Blockchain Predictions 2020 : Predicting The Future Technology In Finance and Industrial Growth
We gonna cross half a way of 2019. It's a great time for us to make some predictions about Blockchain Technology - A Key that unlocks Highly Revolutionized Digital Economy in 2020.
So before entering into 2020 many business, industries and countries, have already set it is a milestone to achieve something big either technologically or financially.
This expectation of 2020 have increased a hype in technological growth and that has been fired up the growth of emerging technology, so called blockchain. Blockchain is a Distributed Ledger Technology that grabbed more people over the last two years. This technology has been already started to wind up the use of centralized data storing, accessing and retrieving methodologies among various industries like banking and much more. This shows that people and business owners are aware of blockchain and have made time for enriching their knowledge over this greater technology that is surely gonna lift them up.
If you are a newbie to the concept of Blockchain Technologym then navigate to our previous article about Blockchain Technology, which will definitely help you in grabbing more pieces of information about Blockchain Technology.
Now, let us discuss some future predictions about blockchain and list out some industries that ar going to benefit from the use of blockchain by 2020.
Blockchain Predictions 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, a leading research & advisory company predicts that By 2020, at least five countries will issue a national cryptocurrency. You can check out the countries where bitcoin and cryptocurrency exchanes are legal and illegal here.
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 up to their knowledge.
3.Blockchain will drive the Finance and Economy
The most important sectors that make a country's economy is Banking and Finance. These both industries face a 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 show that the financial and banking sectors will bring revolutions by the use of blockchain technology.
According to recent PWC global fintech 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 adopt 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 is high resistance to cyber attacks.
5.Blockchain With AI
With the integration of AI ( Artificial Intelligence ) and AR ( Augmented Reality ) with blockchain technology will make for better development. This integration will show a level of improvement in blockchain technology with an 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 a few percents 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.
Even though 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 the 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.
Here is the graph that portarys the projection of blockhain technology 2020 and beyond.
Blockchain In Industries
Financial sectors have already tapped into the 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 blockchain system with a few private elections. Estonia also adopted blockchain for shareholder voting. A transaction 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 the voting process. By 2020, we can expect a change in voting with the application of blockchain technology.
3. Real estate
Most of the experts predict that blockchain-based property lease contracts will emerge by 2020, which is possible by the smart contracts. Blockchain helps for a safe, cost-effective and faster way for selling properties. Blockchain technology with smart contracts will renovate real estate industries in 2020.
4. Publication or Content Distribution
One of the interesting application of blockchain technology will be in the publication or content distribution sectors. Blockchain allows the content writer/publisher/artist to place their music/content directly on the blockchain which makes it accessible by each and every end-users connected to the blockchain. TRON an emerging blockchain technology that has initiated to fuel this concept, and have created a decentralized entertainment eco-system.
By 2020, blockchain will find application in content distribution which enables artists to earn their music royalties without committing to a particular label.
Check out What is TRON here !
5.SCM ( Supply Chain Management )
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.
The above-discussed concepts have strongly portrayed that blockchain is gonna be the stem of ever-growing digital world by 2020. So, Hopefully, there will be tremendous changes in countries, industries, businesses, etc and that could be made by blockchain technology.
Stay tuned with us to get much more interesting aspects of the blockchain world!Blockchain Blockchain Technology Blockchain Technology In Healthcare Blockchain In CRM Blockchain In SCM Blockchain In Education Blockchain In Insurance Blockchain In Banking
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