The Blockchain industry is quickly growing continuously with new advancements every year. Let’s check out what’s the latest in Blockchain trends for 2020.
The explicit benefits of technology continue to transform the life of an average person as well as enterprise operations comprehensively. In the coming years, one can expect the “Internet of All Things” to transform the world into a completely digital landscape. So, innovative ideas in computer science, policymaking, entrepreneurship, and software development play a critical role in establishing the foundation for Web 3.0.
At this juncture, the Blockchain technology is serving the role of a catalyst binding the ideas in these areas to drive a massive-scale digital transformation. Therefore, the attention around Blockchain trends has developed considerably with the disruption caused by Blockchain across various sectors. The following discussion would outline the top Blockchain trends one could expect in 2020.
The year 2020 has crossed the first half already, and there is no sign of a decrease in attention on Blockchain or distributed ledger technologies. Many industry experts estimate that Blockchain technology would witness formidable growth in 2020. According to predictions of experts, Blockchain trends this year would emphasize on taking the technology beyond the hype surrounding it towards the delivery of real business value for mainstream businesses.
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Latest Blockchain Trends in 2020
Gartner sees Blockchain as a top tech trend for 2020 for all the right reasons, especially as instruments for driving digital transformation with situational and better improvement in the aspects of trust and transparency. Furthermore, future trends of Blockchain technology would also derive the strength of its advantages in reducing transaction costs and transaction settlement time alongside improvements pertaining to cash flow.
The developments of Blockchain technology in 2019, with the closing gap in the potential for introduction of worldwide digital currency, and more participation of governments and central banks in discussions pertaining to the regulatory environment for Blockchain technology, showcase its expanding potential.
Therefore, a closer look at the formidable Blockchain trends in 2020 can not only strengthen industry knowledge but also improve capabilities for proactively identifying the opportunities with the technology.
Reducing Hype around Blockchain Technology
One of the foremost Blockchain trends to look out for in 2020 is fading the hype around Blockchain technology. The hype surrounding Blockchain technology, painting it as a futuristic technology alongside numerous benefits for enterprises, would finally hit ground bottom in 2020.
Gartner estimates that Blockchain would contribute more than $3.1 trillion by 2030 in terms of business value.
So, even if Blockchain technology would have a dominant influence, the business value from it would not be spontaneous. As a result, frustration surrounding the Blockchain hype fatigue would also build up with almost 43% of executives perceiving Blockchain as an overhyped technology.
The most prominent factor underlying this setback would be the lack of emphasis on business outcomes. The majority of first adopters of Blockchain technology have to focus on proving its legitimacy. So, there is a visible lack of focus on how Blockchain technology revises conventional notions regarding data exchange in business ecosystems.
So, the future of Blockchain 2020 should specifically aim at addressing these pitfalls. Development of MVPs suited for business cases with adequate business value can gather the attention of business decision-makers towards the potential of Blockchain.
Arrival of Blockchain-as-a-Service
The next important entry among Blockchain trends in this year would be the delivery of Blockchain-as-a-Service (BaaS) by top tech companies. This new trend has been integrated successfully with various startups and enterprises presently. As a cloud-based service, BaaS provides the ideal platform for users to develop their own Blockchain-based products.
The solutions based on BaaS can include decentralized applications, smart contracts, as well as other services that can function without the need for setting up a new Blockchain-based infrastructure. Big tech companies such as Amazon and Microsoft are presently providing BaaS solutions that can shape up the future of Blockchain applications.
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Social Media Security with Blockchain
Presently, you can find almost 3 billion social media users worldwide, interacting with different platforms, and exchanging various types of content. Blockchain future trends imply the use of the technology for addressing various issues related to social media such as privacy violations, content relevance, notorious scandals, and data control.
The mix of Blockchain and social media is, therefore, an inevitable and expected trend in the Blockchain industry. The prominence of Blockchain future trends in social media would ensure that the data published on social media would remain untraceable and could not be duplicated.
Social media users could gain the benefit of secure data storage with better control over data ownership. Furthermore, Blockchain would also shift content relevance towards content creators rather than platform owners.
With the increasing number of cyber attacks, organizations are now considering Blockchain Security for the full protection. Read our previous article to know more about Blockchain Security as premium protection for enterprises.
Rising Trend of Blockchain Adoption
Blockchain trends in 2020 would see an upward growth in the adoption of the technology. With the rising applications of Blockchain technology beyond the scope of cryptocurrency, enterprises across various sectors would want to capitalize on the trend.
Many notable industries, such as shipping and food safety, have already found successful applications for Blockchain technology. In addition, notable players such as Amazon, IBM, and Wal-Mart are working on diverse ways to capitalize on Blockchain and its benefits.
Different small and big industries are leveraging Blockchain for streamlining processes in the supply chain, medical data, and business administration. For example, the use of Blockchain technology in logistics and supply chain provides better tracking of materials and their information. Medical data applications of Blockchain can improve data transparency and trust in recordkeeping.
Digital Identity (SSI) is the Future
Digital Identity is an identity format to represent the identity of individuals through digital means. It can be atomic or cumulative, with various levels of digital identity having a different perspective. So, digital identity is not a single source of information but a combination of all the attributes.
Digital Identities is one of the top Blockchain trends with so much importance. It provides a proper digital id for identification, helps to get rid of a paper trail, and can present itself as a digital-based identification over the globe.
When we discuss about the importance of Blockchain in digital identity, the concept of Self-sovereign comes as the latest Blockchain trend. SSI enables individuals and businesses to store their identity data on their own devices. People can even choose which information they can share with the validators without depending on the central repository of identity data.
Use of Blockchain in Government Agencies
The basic structure of the distributed ledger technology is one of the appealing factors for its adoption. So, Blockchain trends in this year would witness government authorities adopting Blockchain technology. Blockchain for the government would be specifically evident in the case of government agencies that have to deal with the management of large volumes of data.
Presently, all government agencies have their own separate databases, thereby implying the need for information regarding residents from each other. The functionalities of Blockchain can deliver a substantial boost to the operations of these agencies.
One of the formidable examples of such a trend is Estonia that has implemented X-Road. It is a decentralized ledger containing information about all the citizens and residents. The X-Road technology leverages two-factor authentication for providing the people with control over their own data.
IoT and Blockchain Integration
Another formidable mention among enterprise Blockchain trends in the year 2020 would be the integration of IoT and Blockchain. According to the International Data Corporation, the majority of IoT companies want to implement Blockchain in their solutions.
Blockchain can serve as a highly secure and scalable framework to facilitate communication among IoT devices. Even if modern security protocols with IoT devices have showcased vulnerabilities, Blockchain presents a better scope of resistance towards cyber-attacks.
In addition, Blockchain can also help smart devices in making automated micro-transactions. The distributed nature of Blockchain also helps it in ensuring faster and cost-effective transactions. IoT devices could use smart contracts for transferring data or money between two parties with strong proof of accountability.
Blockchain and IoT, both the technologies go hand in hand and create a solid technological duo. Let’s understand how Blockchain and IoT are related to each other.
Business Models Tailored to Blockchain Adoption
The focus on a deliberate approach to Blockchain strategies will also be one of the prominent Blockchain trends this year. Enterprises have to develop an end-to-end impression of the value stream along with a plan for making their business model future-ready.
The business models would commonly focus on different objectives largely related to economics and legal models. The three common models in this respect would be founder-driven, industry-driven, or partnership-driven. Leaders would have to develop a formidable and clear understanding of the short term and long term objectives.
Furthermore, leaders would also have to focus on comparing the trade-off decisions for different business models. Organizations could opt for starting with one model for their transformation roadmap and evolve gradually.
Extended Visibility of Stablecoins
The next important mention among Blockchain trends to look out for in 2020 refers to the increased visibility of the Stablecoins. Customers and investors worldwide are looking for alternatives to traditional cryptocurrencies. The primary requirement of customers and investors is reduced volatility, and Stablecoins provide the same.
The notable applications of Stablecoins would rely on its benefits of faster remittances and stability in currency exchanges. Most important of all, Stablecoins can provide additional safeguards against currency crashes, thereby delivering crucial benefits for investors.
However, Stablecoins are presently in the nascent stage and would take a lot of time to achieve mainstream applications. On the other hand, Stablecoins could make a mark in 2020 and garner the attention of fintech owners and investors.
Rise of Central Bank Digital Currency
Central Bank Digital Currency (CBDC) is the digital form of the fiat currency of a country; a claim on the central bank. CBDC doesn’t offer printed money but the account or electronic coins that are backed by the full credit of the government. CBCD is one of the most important payment trends nowadays offered by Blockchain.
Central Bank Digital Currency with distributed ledger technology comes with traceability, anonymity, 24/7 availability, and feasibility of an interest rate application. This blockchain trend has been so helpful to provide Blockchain lead in the fastest-growing fintech industry and will continue over 2020. It’s gaining so much popularity with the effect of reducing the cash printing and handling charges by speeding up the process of shifting to a cashless society.
Focus on Interoperability
Enthusiasts could also notice Blockchain interoperability as one of the rising Blockchain trends this year. Interoperability ensures efficiency in sharing data and other information through multiple Blockchain systems and networks.
The interoperability function helps in sharing data and helping the public view data throughout different Blockchain networks. Interoperability can foster cross-chain transactions and multi-token transactions alongside improving the ease of transactions from one Blockchain to another.
The future of Blockchain looks bright and feels like it is the next world wide web kind of tech. Let’s know more about the Future of Blockchain.
So, the top predictions for Blockchain trends in the year 2020 largely reflect on promising opportunities for its increased application. At the same time, the trends also point out various setbacks in the adoption of Blockchain technology. In the long run, Blockchain technology would be a fundamental pillar of digital transformation, and Blockchain expertise could be rewarding.
With the requirement of Blockchain solutions, enterprises would need Blockchain experts to address their business objectives. Therefore, individuals interested in the Blockchain technology should start learning through the Introduction to Enterprise Blockchain Free Course and get ahead to master the technology and become a certified expert in Blockchain.
Within a short span of time, Blockchain has gained so much dominance in the world of technology and would continue. Grab the opportunity and build your career in Blockchain right now!