The term blockchain combined can be considered one of the best modern blockchain trends in the industry. Also, national cryptocurrencies will appear, it’s inevitable that governments will have to recognize the benefits of blockchain-derived currencies. It is a newly trended blockchain technology that is currently integrated with several startups as well as enterprises. One driving force for using stablecoin is the introduction of Facebook’s cryptocurrency “Libra” in 2020 even with all the challenges facing this new cryptocurrency proposed by Facebook and the shrinking circle of partners in libra.org [4]. Examples of applications of AI in Blockchain: Smart Computing Power, Creating Diverse Data Sets, Data Protection, Data Monetization, Trusting AI Decision Making [6]. Unlike other traditional businesses, the banking and finance industries don’t need to introduce radical transformation to their processes for adopting blockchain technology. Moreover, blockchain can be used for launching new cryptocurrencies that will be regulated or influenced by monetary policy. While in many cases, the technology’s promise can be clearly seen, faith in Blockchain From Interoperability to stable coins, learn about the latest blockchain trends that will rock in 2020. Fewer companies are embarking on blockchain projects today than in the 2016-2018 period, especially in North America and Europe. There are around 2.77 Billion social media users around the globe in 2019. According to marketing charts, around 44% of US shoppers are using both online and in-store purchase and pickup options simultaneously. Moreover, users will get to store data more securely and maintain their ownership. Interconnectivity comes one step closer to reality. Federated Blockchain. Blockchain networks can be classified as: Private, Public, Federated or Hybrid. I hope you enjoyed the blog. One of the promising blockchain trends in 2020 is BaaS, short for Blockchain As A Service. First, blockchain is public, everyone participating in the network of nodes of the blockchain network can see the blocks and the transactions stored and approves them, although users can still have private keys to control transactions. As active blockchain networks bring real transformative change to various industries, we’ve carried out detailed research on blockchain trends 2020, and these are five blockchain developments to keep an eye on this year. The finance industry is one of them. Bitcoin remains the most financially successful blockchain project … Each payment transaction is incorporated into the ledger and can be consulted at any instant of time by anyone. By Tech Cults. By implementing a blockchain, we can ensure that the data published on social media cannot be traced or duplicated, even after deletion. But today, the supply chain has become globalized and complex. It is just the basic model of the blockchain, making it suitable for any specific use cases. Second, the blockchain is decentralized, so no single authority can agree to transactions that eliminate SPOF. There should be a third-party organization in between so as to make the communication more feasible. If you are reading blockchain technology trends 2020, you cannot miss the role of blockchain in the supply chain industry. BaaS is one of the latest trends in blockchain technology. (source), Banks and financial institutions that use blockchain technology could reduce their costs on infrastructure up to 30%. These multi-node settings will now be verified, so the transaction can be processed later. In this type of blockchain, instead of one organization, multiple authorities can control the pre-selected nodes of blockchain. With the implementation of blockchain, it can be ensured that all the social media published data remain untraceable and cannot be duplicated, even after its deletion. The blockchain technology will drive the people to attain new skills, and traditional businesses will have to be considered entirely to harvest the maximum benefits from using blockchain technology. And to perform such tampering is almost impossible. (source), 9 out of 10 banks in North America and Europe were exploring trends of blockchain in 2018. Various small as well as big Industries are looking to this technology in order to streamline processes in fields such as medical data, supply chain, and administration. One of the blockchain trends in 2020 is the BaaS, which is a short name for Blockchain … It’s worth saying that there are genuine efforts by universities and colleges to catch up with this need, but the rate of graduating students with enough skills to deal with blockchain technology is not enough to fill the gap. This integration will show a level of improvement in blockchain technology with adequate amount of applications. Therefore, many businesses are opting for blockchain app development services in their process. Blockchain applications on social media will be able to resolve issues related to known scandals, privacy violations, data control, and content interest. In other words, mining is an impactful way of extending and updating the ledger. Have a look at the market share of blockchain in the US market from 2015 to 2025: Have a look at more stats and facts about the blockchain in the year 2020: 9 out of 10 people who are engaged in Bitcoin (cryptocurrency built using the blockchain technology) are men. It is a new blockchain trend that is currently integrated with a number of startups as well as enterprises. This makes the user feel more secure as they can control what they want to see. If the Public Blockchain Knows Your Password, Why Can’t the Public Know Your Password? In this way, banks want to independently reduce the cryptocurrency’s competitive advantage and gain more control over its monetary policy. In addition to this, many software development companies have started adopting this technology and building apps on it. Blockchain interoperability is one of the most crucial trends that share data and other information across multiple blockchain systems and networks. In order to avoid this volatility stablecoin came into the picture strongly with stable value linked with each coin. By the year 2020, there’ll be an exponential increase in the use of blockchain standards as they provide a private blockchain network, which is a more customized perspective. Research & advisory firm Gartner listed Blockchain technology as one of the top 10 strategic technologies for the year 2020. An ordinary start-up with the use of the blockchain will not be able to get as high support as it happened before. These digital products may be smart contracts, decentralized applications (Dapps), or even other services that can work without any setup requirements of the complete blockchain-based infrastructure. But those who get involved adopt a more “pragmatic” and determined approach to projects. It is a new blockchain trend that is currently integrated with a number of startups as well as enterprises. [1] https://www.mobileappdaily.com/top-emerging-blockchain-trends, [2] https://www.aithority.com/guest-authors/blockchain-technology-in-the-future-7-predictions-for-2020/, [3] https://www.bitdeal.net/blockchain-technology-in-2020, [4] https://medium.com/altcoin-magazine/to-libra-or-not-to-libra-e2d5ddb5455b, [5] https://blockgeeks.com/guides/cosmos-blockchain-2/, [6] https://medium.com/altcoin-magazine/blockchain-and-ai-a-perfect-match-e9e9b7317455, [7] https://medium.com/@banafa/ten-trends-of-iot-in-2020-b23bdebf6cc, Receive the OpenMind newsletter with all the latest contents published on our website, Prof. Ahmed Banafa. It is merely an upgraded form of the basic blockchain model, which makes it more ideal for many specific use cases. (source), The market capitalization of Bitcoin is expanded from nearly $1.02 billion in Q1 of the year 2013 to approximately $72.37 billion in Q1 of the year 2019. Therefore, many businesses are looking for blockchain app development companies to implement this technology in their business process. Blockchain is one of the most promising technology in 2020. Since it is decentralized, this ledger does not depend on any single entity for safety. 2020 will radically change direction. Some are related to cryptocurrencies, others simply use this technology tec to increase security. Blockchain Trends in 2020 By Paramita (Guha) Ghosh on March 17, 2020 2020 is likely the year when blockchain technologies will witness higher … Lack of uniqueness. Blockchain and Artificial Intelligence top blockchain trends. This technology can be used for many other things instead of mining … There are so many middlemen leading to so much back and forth. As the Guide demonstrates, those efforts are now starting to bear fruit. As of now, stablecoins as a technology are in their initial phase and it is also predicted that the year 2020 will be the year when blockchain stablecoins will achieve their all-time high value. The introduction of blockchain in social media will be able to solve the problems related to notorious scandals, privacy violations, data control, and content relevance. The International Data Corporation (IDC) is expecting that 20 percent of IoT deployments will enable blockchain services by 2020 [3]. Designing a governance system where all members agree on common issues can be a challenging task. Moreover, AI can boost blockchain efficiency far better than humans, or even standard computing can. According to marketing charts, blockchain potential is yet to be visualized. In 2020, there will be a rise in the usage of federated blockchain as it provides private blockchain networks, a more customizable outlook [1]. Decentralized solutions for social media is one of the biggest blockchain trends of 2020. Using Bitcoin as an instance of the cryptocurrencies that it is highly volatile in nature. Also, Blockchain can reduce the additional bureaucracy while providing faster transactions with negligible transactional costs in the banking system. This feature makes it easy for people to view and access data on a plethora of blockchain networks. The number of various devices connected to the internet has broken the 26 billion mark. Blockchain technology will allow banks to reduce redundant bureaucracy, carry out faster transactions at lower costs, and increase confidentiality. September 25, 2020. Being disintermediated, it creates the permissionless flexible user experience. Network operators must be enabled to prevent hackers from doing their jobs. As per the article at TechCrunch, blockchain-related jobs are the second-fastest growing in the labor market. According to Gartner, in the year 2022, more than a billion people will have some data stored in blocks, but they may not realize it. But what does the federated blockchain mean? Therefore, the blockchain blend in the social media domain is another emerging technology trend in 2020. Why? First, the blockchain in general, and everyone involved in the network of blockchain can view and approve the blocks and stored transactions, although users may still have private keys to monitor transactions. In addition to this, blockchain technology is being also used to address various climate change issues, including food waste and carbon emissions. Contractual deals require services of lawyers and bankers that adds extra cost and hold-up. According to Gartner, by 2022, more than a billion people will have some data about them stored on a blockchain, but they may not be aware of it. The technology is able to solve the biggest problems of the sector. As such, blockchain integration in social media is another trend for new technologies to emerge in 2020. In addition to this, blockchain can be used to launch new cryptocurrencies that are controlled or affected by monetary policy. (source). One of the foremost Blockchain trends to look out for in 2020 is fading the hype around Blockchain technology. One of the blockchain predictions made by Gartner is that the banking industry will derive 1 billion dollars of business value from the use of blockchain-based cryptocurrencies by 2020. Blockchain also offers new hope for IoT security for various reasons. How to set up a Private Ethereum Blockchain, The Case for Blockchain in Developing Economies: An Assessment of Africa, Why blockchain may be blockchain’s best cybersecurity option, Build a Verifiably Random Lottery Smart Contract on Ethereum, Everything You Need to Know About Smart Contracts: A Beginner’s Guide, Why Mobile Games and App Stores Should Opt for Blockchain. There are many blockchain software development companies that are using blockchain for creating supply chain management solutions. The main reason was that eCommerce was local at that time. BaaS is a cloud-based service that enables users to develop their own digital products by working with blockchain. A look at the way in which blockchains are currently run on standard computers proves this with a lot of processing power needed to perform even basic tasks. It is up to network operators to stop intruders from doing their business. The term Federated Blockchain can be referred to as one of the best blockchain latest trends in the industry. All these complexities in the system stem from the diverse and distributed nature of the latest technology. As soon as they successfully applied for a cryptocurrency, financial institutions began to consider the use of blockchain in traditional banking seriously. The following 10 trends will dominate blockchain technology in 2020: One of the promising blockchain trends in 2020 is BaaS, short for Blockchain As A Service. The term Federated Blockchain can be considered one of the latest blockchain trends in the industry. The International Data Corporation (IDC) suggests that global spending on AI will reach $57.6 billion by 2020 and 51% of businesses will be making the transition to AI with blockchain integration. There are many people looking for Blockchain Trends In 2020. This field cannot be empty, Please enter your comment. Second, blockchain solutions can make the info we publish harder to trace or duplicate. One of Gartner’s blockchain predictions is that the banking sector will generate $1 billion in business from blockchain-based cryptocurrency by the year 2020. (source), 20+ countries have researched the concept of a national cryptocurrency. Many IoT development companies rely on blockchain technology for their business solutions. Blockchain Trends for 2020 2020 is setting up to be a great year for blockchain. The Adoption of Blockchain is likely to grow in 2020. Federated Blockchain Networks. The International Data Corporation (IDC) predicts that 20% of IoT deployments will enable blockchain services by the year 2020. Blockchain is like a trending wave and a revolutionary platform that will change things. It seems that there has been an error in the communication. In addition to this, BaaS is a cloud-based solution that allows users to develop their own digital products using blockchain. Today you can see how some start-ups repeat similar projects during the implementation of the blockch… Stablecoins will be more visible. Information such as time, date and amount of payment is visible but identities of participating parties are not visible. Pragmatic governance models. Blockchain: 5 Trends To Remember For 2020. Blockchain networks can be classified as: personal, public, allied, or mixed. One of the major blockchain trends of 2020 is called the federated blockchain. In addition to this, it takes several days to make a payment between a retailer and a customer, or a manufacturer and a supplier. The current centralized architecture of IoT is one of the main reasons for the vulnerability of IoT networks. Those are only a few instances that demonstrate how wide-ranging the usage of the Blockchain technology will be in the year 2020. Device and IoT network hacking will become commonplace in 2020. The blockchain technology will definitely enhance security of your operations with so many additional benefits. Artificial Intelligence and Blockchain … The future is blockchain and hence, it is apt that we take a look at some of the significant trends in this industry for 2020. Some blockchain-based companies that provide BaaS services are Microsoft and Amazon, thus shaping the future of blockchain applications. Many industries will adopt it. The IoT technology market will see a renewed focus on security as complex security challenges arise. It is also said that public blockchains are too immature for enterprise deployment due to poor interoperability and scalability but it is expected that this technology will overcome these issues by the year 2023. This function makes it simple for the public to see and access the data across different blockchain networks. BaaS is a cloud-based service that enables users to develop their own digital products by working with blockchain. First of all, it can prevent things like Facebook – Cambridge Analytica data scandal. Blockchain interoperability is the ability to share data and other information across multiple blockchain systems as well as networks. The idea of the distributed ledger is also very attractive to government authorities that have to administrate very large quantities of data. Description In this special episode, Principal Program Manager, Chris Segura, and Forbes Tech Council member, Mike Walker, talk about what they see as the top blockchain trends for 2020 and what they are hearing from companies deploying solutions. The driving force behind the usage of a well-known stablecoins currency is the introduction of cryptocurrency on Facebook “The Balance” in 2020, despite all the challenges posed by the new cryptocurrency by Facebook and its growing partners at libra.org. When we go back in the past, somewhat around 100 years ago, supply chains were comparatively simpler. It has been successfully used for food safety, voting, and shipping, for example, and various big brands such as IBM, Walmart, and Amazon are exploring a plethora of ways to capitalize on this technology. The below-mentioned trends of blockchain technology in 2020 are as follows: 1. For instance, in the space of 3D printing, blockchain makes it possible for the organizations to apply provenance, data governance, and ensure validation and auditability. PWC report, 77 percent of financial institutions are expected to adopt blockchain technology as part of an in-production system or process by 2020. Blockchain also ensures that the power of content relevance lies in the hands of those who created it, instead of the platform owners. With blockchain applications, all data transmitted on social media will remain undetected and non-duplicate, even after deletion. With the integration of AI (Artificial Intelligence) with blockchain technology will make for a better development. It is widely said that digital money is the future of the payment system, and nothing will stop. Thank you for collaborating with the OpenMind community! Third and most importantly, it’s secure—the database can only be extended and previous records cannot be changed [7]. Blockchain is a distributed digital ledger — a ledger that records transactions in a series of blocks. According to PWC, 77% of financial institutions are expected to adopt blockchain technology as part of a production system or process by 2020. [3]. Blockchain technology is already being used … However, the implementation of blockchain technology for effective data management will increase the agency’s functionality. But they all share the success of the market. First, it is important to know that Blockchain networks can be classified as: private, public, federated or hybrid. The penetration of the device network and the Internet of Things will become popular in 2020. These multiple copies are proof for every transaction that took place in the blockchain. IoT, Blockchain, AI Expert | Faculty | Author | Keynote Speaker. Blockchain Trends 2020 for organizations. Even though the number of experts in blockchain fields is increasing, on the other hand the implementation of this technology has a rapid growth which will create a situation for the demand of Blockchain experts by 2020. 5 Blockchain Trends for 2020 | The Hype is Over 3 The corporate blockchain hype cycle is slowing In recent years, Blockchain has been heralded as a major disrupter on track to rattle almost every industry from agriculture and manufacturing to FS and insurance. Deloitte’s just-released “ Tech Trends 2020, ” includes blockchain as a foundational technology of digital development. The global blockchain sector in 2020 is in a state of significant transition. In recent years, we have seen many new projects based on the blockchain. Otherwise, all the simple transactions would keep turning into lengthy and multi-step procedures. Research and advisory firm Gartner listed blockchain as one of the top ten strategic technologies for 2020. We see that key blockchain features of Bitcoin align with the basic requirements for reliability and trustworthiness in a supply chain. #1 Rise in Federated Blockchains. Furthermore, the article also states that upwork shows an increment of more than 35,000 percent for blockchain technology freelancers, making this technology the fastest-growing skill out of above 5,000 skills in terms of billings of freelancers. Digital money is the future and nothing will stop [3]. Moreover, it is quite difficult to investigate supply chains in case of a suspicion of illicit practices. Some of the companies developing a blockchain that provide BaaS service are Microsoft and Amazon, consequently shaping the future of blockchain applications [1]. As blockchain technology becoming a fast-increasing and wide-spreading technology, that creates a situation for many to develop skills and experience about blockchain technology. This is a summary of the thoughts that we have explained in this article. Supply Chain has become extraordinarily complicated. The Blockchain Report 2020, released by research company CB Insights, reviews the blockchain and cryptocurrency landscape in 2019, while providing a window into 2020 with the impact of COVID-19. There are approximately 2.77 billion social media users around the world by the year 2019. Blockchain technology is already being used outside of cryptocurrency. DeFi can be included in blockchain trends in 2020 which will be more transparent with a better-secured network. (source), By the year 2025, more than half of various healthcare administrations will have made use of blockchain for various business operations. It said public blockchains are presently too immature for enterprise deployment due to poor scalability and interoperability but expects the technology to overcome these issues by 2023. Blockchain also ensures that the power to match content is in the hands of the creator, not the platform owner. 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