Blockchain Technology in 2020
We gonna cross half a way of 2019. Its a great time for us to make some predictions about Blockchain Technology - A Key that unlocks Highly Revolutionized Digital Economy in 2020. 2020 is a great year that most of the business sets it as a milestone to bring a best development in their business.
Blockchain is a Distributed Ledger Technology that grabbed more people over last two years. This shows that people are aware and make time for enriching their knowledge over a greater technology that is surely gonna lift them up.
Are you to newbie to the concept of Blockchain Technology?Here is mention to our previous article about this Blockchain Technology, which will definitely help you in grabbing more informations about Blockchain Technology.
Hope you have got a rich knowledge about blockchain technology. Now, let us discuss about some future predictions about blockchain and list of some industries that going to benefited by the use of blockchain in 2020.
1 . Launch of National cryptocurrencies
Although, some countries like China consider Bitcoin exchanges as illegal, we can expect that all governments will finally accept the blockchain-based currency as legal by 2020 . This will be due to potential advantages for public and potential services.
In 2018, Venezuela has launched its national cryptocurrency petro (petromoneda) that is backed by the country’s oil and mineral reserves.Gartner predicts that By 2020, at least five countries will issue a national cryptocurrency.
2 . Integration of Blockchain with Governments
The adoption of blockchain technology by all governments will be an unavoidable in 2020, as they are in a situation of administrating very large quantities of data.However, the adoption of blockchain technology for effective data management will improve the functions of government sectors.
Estonia has implemented blockchain technology on the government level which includes 2-factor authentication, enabling people to control and sure their own data.Gartner predicts, that by 2022, more than a billion people will have some of their data stored on a blockchain, but it will not be upto their knowledge.
3 . Blockchain will drive the Finance and Economy
The most important sectors that makes a country's economy is Banking and Finance. These both faces lot more issues likes data storage and transaction delay which can be solved by implementing blockchain technology.
ReiseBank AG in Germany completed instantaneous payments between two of its clients using blockchain technology on a cross-border basis in around 20 seconds. Many survey and results shows that finanical and banking sectors will bring revolutions by the use of blockchain technology.
According to recent PWC report, by 2020 ,77 % of financial institutes are expected to adopt blockchain technology as part of an in-production process .
4 . Blockchain Combines with IoT
Many IoT based companies adopts blockchain technology for their business solutions. The International Data Corporation (IDC) is expecting that 20 percent of IoT deployments will enable blockchain services by 2020.
This is because blockchain technology provides a secure and scalable framework for communication between IoT devices. It also be a high resistance to cyber attacks.
5. Blockchain With AI
With the integration of AI ( Artificial Intelligence ) and AR ( Argumated Reality ) with blockchain technology will make for a better development . This integration will show a level of improvement in blockchain technology with adequate amount of applications.
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.
Explore more about the integration of blockchain and AI in our article, How Artificial Intelligence (AI) Will Work in Blockchain and Cryptocurrency Industry?
6 . Demand for Blockchain Experts
Blockchain is a new technology and there are only few percent of individuals who are skilled in this technology. As this blockchain technology is becoming a fast-increasing and wide-spreading technology, there creates a situation for many of us to develop skills and experience about blockchain technology.
Eventhough the experts in blockchain fields get 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.
We, Bitdeal - Leading Blockchain Development Company provides you a way to hire our Blockchain Experts who are most dedicated and have more than 5+ years of experience in Blockchain technology.
Hope We have delivered most important predictions about Blockchain technology in 2020. Now let us list some of the interesting industry applications of Blockchain Technology that will create a hype in 2020.
1 . Finance
Financial sectors have already tapped into use of blockchain-based apps to facilitate ,protect and automate their operations and functions.IBM, is cooperating with the government of Dubai to deliver smart contracts that can optimize traffic in maritime goods flowing through the emirate’s port.
By 2020,Financial institutions of Dubai are planning to transfer all their transactions to blockchain!
2 . Voting System
Already a company named , Votem tested its system with a few private elections.Estonia also adopted blockchain for shareholder voting. Atransaction or a vote when recorded on the blockchain, it’s close to impossible to hack or modify with it.
Blockchain enables for innovative anti-fraud algorithms in voting process. By 2020, we can expect for a change in voting with the applicationof blockchain technology.
3 . Real estate
Most of the experts predicts that blockchain-based property lease contracts will emerge by 2020, which is possible by the smart contracts.Blockchain helps for safe, cost-effective and faster way for selling properties.
Blockchain technology with smart contracts will renovates real estate industries in 2020.
4 . Publication or Content Distribution
One of the interesting application of blockchain technology will be in publication or content distribution sectors.Blockchain allows the content writer/publisher/artist to place their music/content directly on blockchain which makes it accessible by each and every end-users connected to blockchain.
By 2020, blockchain will finds application in content distribution which enables artists to earn their music royalties without committing to a particular label.
5 . SCM ( Supply Chain Managemnet )
SCM is one among the list of industries where blockchain will make its advances felt by 2020. Supply chain management is a huge and tedious process. The use of blockchain technology in SCM can make it simple with less or no issues.
To know more about how blockchain can revamp SCM , have a look at our previous article about Blockchain in SCM .
Therefore , Blockchain Technology will make a greater impact on every industries in 2020 which will be remarkable and long lasting in the talk of success stories of our economy.
Let Us Hope for an Admirable Changes by Blockchain Technology in 2020 !!!Blockchain
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