Blockchain is the new most talked about technology in the market right now, as the word suggests blockchain is associated with how the system stores data. Data is sent and dealt with in the form of blocks and then linked together to make chains. Blockchain tech has the potential to change the industry and create opportunities in the existing industry: education, finance, etc.
The most visible and known example of blockchain is bitcoin where companies like Google, Sachs, and visas are adopting the new trends too.
Since the technology is making its way towards the future, there are several trends that will follow it or come to the market.
The top ten of them is discussed below.
Blockchain as a service
A third-party cloud-based service provides by blockchain that gives the customers an opportunity to use cloud-based solutions which include: smart contracts, decentralized blockchain applications (Dapps), and other various relevant functions on the blockchain network that can work without any blockchain-based infrastructural setup. The services provided by blockchain are fast, secure and error-free and many organizations as Amazon and Microsoft are constantly shaping the upcoming applications of blockchain. The types of blockchain networks that exist are Private, Public, Federated or Hybrid.
Among the types of blockchain, federated blockchain is the latest and is expected to blossom in the future. They’re faster with higher scalability and, therefore can provide more privacy of transactions than the other three blockchain types. With that, it also provides a more customizable look which will no doubt attract more customers in the coming years.
Popularity of stablecoins
Stable coins have played an important role in the market since the creation of tether and they also provide stability which the bitcoins do not. In 202, it is expected that blockchain-based stablecoins will transition from the world of crypto to the world of traditional finance. Huge corporations like Facebook, Royal Bank of Canada (RBC) and JP Morgan are recognizing the potential of blockchain stable coins and are already bringing it into use.
Blockchain making its place in social media
like privacy violation scandals have always been a serious issue in the social media world, blockchain can have a major effect on it and help reduce it. With that, it can also help maintain data integrity. The use of blockchain in social media can provide the creator full access and secure control over its own creation eliminating the risk of manipulation.
Blockchain’s interoperability attribute
Blockchain has the ability to share relevant information across multiple networks of blockchain since the entire world now works on data blockchain makes it easier and a secure way to help the public, senders, and receivers to have better access over it.
A major chain in finance and economy sector
We have already established how big of a part blockchain plays in cryptocurrency, it’s more than a 70% chance that the financial and economic sector will be willing to adopt blockchain services because of the benefits it brings i.e. assure faster and secured transactions at comparatively low costs.
Government agencies also to adopt blockchain
It is also believed that by the end of 2020, the government will also be coming on board with the whole idea of blockchain. Since it has already been adopted and pretty used in the finance and economics sector, the blockchain implementation of digital currencies will improve the data management capacities of government agencies.
IoT will focus on renewed security measures through blockchain
To combat the IoT network hacking, the network operators will be combining IoT with blockchain technology in 2020 as the existing centralized architecture of IoT is susceptible to hacking. Blockchain offers new IoT security because of the inherent decentralized and transparent nature of blockchain technology. Due to this reason, The International Data Corporation (IDC) expects that 20 % of IoT deployments will be implemented in the blockchain services by the year 2020.
Implementation of AI
the implementation and usage of AI are not hidden, it’s used everywhere in this current world. Being the technology that it is, it’s expected that AI when integrated with blockchain can lead to pretty useful new inventions and increase its efficiency.
Blockchain needs more experts
Blockchain being the new technology that is merging, the number of experts is less. Though it can only change if enough new developers are given a chance and with the increase in demands the rate of it is pretty high too. It’s currently also the new most leaned and evolving skill out there.