What are the Top Blockchain Technology Trends That Will Dominate in 2020?
The popularity of Blockchain technology has seen a historic rise by each passing year. It has taken the business world by storm. Blockchain technology is reported as one of the top ten strategic technologies of the year 2020 by Gartner. It is evident that blockchain technology can help businesses acquire new skills and harvest maximum benefits. Here we will see some of the latest Blockchain technology trends that will dominate the business world in 2020.
What is Blockchain?
Blockchain has an expanding chronologically ordered list of permanent and cryptographically signed records shared by all the distributed ledger participants in the network.
Blockchain technology consists of five different elements like an immutable and traceable ledger, shared and distributed ledger, tokenization, distributed public consensus mechanism, and encryption.
Blockchain technology adoption rates across the various industries like Life Science and Healthcare, Farming and Supply Chain, and Technology is increasing.
Top Blockchain Technology Trends 2020
1. Blockchain with AI
Artificial Intelligence is an accessible technology, just like Blockchain. The integration between these two can make better development. It can show a new level of improvement in blockchain technology with an adequate amount of apps. International Data Corporation states that around 51% of the world’s businesses will be using AI with Blockchain.
Blockchain makes AI more understandable, and this helps in tracing & determining the decisions made in ML.
Some of Blockchain and AI’s popular applications are Data Protection, Smart Computing Power, and Creating Diverse Data Sets.
2. IoT Combined with Blockchain
When we talk about the combination of IoT and Blockchain, we can say that this integration can provide a modern and safe app. IoT is a technology that has some chances of cyber-attacks. Therefore, Blockchain technology can be used with IoT to provide several security aspects.
Blockchain is a public technology where everyone participates in the network of nodes. Every participant can see the blocks and the transactions that are stored & approved on the network. Besides this, being a decentralized technology, Blockchain doesn’t allow a single authority to authorize the transactions eliminating SPOF weakness.
3. Blockchain as a Service
BaaS is known as the most popular trend in recent times. This technology trend gets integrated with several startups and enterprises. It is a cloud-based service that allows users to create their digital products. These products can be decentralized apps or smart contracts.
4. Stablecoins Will Be Available More
Bitcoin is a cryptocurrency that can be highly volatile, and to avoid the volatility, stablecoin has been introduced. Stablecoins are predicted to achieve an all-time high. Facebook’s cryptocurrency Libra is using stablecoin.
5. Blockchain Networks and Interoperability
Blockchain Interoperability is a trend that can share data across multiple blockchain systems. This trend makes it simple for people to see and access data across various blockchain networks. The best example of blockchain interoperability is to send data from one Ethereum blockchain to another.
The recent digital transformation has resulted in Blockchain’s usage, as it is known as the most secure technology to create apps with. Blockchain technology can integrate with various other emerging and popular technologies to provide unique systems. If anyone wants to get an app developed with this technology, you can contact OpenXcell, the leading app development company.