, have been a side product of blockchain technology which remains volatile. Though it is still in its initial phase it is predicted to become stable coins shortly. Thus said, they will soon become the second most look forward in the blockchain industry market trends.
- The upsurge of a federated blockchain
“Federated blockchain” can be referred to as one of the best blockchain trends in the industry today. It is an upgraded form of the blockchain model making it ideal for many specific used cases.
Federated blockchains will be more alike to the private blockchain along with newly added features. There will be multiple authorities involved in validating the block so that further transactions can be processed.
- Hybrid blockchains
The next future application of blockchain technology will be the hybrid blockchains. A blockchain can utilize most parts of the public, as well as the private blockchain solution, which can be termed as hybrid blockchains.
The major advantages of this blockchain include protection from cyber-attacks, lower transactional costs, the option to change the rules, help maintain confidentiality, and operate in a closed ecosystem.
The popularity of blockchain certification is on the rise with the world witnessing large community reskilling themselves to remain relevant in the job market.
No doubt blockchain is here to make a greater impact on every industry marking long-lasting talks in every economy.
Thus, we can only wait and watch for admirable changes in the year to come.