Top Blockchain Trends
- Are you looking for top blockchain trends that will revolutionize this industry?
- Do you want to various crucial stats and facts of blockchain that is going to transform the industry in 2020
- Do you want to know what is Hybrid blockchain and its importance?
Let’s find answers to these queries on top blockchain trends through this blog:
In a world of new and emerging technologies, blockchain has successfully made its mark in multiple sectors and many people look for top blockchain trends nowadays. It is essentially a series of an immutable record of data and is time-stamped. In a blockchain, these records are managed by a cluster of computers that do not belong to just one person. Every single block in the blockchain is secured and uses cryptographic principles.
According to Fintech Global, the Blockchain market is expected to reach $16 billion by 2024. It has been noted that investments in blockchain-based startups have seen a massive rise, which directly indicates that the entire blockchain market across the globe is growing rapidly. Data shows that investments in blockchain and cryptocurrencies in the year 2014 stood at $382.5 million. In the next year, blockchain investments reached a whopping $550.9 billion. Ever Since 2014, investments in the blockchain market has only witnessed growth.
Source – Countries show different attitude towards blockchain technology along with a number of matrices
Today, this revolutionary technology has been adopted in various sectors across the globe. Be it Banking and Finance or Healthcare, blockchain technology is gradually taking over the markets around the world. Recently, the technology was also used to conduct elections in order to identify, secure records and to track votes. As per reports, blockchain technology was tested in a limited capacity during elections in Sierra Leone in 2018 and showed results close to those from official tallies.
Blockchain technology has been around for a decade. In the year 2019, we are witnessing the fifth generation of blockchain, i.e Blockchain 5.0. The Blockchain 5.0 majorly supports faster transactions while effectively organizing communication channels. With so much happening in the blockchain space, it is very evident that the technology is all set to surprise the world with its caliber.
Statista – Blockchain adoption phases in organizations worldwide as of April 2018, by industry
Now that we know what blockchain technology and its potential is, let’s talk about blockchain trends 2020. Every day, technology is getting better and better. Blockchain is primarily a distributed ledger that uses independent computers to record, share and synchronize transactions while making sure that the data is centralized as in a traditional ledger. Blockchain technology surely has a lot to offer in the year 2020.
Now have a look at top Blockchain trends for the year 2020:
Blockchain trend 1: Welcoming National Cryptocurrencies: top blockchain trends
Dubai launched the first-ever state-backed cryptocurrency in the year 2017 called ‘Emcash.’ These Emcash tokens essentially has its own native blockchain that it uses to function and it can be used for various services, regardless of whether it is a government service or not. Dubai is all set to become the world’s first blockchain-powered government by 2020
In the previous year, Venezuela became the first country to launch its national cryptocurrency dubbed as ‘Petro’ (Petromoneda) which is backed by the lands oil and mineral reserves. Following this, Gartner predicted that in 2020, a minimum of five countries will launch its national cryptocurrencies.
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Blockchain trend 2: The amalgamation of Blockchain with Governments top blockchain trends
At present, most of the governments across the globe have to deal with large quantities of data. It has been tried and tested that the adoption of the blockchain technology will help governments manage data effectively while successfully improving multiple government sector functions.
This property of blockchain itself indicates that the Amalgamation of Blockchain with Governments will become unavoidable in the year 2020. As of now, Estonia has successfully implemented blockchain technology at the government level which essentially includes 2-factor authentication and enables people to control and secure their own data.
Blockchain trend 3: Blockchain in Banking, Finance, and Economy top blockchain trends
Blockchain has the potential of providing amplified accuracy and information-sharing in the world of finance for everyone across the globe. According to reports, (UBS Swiss bank) and Barclays Bank (UK) is actively experimenting with blockchain technology in order to accelerate the functions and settlements of the back office. According to many people, the adoption of blockchain technology for this can potentially reduce costs up to $20 billion.
Recently, ReiseBank AG (Germany) successfully completed instant payment between clients using blockchain technology (cross border transactions) in around 20 seconds. As per reports by PWC, by 2020, 77 % of financial institutes are expected to adopt blockchain technology as part of an in-production process.
Blockchain trend 4: Blockchain and Artificial Intelligence top blockchain trends
Artificial Intelligence and Blockchain technology are two of the most eminent technologies in today’s era. By bringing the two together, Blockchain will witness a number of improvements and a fleet of new applications.
According to IDC (International Data Corporation), by the year 2020, 51% of businesses will be making the transition to AI with blockchain integration.
Finalze is a software platform which is amalgamating blockchain with Artificial Intelligence in order to fasten and smoothen civil infrastructures. Essentially, the company works towards automating the entire construction industry while meeting required safety regulations.
Blockchain trend 5: Blockchain Jobs and Demand
As we know, blockchain is a new and emerging technology with a very small ecosystem and workforce. With time, blockchain is witnessing quick growth and its integration with various sectors is creating a lot of new opportunities for blockchain experts and enthusiasts. The rapid growth of blockchain technology is eventually leading to high demands of acquiring human resources, in other words, to hire blockchain developers.
Blockchain technology is honestly bringing in a much-needed revolution. IBM and the government of Dubai are collectively working towards delivering smart contracts with the intention of optimizing traffic in maritime goods flowing through the emirate’s port.
Also, By 2020, Financial institutions of Dubai are planning to transfer all their transactions to blockchain!
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Blockchain trend 6: Blockchain-based property lease contracts
Moreover, as per the prediction of various blockchain experts and enthusiasts, the year 2020 will officially witness blockchain-based property lease contracts with the help of smart contracts. Blockchain enables safe, fast and cost-effective methods of selling a property.
Another interesting application of blockchain technology is the content distribution sector. This will essentially allow various content writers, distributors, and publishers to share their content on the blockchain directly, giving access to everyone across the blockchain.
One of the blockchain trends 2020 suggests that blockchain will enable content distribution which will eventually allow artists to earn royalties on their music without actually having to commit to a confined label.
Blockchain trend 7: Blockchain & Supply Chain Management
In supply chain management, your products go through a lot of processes and even more middlemen! Integrating blockchain into supply chain management majorly organizes everything for you, including people, information that is required and a list of people involved in the entire process from end to end.
As per top blockchain trends, The SCM industry (Supply Chain Management) has a lot in store for the year 2020. We all understand that supply chain management is a tedious process. Blockchain technology has the power to simplify the entire process while eliminating any kind of obstacles and issues.
Blockchain trend 8: Blockchain as a part of the IoT
Talking about the best trends in blockchain, it is absolutely imperative to mention that blockchain is a part of the internet of things. Internet of Things is one of the most talked-about technologies of this era! Today, we find a lot of devices and smart homes connected to IoT. These smart devices and smart homes comprise of special sensors to synchronize any actions, regardless of the user’s location.
The entrepreneurial class across the world has already prepared its blockchain strategy. Why so? This is major because if this class misses out on a blockchain strategy at this point in time, they straightaway miss an opportunity to grow and expand. We live in an era where blockchain has reached its fifth generation. Over the decade, many blockchain experts and enthusiasts have argued and discussed the future of blockchain and its adoption into various sectors.
With so many discussions on blockchain technology at various international forums, one thing is very clear. Although blockchain technology has a lot of potential of changing the way the world functions, mass implementation of the same can turn out to be risky.
We already have a system in place and blindly introducing new technology within the system will expose that environment to potentially dangerous security breaches, hacks, and loss of data.
Blockchain trend 9: Rise in Federated Blockchain
According to blockchain trends 2020, we are going to witness a rise in the Federated Blockchain. What does this mean? The mentioned term essentially is referred to as one of the best trends in the blockchain. Federated blockchain is majorly an upgraded version of the same technology making blockchain more useful for various use case scenarios.
Various experts in the blockchain space suggest that federal blockchain will see a significant rise in its usage because federal blockchain provides private blockchain, a much more customizable outlook.
Top blockchain trends also suggest that stablecoins will dominate the crypto space. We already know that cryptocurrencies are very volatile in nature. The year 2020 will witness stablecoins reaching an all-time high.
Blockchain trend 10: Blockchain Technology and Social Media
One of the best trends in blockchain technology that is being highly talked of in the 21st century is that blockchain technology has the potential of transforming social networking. According to Statista, at present, there are about 2.77 billion social media users across the world.
Inculcating blockchain technology in social media will genuinely address and solve numerous privacy breach violations, sandals, content relevance, and data control problems. Blockchain implementation in social networking will primarily ensure that all the published data on social media is untraceable and can not be copied.
The implementation of blockchain in this space also makes sure that the users are able to maintain ownership of their data on social media.
According to BDS Analytics, the “Blockchain Technology market will have a revenue worth $20B by 2024.” Also, according to Statista,” US spending on blockchain solutions is projected to reach $4.2B by 2020, making it the largest regional spender on blockchain solutions.”
An Era of Hybrid Blockchains
Last but not least, in trending blockchain technologies, we are going to talk about Hybrid Blockchains. A hybrid blockchain in simple words can be defined as a blockchain that always tries to make use of the most appropriate part of the public and private blockchain solutions. A hybrid blockchain has many advantages over other blockchains. Some highlighted advantages of a hybrid blockchain are as follows.
- Lower transactional charges.
- Operates in a closed ecosystem.
- Protects from cyber attacks.
- Option to change the rules as and when required.
- Maintains confidentiality.
Blockchain is a revolution but integrating blockchain into various sectors demands a lot of time and hard work. Looking at blockchain trends 2020, it is for sure that blockchain technology in 2020 will reach the next level. After a lot of discussion and debates across international forums, governments of various countries will be making the most out of this technology. Moreover, governments will also start using blockchain technology in order to improve social and financial services.
It is obvious that many startups in the field will fall but at the same time, blockchain enthusiasts and people, in general, will gain invaluable experience using this technology. Over time, blockchain will make its mark in multiple sectors forcing traditional businesses to adopt and adapt to blockchain technology.
Top blockchain trends of this era also indicate that 2020 is going to be a year of dominance for blockchain in various and multiple sectors. At this point in time, very realistically, blockchain technology has immense potential to be used in multiple sectors. As we know, blockchain technology is widely known for its use in digital/cryptocurrencies, multiple applications of blockchain in various fields have already been explored.
Moreover, your involvement in the cryptoverse is your choice, but in an era where new and emerging technologies like blockchain are gradually being adopted in every industry, it is important that you understand blockchain and how this technology is being used to transform the world of business and investments across the globe.