Blockchain Trends Of 2020
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Blockchain Trends Of 2020
The 20s are fertile ground for blockchain technology and distributed ledger, for the hype and the interest are not yet to cool off. It’s a no-brainer that blockchain will change operations and processes across many industries, but its full integration into people's life will require time and effort.
Blockchain will create new job categories as the demand for experts with knowledge in blockchain will grow. Here is an overview of the 2020 blockchain trends.
Blockchain Hype Fatigue
Of all the past decades' technology trends, blockchain is probably the most hype tech product that is hardly living up to its hype. Even though Gartner predicts the business value of blockchain to exceed 3.1 trillion around 2030, many executives are frustrated.
According to independent analysis, the mounting frustration is due to the blockchain technology presented as the catch-all solution. An overhyped technology that isn’t the major disruptor many thought it would be.
Blockchain: A Service by Big Tech Companies
Blockchain as a Service (BaaS) by big tech companies is one of the new trends of technology in 2020. It’s a cloud-based service that’s currently integrated with many startups and enterprises. Microsoft and Amazon are some of the companies working at developing BaaS services, consequently shaping the blockchain future.
Ultimately, it’ll allow users to develop their digital products by working with blockchain. These digital products can either be smart contracts, decentralized applications, or services that can work without any set up of blockchain-based complete infrastructure.
Practical Application of Blockchain Technology
Aside from crypto assets, the implementation of a blockchain-based solution is becoming more practical. Enterprises and firms in diverse filed that required that records of transactions be kept secure are now using blockchain for its unique solution.
Also, organizations like IBM and Walmart have been investing necessary resources -time and money- to push the studies of the technology ahead. They are convinced a blockchain technology at its full potential is an innovative solution for secure recording of transactions and record keeping.
Large Blockchain Adoption
Even though fintech companies first take notice of the potential of blockchain technology because of its cryptocurrency applications, other fields like agriculture and livestock have found a practical use case for it. For instance, blockchain technology has been used in logistics and supply chains to trace back the provenance of items, materials, and other resources.
Likewise, the healthcare and medical field take advantage of its data transparency in record keeping. Blockchain technology's resistance to fraud and tampering makes it the perfect system for businesses to improve their services.
Also, the idea of a distributed ledger is attractive to government authorities in charge of administrating a large number of data. At this stage, the agency has a separate database and should require information from each other. Thus, blockchain technology implementation will make it possible for such agencies to have a common database and the same improve their functioning.
Blockchain Technologies Interoperability
Another trend of blockchain technology that has been a challenge for developers is to enable users of blockchains platforms to share data and information across different networks.
This may be a problem solved in 2020. With the improvement of blockchain technology interoperability, users should be able to access their data from every blockchain platform.
Merging Blockchain and AI
Artificial intelligence integration into people's lives can be hard to achieve due to the volume of data necessary to perform basic tasks.
Additionally, successful integration of these technologies will improve AI security, and issue a tech product that helps companies make rapid and accurate predictions, cutting off production processes waste, and matching their product to available markets.
A Renewed Security for IoT In Blockchain
The internet of things (IoT) market will see an improvement in security with the integration of blockchain. As the number of connected devices reached 26 billion-mark, cyber-attacks will become commonplace.
Network operators will have to change the centralized architecture of IoT to prevent intruders from hawking and accessing users’ data. According to Gaertner’s research, up to 75% of organizations using the internet of things to process data, have integrated blockchain security powerful encryption technology or will do so during 2020.
Blockchain Will Solved Social Media Problems
Social media has become part of society. Statista estimates the number of social media users to reach 2.77 billion in 2019, which will result in a considerable amount of data shared daily.
The blockchain blend in social media will help solve privacy violations, data control, and content relevance. Expectations are blockchain will ensure data are stored more securely and maintain their ownership.
The Increased Blockchain Expert Demand
Increasingly, the world will need an individual who is skilled in blockchain technology. Since blockchain is a new technology growing at a rapid pace, the few percentages of experts will quickly be overwhelmed because of the multiple responsibilities they will have to handle.
On the other side, this opens new job opportunities carrier for workforces, and a new field for universities and colleges to teach on.
Cover Picture Credit: Tumisu #Pixabay