Blockchain is an influential technology and its adoption among different businesses is increasing rapidly. Various countries are trusting it and integrating their businesses with it. Blockchain has a more secure registry, secure user identification, decentralization, smart contracts, transparency, smart storage, etc. it offers a more secure and effective approaches which help in saving a precious resources. Blockchain helps in the individual development of an organization which raises the global GDP.
One of the most popular features offered by blockchain today is raising capital. It offers a distributed registry which helps in conducting more secure and fast transactions. Blockchain enhances data collection and storage processes. Its decentralized network capability enables the information exchange without any additional requests. We can say that blockchain is the base of markets, transactions, services, and ecosystems at the present day.
Here we take a look at Blockchain’s Top 5 trends in 2020:
1. Becoming Official Cryptocurrencies trends
United Arab Emirates (UAE) is the first country to launch the state-backed cryptocurrency called “Emcash” in the year 2017. The Emcash tokens have their native blockchain to function which can be used for several services regardless of whether the services are governmental or non-governmental. It is expected that UAE is going to be the world’s first blockchain-powered government by the end of the year 2020.
In the past year, Venezuela first-time launched national cryptocurrency pronounced as “Petro” (Petromoneda) backed by the land’s oil and mineral reserves. According to a survey, it is predicted that by the end of the year 2020, more than five countries will launch their national cryptocurrencies.
2. Being Used as Blockchain-as-a-Service
Blockchain-as-a-Service also known as BaaS, becomes today’s trend and contributing to blockchain development. Currently, many enterprises, SMBs, and startups are integrating BaaS as a cloud-based service that helps users to develop their digital products using blockchain technology. These digital products include smart contracts, applications, or other services that are allowed to work without setup requirements of a blockchain-based infrastructure. In the field of BaaS, two giants have captured most of the market: Microsoft and Amazon. We also have other brands in this game such as VMWare, IBM Cloud, and Oracle Blockchain.
3. Domination of the Crypto Space with Stablecoins
As other cryptocurrencies like Bitcoin are highly unstable in prices, experts have designed Stablecoins to offer stability and minimize price volatility. One of the examples of a Stablecoin is Tether. The most important feature of a Stablecoin is that its value never gets affected by market conditions; it remains stable. The graph for the adoption of Stablecoins is expected to rise rapidly by the end of the year 2020. Blockchain experts have described the following reasons behind this expectation of rising graph of Stablecoin adoption:
- It is affordable and has fast remittances
- It is away from issues like currency crashes
- Its stable currency exchanges
- It has P2P payments and streamlines recurring
- It has the features of a regular currency
4. Transformation of Social Networking Domain
As of today, social media and social networking have become a part of our daily lives: according to a survey, there are around 2.77 billion social media users across the world. Managing such huge data is a challenge and blockchain technology can help to solve issues like content relevance, data control, privacy violations and potential scandals. Blockchain integration with social media is a trend that has reached a level that is increasing rapidly in 2020.
Blockchain implementation ensures the data redundancy and security as it is published on social media, even after deletion. It also promises the safety of content and your ownership of that content. Diaspora is one of the top Decentralized Social Media networks that adopted blockchain technology and has millions of user base.
5. Blockchain and Artificial Intelligence top blockchain trends
Artificial Intelligence and Blockchain technology are the most renowned technologies of today’s IT world. The integration of Blockchain with Artificial Intelligence will witness several improvements and the invention of numerous new applications is expected.
According to IDC (International Data Corporation), around 51% of businesses are expected to make the transition of AI with blockchain integration by this year 2020.
Conclusion
Blockchain technology will play a leading role in integrating ideas and digital transformation of the globe. Blockchain technology has more potential than other security approaches, and it is gaining the attention of the market so quickly. Blockchain is the future of the modern era, one such concept that will stay and transform the world for the better.