Realizing Blockchain’s Potential in the Modern World Legal Industry As the role of innovative technologies is getting bigger in the...
The hype created by the Blockchain technology continues to befuddle many industries with its potential beyond cryptocurrencies. Keeping that into account, various government agencies and businesses have started implementing it in the projects that involve everything from voting to digital identities and supply chain tracking. Since 2009, the year in which Blockchain made its official appearance in the market, the world has witnessed a massive transformation in the technology. From the healthcare sector to the field of law and education, this innovative Distributed Ledger Technology (DLT) has successfully captured the attention of various industry verticals, thus making “blockchain trends” one of the most searched keywords in the past few years.
With 2020 approaching like a tidal wave, it’s time to make some predictions about the Blockchain technology. If Blockchain protocols and digital assets continue to grow in terms of usage, metrics, and adoption rates, then 2020 is bound to be a tremendous year for Blockchain. As the technology has made its mark in various industrial domains, it is clear that it will also revolutionize the government agencies as well as traditional business processes, if adopted properly. So, before the current year ends and before you start making new plans for your business for the New Year, let’s take a look at some top emerging Blockchain development trends that will shape the future of Blockchain in 2020.
Let’s face it, people in this tech-savvy era can’t imagine their lives without social networking. The blockchain blend in social networking is one of the most popular and emerging technology trends in the present scenario. As per the study conducted by Statista, the number of social media users will reach up to 3.1 billion in 2021. The inception of Blockchain in social media will solve the problems related to privacy violations, content relevancy, notorious scandals, and data control. Blockchain incorporation in social media will ensure that the data published in all the social media platforms remain untraceable and plagiarism free.
Content Streaming and distribution
Content streaming & distribution is another interesting concept that will certainly be affected by Blockchain in 2020. The game-changing technology will allow content writers & publishers to place their content (music or video) directly on a secure Blockchain network, which will be accessed by all end-users connected to it. Moreover, it will help artists and content creators to earn their music royalties without committing to a particular label. By opting for a similar Blockchain API, social media streaming companies will earn the right that will help third parties to write or even read the information on their respective Blockchain network.
Today, government agencies are in a situation of administrating large quantities of data which seems to be a very expensive and time-consuming task. Therefore, the adoption of Blockchain technology will be unavoidable by all the government agencies in 2020 as it will not only help them manage data effectively but also reduce redundancy, decrease audit burden, streamline processes, ensure data integrity, and enhance security in various governmental sectors. Besides that, the Blockchain-based governmental model would allow individuals, businesses, and governments to share information over a distributed ledger which will improve data transparency and authenticity.
Banking and finance are two of the most important sectors that play a crucial role in improving a country’s economy. Both the sectors face the issues of transaction delay and data storage which could be solved to a great extent by implementing the Blockchain technology. As per the recent reports by PWC, almost 77 percent of financial institutions are expected to adopt the Blockchain technology by 2020. In the financial world, there is an inherent lack of trust when two parties conduct a value exchange. Blockchain adoption will solve this problem by providing transparent network infrastructure and a high level of safety in data transmission. All in all, it won’t be wrong saying that Blockchain is bound to solve all financial woes in the coming time.
Blockchain Integration with IoT
The current IoT ecosystem relies on a centralized, broker-focused communication model which is the primary reason for the vulnerability of IoT networks. With billions of devices connected in the IoT network, it seems that IoT is the primary target for hackers in the present scenario. Incorporating Blockchain in the IoT network could play a significant role in improving cybersecurity and reducing the amount of data loss due to cyberattacks. It can also provide a secure and scalable framework for effective communication between IoT devices. Apart from that, IoT devices could leverage smart contracts which would be considered as the agreement between the two parties.
From the above-written Blockchain technology trends, it’s worth saying that the Blockchain technology is here to stay and will definitely change the face of various businesses in the coming days. There’s no denying that 2020 will be a tremendous year for the businesses looking to invest in Blockchain but it should also be noted that Blockchain adoption requires time and effort. As the technology is growing at a rapid pace, it is clear that the demand for Blockchain developers will also increase by 2020 which will further increase the number of Blockchain development companies.
If you are looking for a Blockchain development company that can effectively help you in Blockchain adoption with minimal fuss and effort, then Debut Infotech would turn out to be the best option for you. We are a leading application development company in the Blockchain space having delivered a sundry of customized Blockchain solutions to clients across various industries. Drop a line on email@example.com or call us at 1-703-537-5009.