Goodbye 2020!

Here we are at the end of 2020 and this is my last Analyst Report of the year for 101 Blockchains. So, I am keeping this short and sweet as I am sure people are now ramping down for the holiday season.

I think most of us will be glad to see the back of 2020, a real ‘Annus Horribilis’. But as each door closes a new one opens and 2021 gives us hope that things will improve for people, their health, their jobs, and the economy.

Want to earn about blockchain technology? Read our guide on blockchain definitions to learn more about it!

Hello 2021: What Does the Future Hold for Blockchain?

But what does the future look like for Blockchain? Has it already peaked, will it fulfill its potential, where and how will it evolve? It is fair to say the future is unclear (just look at 2020 again!).

According to Gartner here are a few interesting comments from their recent insights:

  • By 2022, more than a billion people will have some data about them stored on a blockchain, but they may not be aware of it.
  • By 2022, a blockchain-based business will be worth $10 billion.

The complexity of blockchain and the many roles it can play create challenges, but the benefits and value continue to boost the variety and number of projects. Gartner expects the technology to generate significant business benefits and value. Projections are for $176 billion by 2025 and more than $3.1 trillion by 2030 (see “Forecast: Blockchain Business Value, Worldwide, 2017-2030”).

Read More: The ABC of Blockchain

Blockchain Resolutions

My New Year resolutions for improving and expanding the Blockchain universe:

  1. A coming together of protocols based on common interoperability.
  2. Recognition of Blockchain as a viable database alternative in new industries and territories.
  3. Reviews and updates on blockchain standards within and across industries.
  4. Basic Blockchain awareness training for everyone as part of generic IT courses.
  5. Establishment (or post COVID re-establishment) of key Blockchain face to face conferences industry events.
  6. Less smoke and mirrors, more clear value delivery (this is true of any technology, not just blockchain to be fair).
  7. Publication of key industry use cases highlighting Blockchain strengths and benefits.

Also Read: Can Blockchain and traditional Databases co-exist?

We Are All In This Together

If you are reading this, the chances are you are a 101 Blockchains community member or at least have a passing interest in Blockchain. To this end I encourage you all to add your Blockchain aspirations via comments so we can share our ideas and experience to help move this great 101 Blockchains community onward and upward.

Happy Holidays to all!