WHAT’S IN STORE FOR BLOCKCHAIN & CRYPTO IN 2020? – Bleutrade
Blockchain technology is becoming more and more popular with each year that passes. This technology provides numerous advantages including money transfers between 2 parties in a secure fashion and efficient record keeping amongst others. Hence, companies, no matter the industry they operate in, are adopting new ways of integrating blockchain technology into their day-to-day running of the business.
Since the new year has just started, let us take a look at some of the 2020 predictions with regards to the development of blockchain technology and adoption.
Appearance of national cryptocurrencies
Although some countries still consider Bitcoin and other monetary transactions using cryptocurrencies as illegal, we can safely expect that a number of other governments will accept blockchain-based currency as legal. 2 years ago, Venezuela launched its national crypotcurrency and hopefully others will follow. Even though governments were skeptical when Bitcoin was introduced, the popularity of this cryptocoin became more threatening since this could be traded without their control over it. Furthermore, governments will have to acknowledge the numerous benefits cryptocurrencies offer.
Blockchain integration into gov. agencies
Essentially, a blockchain is just a distributed ledger. This technology could therefore be used to link several databases. Currently, certain government agencies have their own separate databases so they constantly need to contact one another if they require certain information which one agency has but the other does not. Blockchain can easily solve this through effective data management. In fact, most public service agencies in Estonia use X-Road, a decentralized digital ledger that contains information about all residents and citizens.
Blockchain applications within the finance industry will be prominent
When compared to other industries, financial institutions can easily adopt blockchain technology for their processes. Apart from being incredibly easy to grasp, the concept of blockchain can provide various benefits if applied to a banking scenario. These include less bureaucracy, faster transaction times, lower transaction fees and higher security levels.
IoT and blockchain
A report by the International Data Corporation (IDC) states that a number of IoT companies are very much considering the implementation of blockchain technology within their operations. The main driving force behind this decision is that blockchain can aid in enhancing security and scalability between IoT devices while providing high measures against potential cyber attacks.
AI and blockchain
AI and blockchain are simply a match made in heaven. These 2 working together will create better developments in several industries. The International Data Corporation (IDC) suggests that global spending on AI will reach $57.6 billion by 2020 and 51% of businesses will be making the transition to AI with blockchain integration.
High demand for blockchain experts
This last prediction should come as no surprise. With all these new blockchain applications, the need for individuals with a great knowledge about this technology will be greatly sought after. Since this technology is relatively new, the amount of experts is still quite low. However, as time goes by, everyone will have the chance to further their skills as the technology grows and progresses as the years roll by.
These are some of the predictions that 2020 might throw at us. We are hopeful that blockchain technology together with its vast benefits will be recognised more and more in order to be applied and implemented within our everyday lives.
Published at Mon, 20 Jan 2020 07:19:30 +0000
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