The year is just over the mid-point, also you might have noticed that the hype for blockchain and dispersed ledger technologies hasn’t cooled off at all. Make no mistake: that the blockchain revolution is far from over. Listed below are the top blockchain tendencies of 2020 that you need to learn about.
Development continues unabated, and organizations are still investing time and money to the study of this technology.
Blockchain as tech is very much in its early stages. Not all associations are ready to make the most of the advantages blockchain brings to the table. Let us take a look at a few trends that will continue to affect blockchain and its associated technologies as we continue through 2020.
Blockchain Hype Infection is Actual
Let’s face it: blockchain is potentially the most hyped technology of the past five decades or even the decade. Has it managed to meet our expectations?
While the industry value of blockchain keeps growing, there is also a feeling of frustration with blockchain, with lots of executives feeling that the technology is overhyped.
There are lots of elements that contributed to the mounting frustration. One of them is the belief that blockchain is a catch-all solution to problems across several businesses.
Though the promise of the tech could be viewed, it isn’t rather the significant disruptor many believed it would be, and the frenzy above bitcoin along with other cryptocurrencies certainly did not help matters.
A good deal of the early blockchain pilot programs was too focused on proving the legitimacy of blockchain. Present projects, however, are now considering using blockchain technology to solve issues and add value to services.
Rather than trying to figure out if the technology will work, people are now asking the right question: “How do I make blockchain work for me?”
Even though this is a legitimate approach towards tech, it is not really attractive to many firms and enterprises.
Instead of cryptocurrency, we are beginning to see a more practical approach to the implementation of blockchain-based solutions. Many businesses have started embracing technologies, leveraging the unique approach that blockchain brings.
Diverse fields including insurance, medicine, banking, and logistics have begun to use blockchain for myriad practical applications.
Practical and useful blockchain technology include tracking shipments, record keeping, and even in data protection.
While fintech firms were the first to take notice of blockchain because of its cryptocurrency applications, it soon became evident that the technology had to offer than simply digital cash. Blockchain has started to gain prominence in many industries that found a practical use case for the tech.
Blockchain has been utilized in many different forms. It has been utilized as the basis of clearing and settlement systems that are resistant to tampering and fraud. The technology is utilized for smart contracts, and discovered use in speeding up electronic transactions as well.
The discipline of agriculture is one place where blockchain has been demonstrated to be a boon.
Logistics and supply chains have seen usage for blockchain also, allowing both disciplines to track the provenance of materials, data, and other sources.
The medical and health care area leverages blockchain by benefiting from its own data transparency and trustworthiness in record keeping.
More industries are finding practical uses for blockchain, enabling these businesses to use this technology to improve services.
The Demand For Blockchain-Related Jobs Will Increase
The broad array of apps and the rapid diversification of blockchain also heralds a chance for programmers. With more companies gearing up to make the most of blockchain, the demand for developers will begin growing exponentially.
Blockchain-related jobs are among the fastest-growing fields in the labor market today. Even the freelancer marketplace has taken note, with the ability in this technology getting much more in demand.
Stablecoins Can Gain More Prominence
Consumers and investors across the world are on the lookout for an alternate investment that does not have the volatility that people associate with decentralized cryptocurrencies such as Bitcoin.
Stablecoins may well be the answer to this need. Many interested companies in the private sector are working on their take on stablecoins while several countries are developing their own.
The rise of stablecoins will also be the needed drive many regulatory bodies need to come up with sorely needed regulatory advice for cryptocurrencies.
Government Agencies Can Start Integrating Blockchain Into Their Own Operations
Data management is not only a challenge for the private sector. Government agencies that handle large quantities of information will find blockchain-based solutions really appealing.
Blockchain and AI Integration Will Continue To Gather Steam
The technical cooperation between Artificial Intelligence (AI) and also Blockchain will be a focal point of 2020. On its own, blockchain offers very little value.
Blockchain solutions can help make AI decision-making easier to follow. Blockchain will help ensure that any choice made by AI is made dependent on easily verifiable and provable information.
AI brings its own set of benefits to blockchains, helping them become more secure and improving their own user-friendliness.
The Internet Of Things Will Be Secured By Blockchain Using Blockchain Technology
The advent of the Internet of Things or IoT could be seen as a double-edged sword. While the IoT helps make processing and sharing data easier, it also opened up avenues of attack for poor actors. It also makes it easy to lose or misplace data.
Integrating blockchain in your IoT provides a solid solution that’s almost perfect. Blockchain keeps a permanent, transparent record of each action and trade, it means it is easier to spot when something goes wrong, or when a malicious violation has occurred.
Blockchain Will Transform Social Media
Billions use social networking on a daily basis. The addition of blockchain and dispersed ledger solutions to societal websites will help resolve the problems faced by social media sites.
Data privacy, data control, and articles value are only some of the challenges that blockchain will solve.
The interoperability of different blockchains has been a challenge faced by developers, and 2020 could be the year when we finally get enhanced communication between distinct blockchains.
Interoperability allows users to get their information on a single blockchain while they are on another one, or perhaps send data out of blockchain into blockchain. While this is a challenge for most developers, the benefits will make it worth the trouble.
Regulation has always been a tricky issue for blockchains, particularly those that are associated with cryptocurrency. The regulatory landscape is a muddled, complex mess, with many different interpretations coming from US regulatory agencies, and even from international bodies as well.
There have been steps taken in the right direction. In late 2019, the IRS issued an upgrade, the IRS Revenue Ruling 2019-24, and updated its FAQs.
Meanwhile, the condition of Wyoming became a trailblazer in the US, passing legislation that’s aimed at supporting innovation in the cryptocurrency sphere while setting clear regulatory rules and oversight.
Anticipate other regulatory commissions and legislators around the world to maintain a sharp eye on how these new laws and updates will work, with an eye towards following in their footsteps.
The Bottomline
The near future of blockchain and distributed ledger technology is fluid and rapidly changing. Predicting what tendencies will arrive at the forefront is a difficult job at best.
Seeing blockchain for a remedy in itself is the wrong approach to handle this technology.
Rather, we need to see it as a portion of a remedy. Look for the value it adds to AI and IoT options as an information management system that enriches technology.
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