Blockchain and cryptocurrencies have been titles in Goana after Bitcoin for both positive and negative reasons for several years. From security and privacy issues to its wider adoption, 2019 has been a good year for the industry.
New cryptocurrencies, partnerships and blockchain protocols have been launched. Even governments have begun to show interest in blockchain technology last year. The blockchain industry in 2020 will therefore be characterized by the following important elements.
Blockchain as a service (BaaS)
Blockchain-as-a-service is a cloud-based service that allows users to develop their own digital products using blockchain technology.
Major companies such as Microsoft and Amazon have started offering BaaS and are transforming the future of blockchain applications. Developers can thus make decentralized applications, independent services or smart contracts easier. Companies interested in applying the technology can do so without investing too much effort.
Stablecoins are becoming mainstream
Bitcoin is one of the most popular cryptocurrencies, but it has its disadvantages. It is volatile, which means its value can fluctuate very quickly. To overcome this weakness, the blockchain industry has introduced stable cryptocurrencies – stablecoins.
As the name suggests, each currency has a stable value, usually linked to a fiat currency. Facebook’s announcement of its own stable cryptocurrency project called Libra has generated a wave of reactions around the world. Many governments have expressed their intention to develop digital versions of fiat currencies.
Federal Blockchain Networks
There are four types of blockchain networks: private, public, federal and hybrid.
In a federal blockchain network, several authorities control nodes in the blockchain network instead of a single authority. This means that a group validates the blocks on various nodes before a transaction can be processed. This adds an additional level of security and prevents the validation of illegal transactions. More and more companies will opt for a federal blockchain model because it offers more customization possibilities and is an excellent choice for specific use cases and applications.
Symbiosis blockchain-IoT
Internet-of-Things technology is becoming more and more popular, which means that the associated risks are getting bigger. The large number of IoT devices offers more opportunities for hackers to compromise networks.
Blockchain will play a vital role in improving IoT security. Blockchain is public and therefore transparent. This means that everyone involved in the transaction can see the blocks and the transaction.
In addition, blockchain is decentralized which means no authority can approve the transaction.
This makes networks much more secure compared to centralized systems. Therefore, even if hackers compromise some IoT devices, the network as a whole remains unaffected and the anomaly can be detected faster.
Governmental integration
Similar to large companies, government agencies can also take advantage of DLT technology for handling large amounts of data. By simplifying data management, blockchain can increase the productivity and efficiency of government agencies.
In addition, a number of governments and financial institutions seem willing to adopt cryptocurrencies as an alternative to paper money. This will be a big step for the blockchain industry in 2020, as cryptocurrencies will become mainstream.
AI and machine learning
Automation and artificial intelligence will accelerate the development of blockchain applications. The technology can be used to record the data and variables of the recording. By using machine learning on the recorded data, making the right decisions is simpler.
In addition, artificial intelligence can help reduce the resources needed to apply blockchain technology.
Thus we can see that big companies are moving towards artificial intelligence with blockchain integration. This will give rise to new applications such as data protection, data monetization, intelligent computing, and we can expect reliable decisions from AI and blockchain integration.
Increasing demand for blockchain experts
The demand for blockchain specialists is growing, but the number of these experts is still low. Companies that implement blockchain technologies are willing to pay very high salaries to hire these professionals.
Universities have already started introducing blockchain speciation courses, but these are not enough. To address this talent gap, companies are organizing training programs that will train their employees to deal with blockchain networks.
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