Blockchain technology incepted in 2009 and took the world by storm. Since then, the growth of the revolutionary technology had been praiseworthy and incredible at the same time. The applicability of the said technology has traversed industries ranging from healthcare, travel, finance, real estate, music, to government.
It’s evident that the future belongs to blockchain, and it will enter new territories unheard of till now. Blockchain engineers are destined to make it big this year, provided that, almost all technology trends incorporate blockchain usage in some form or the other. Here, we are discussing this year’s blockchain trends, and their potential impact on our daily lives.
Blockchain Trends That Will Dominate 2020
Federated Blockchains Will Start Gaining Popularity
A technologically-upgraded model of basic blockchain is termed as federated blockchain. Such blockchains provide improved security and privacy of data. Industry experts have forecasted its increased applicability in 2020, as it works as a private blockchain network with added security instilled in the nodal framework. Instead of one controlling authority, multiple authoritarians will have control over the predetermined nodes of the chain.
Potential use of federated blockchain network:
- Financial Services
- Multiparty Aggression
- Insurance Claims
- Organizational Records Security
- SCM, i.e., Supply Chain Management
Stable Coins to Take Over Cryptocurrency Markets
Stable coins, a new form of cryptocurrency whose value never fluctuates will dominate the crptocurrency domain in 2020. Why? Because there exists no volatility in its value.
Potential Applications of Stable Coins:
- Since stable coins are resistant to volatility and cryptocurrency crashes, people will invest heavily in them.
- Sending remittances across national boundaries will become easy and fast. Also, they are assigned the same value as regular-use coins.
- Making Peer-to-Peer transactions will be smoother than ever with the use of stable coins. Moreover, people can make use of these coins in smart contracts to facilitate automated transactions.
Large corporations such as Microsoft and Amazon are already using BaaS to their optimal advantage. It is a cloud-based-service that allows users to design their digital products while working on blockchain as framework. Such blockchain-powered products could be blockchain applications, smart contracts, or other blockchain-based services.
The big advantage with being a subscriber of BaaS is that you don’t need to set up a blockchain infrastructure to start a blockchain-powered service on your own. Blockchain industry in 2020 is all set to see an exponential increase of BaaS usage across business domains.
Social Networking to Drastically Transform with Blockchain Incorporation
Social media is everybody’s part of life in the current day and age, and forecasts say that the reach of social media will further expand to new horizons in the near future. As per Statista, the social media reach is about than 3 billion globally!
Blockchain infusion into social media platforms will prove to be revolutionary in many ways. It will help limit scandals, data breach, privacy issues, and will better segregation of content pieces and media on varied social interaction channels. And therefore, it will be considered a ground-breaking tech disruption once blockchain enters the social media domain.
Hybrid blockchains will emerge as a perfect solution to transactional security and transparency. It will combine the benefits from both the worlds, I.e. private blockchains, and public blockchains. While private blockchains lack validator collusion with little to no immiutability without access to public records, public blockchains on the other hand, offer no privacy at all. To overcome these situations, hybrid blockchains will come into play in 2020.
Advantages with Hybrid Blockchains:
- Lower transactional costs.
- Maintenance of confidentiality.
- Resistant to cyber attacks.
- Provision for selection of transaction-validators by the community.
- Stable costs to access the network.
Seeing the heavy involvement of blockchain in the technology trends of 2020, it is a surety that it will affect our lives in ways we could not have thought of.