It has been around 10 years since the blockchain concept started to emerge. Through all these years, different industries have constantly tried to know this technology in a way they can make a positive impact. As nowadays it turns to a handy tool for multiple sectors, entrepreneur and business owners following the newest blockchain trends.
Although blockchain is one of the hyped cutting-edge technologies, it is still an immature subject. As there are many challenges to overcome, organizations need to continue to invest in research, development, and deployment of blockchain. Through 2019, many companies have gained a considerable amount of experience working on different aspects of blockchain. So it seems obvious that there will be a lot of the blockchain trends in 2020. Additionally, the combination of the blockchain and other technologies like AI and IoT has raised a lot of attention recently.
Top Blockchain trends of 2020
The advent of 2019 brought a lot of excitement in the latest blockchain technology. It is sure to take mobile app transactions and business functioning to newer and unimaginable heights. In this article, we are going to have a look at the most interesting blockchain trends. These trends, we shall witness all through 2020.
Blockchain is becoming easier to use
Based on the Deloitte 2019 Global Blockchain Survey, more than half of participant companies declared that they have plans to spend, on average, $5 million or more on 2019 blockchain projects. The huge impacts of blockchain trends on businesses have made business leaders keen to consider blockchain as one of their top five strategic properties in this year. Even though blockchain-based systems will be providing more than 10% of worldwide GDP by 2025, there are still loads of blockchain adaption barriers. We have listed some of them below:
- Just a few proportions of businesses can trust on the nascent technology
- Blockchain is frankly expensive and hard to implement
- Limited knowledge and lack of understanding of what blockchain is capable of
- Vague data regulation
However, many organizations keep trying on understanding the underlying blockchain trends and details. They are going to use blockchain more than the past years. So they will work on contemplate blockchain as a hard-nosed solution or their problems.
Amazon and Microsoft Using Blockchain as a Service (BaaS)
BaaS which stands for Blockchain As A Service is one of the newest blockchain trends. This specific trend is being currently continued to improve by a number of startups as well as ventures. As there are still some uncertainties around blockchain we need to make blockchain solutions more feasible in terms of creation, maintenance, and management.
Blockchain as a Service is a service based on cloud- computing systems that enable users to develop their own digital products using blockchain tools. Therefore whether it is application or contract, that can run on the blockchain-based infrastructure. Amazon AWS and Microsoft are two very familiar companies developing a blockchain that provide BaaS service. So, we can argue that the future of blockchain applications will be shaping into the hands-on these gigantic tech companies.
Rise of Federated Blockchains
Without any doubt, Federated Blockchain has been one of the best blockchain latest trends in the industry. It is merely an upgraded form of the basic blockchain model, which makes it more ideal for many specific use cases. As you might know, In the private blockchain, you need to get verification before entering the network. As a result, it will exist one unique authority that makes the decision. Federated blockchain is similar to private blockchain except there is a subtle difference between them.
In the case of Federated blockchain, the sole organization’s influence in the network will no longer exist. In other words, the number of entities using the network will increase and a decentralized kind of system will perform instead. Now, this selected group of various nodes will authorize the block. Therefore, any consumer will be able to fast forward the procedure and have no need to engage any multiple companies.
Blockchain technology securing the Internet of Things
We keep using our devices to do a lot of stuff. Every day we share a mighty amount of information with people all around the world. Here is where things start to be more complicated. Because the more we do these routines, the more vulnerabilities and threats there are that attackers can take advantage of.
As the whole industry moves super fast towards making all transformation in digital form and machine-to-machine communication becomes very vital, it is important to store and record all the information in a secure, tamper-proof manner.
This is where blockchain and other forms of distributed ledger, can shine and make a safe and perfect experience we currently have. Every transaction of information is permanently recorded in a way that all parties can monitor it. This will increase trustiness when organizations rely on machinery, tools, and software from many different suppliers. So if the system faces any failure, its comparatively simple to understand where the gap in communications, or even a breach by a malicious third-party, caused that problem.
Blockchain and AI integration continues to gather pace
One of the barriers which have prevented integrating AI into people’s lives is its complexity when it comes to making the decision. There is a belief that blockchain can offer a nice solution, due to its ability to make decision-making traceable. This can ensure that the decisions are not based on speculation and unproven information.
This could have benefits for both parties. As blockchain increasing the simplicity of AI, AI works to make blockchains safer, and blockchain-based tools easier to operate and user-friendly. By combining these cutting-edge technologies, we enable companies to make predictions in a shorter time as well as more accurate. Also, they can save a lot of money in production processes, extend their research and match their products and services to new customer needs.
There is no doubt that new blockchain trends will have the potential to transform industries, and eventually, the whole economy. The combination of blockchain and other technologies such as AI and the IoT could bring lots of advantages in different sections of a business. Overall, we do believe that 2020 will be a crucial year for blockchain technology in terms of getting the attention of business owners and impact the world.