THE BLOCKCHAIN TRENDS OF 2020
1. THE RISE OF STABLECOINS
We all know that many cryptocurrencies are very volatile in nature. The trend in 2020 is to reduce this volatility and to grow these stable coins. These are, by nature, cryptocurrencies offering greater stability and limiting price volatility.
Compared to other traditional cryptocurrencies, the value of stablecoin is never affected by traditional market conditions such as currency crashes, among others. Its stability is a big advantage and that is why it is estimated that the year 2020 will see stable parts reach a record level. One of the best known examples of stable parts is the Teher. These positive forecasts are due in particular to several reasons in addition to its stability:
Stable currency exchange
The characteristic of being used as an ordinary currency
Immunity from problems such as currency blockages
Affordability and rapid remittances
Affordability and rapid remittances
Stablecoins are still in their initial phase but their visibility will increase in 2020 with the launch of Facebook’s « Libra » crypto money.
2. THE NEED FORT BLOCKCHAIN EXPERTS
The blockchain is a rapidly developing technology on a large scale and its integration into many new sectors creates new opportunities for experts blockchain. However, there are too few qualified personnel in this field today. Despite the increasing number of experts, the demand is higher due to the strong evolution of the blockchain.
In fact, this area requires very specific skills that too few people today possess. It is therefore clear that 2020 will see the demand for blockchain developers skyrocket knowing that more and more organizations see many advantages in blockchain development.
More and more universities or specialized schools have started to integrate blockchain branches into their curricula to provide more blockchain experts but it’s hard to fill the gap. Moreover, many software developments companies have adopted the technology in order to be more competitive.
According to TechCrunch, blockchain jobs are the second fastest growing part of the labour market. The article also indicates that the ranking shows an increase of more than 35,000 % for independents in blockchain technology, making it the fastest growing skill out of more than 5,000 skills in terms of self-employed billing.
3. THE BLOCKCHAIN & SOCIAL NETWORKS
More than a third of the world’s population regularly uses social networks, exactly 2.77 people in 2019. Blockchain technology could turn the world of social networking upside down for several reasons. Indeed, several problems that have faced the networks for many years could be solved. Experts are unanimous in saying that applications of the technology can solve problems such as scandals, data control, data relevance, privacy violations, etc. But how?
With the implementation of technology, it is possible to guarantee that data published on social networks remains untraceable and unduplicated, even after their removal. It is also possible for users to securely store and retain ownership of data. The blockchain also guarantees that the power of content relevance is in the hands of those who created it, rather than the owners of the platform. This makes the user more secure because he can control what he wants to see.
Given the impact of social networks in today’s world, it seems evident that the introduction of the blockchain in the social network universe will be an important trend to follow during the year 2020. Maybe the hardest part will be convincing social media platforms to integrate the technology.
4. A FULL INTEGRATION OF THE BLOCKCHAIN IN FINANCE
The blockchain is already playing an important role in the financial world to such an extent that experts say that technology will be fully integrated in the short term. One of the best-known applications of the blockchain, crypto-money has already been implemented for a few years in financial services and its implementation has been a success. In 2018, 9 out of 10 banks in North America and Europe were exploring blockbuster trends. This figure illustrates the interest of financial players in this revolutionary technology.
According to a PWC report, 77% of financial institutions are scheduled to adopt blockchain technology as part of a production process by 2020. Banks and financial institutions using blockchain technology could reduce their infrastructure costs by up to 30%. Blockchain technology can affect positively in several ways, reducing excessive and redundant bureaucracy, making transactions faster and cheaper, and increasing confidentiality. According to the consulting firm Gartner, the banking sector will generate nearly $1 billion from blockchain-based crypto-money by the year 2020.
Moreover, the blockchain can be used to launch new cryptocurrencies that will be regulated or influenced by monetary policy. In this way, banks want to reduce the competitive advantage of stand-alone crypto-currencies and obtain greater control over their monetary policy.
5. LA BLOCKCHAIN AS A SERVICE (BAAS)
The term « BAAS » has recently become fashionable on the blockchain side. It is essentially a cloud-based service that allows users to develop their own digital products using the blockchain. These digital products may refer to decentralized applications, smart contracts or other services, which can operate without the configuration requirements of a blockchain-based infrastructure.
These digital products may refer to decentralized applications, smart contracts or other services, which can operate without the configuration requirements of a blockchain-based infrastructure.
Several start-ups and companies have already integrated this new facet of the blockchain technology into their activities. Among them are Amazon, Microsoft, IBM Cloud or Oracle Blockchain.
In view of the interest shown by the world’s largest companies in this aspect of the blockchain, it will be interesting to follow the evolution of the BAAS trend in 2020.
6. THE FEDERATED BLOCKCHAIN
One of the major blockchain trends of 2020 is called the federated blockchain. But what does the federated blockchain mean? First, it is important to know that Blockchain networks can be classified as: private, public, federated or hybrid. The term Federated Blockchain can be considered one of the latest blockchain trends in the industry. It is simply an improved form of the basic blockchain model, making it more suitable for many specific use cases.
In this type of blockchain, instead of a single organization, multiple authorities can control the pre-selected blockchain nodes. Now, this selected group of different nodes will validate the block so that transactions can be further processed. a good year 2020 is predicted for the federated blockchain as it provides private blockchain networks, a more customizable perspective
7. MORE INTEROPERABILITY IN THE BLOCKCHAIN
Blockchain interoperability is the ability to share data and other information between multiple blockchain systems and networks. This function allows the public to easily view and access data on different blockchain networks.
For example, you can send your data from one Ethereum blockchain to another specific blockchain network. With the transition of Hyperledger Besu, an Ethereum customer, we have seen a significant sign that block chains will continue to converge. In 2019 we saw multi-cloud block chain deployments, so we won’t be surprised to see successful cross-block chain pilots in 2020.
Interoperability is a challenge, but its benefits are enormous. It is interesting to follow the growth of this trend in 2020, even though we are still in the early stages of development.
8. THE INTEGRATION OF THE BLOCKCHAIN INTO GOVERNEMENTS
Today, government authorities must manage millions of pieces of data daily. Each of them has its own separate database, so they must constantly request information on each other’s residents.
The idea of a distributed ledger would be very interesting for efficient data management, which will increase the functionality of government agencies.
According to Gartner, by 2022, more than a billion people will have data about themselves stored on a blockchain, but they may not know it. Moreover, as crypto-currencies emerge, it is inevitable that governments will have to recognize the benefits of blockchain-derived currencies.
A recent example of blockaded integration into government is the case of Estonia. Technology allowing people to control and secure their own data, earning the country the nickname « E-stonia ».
9. MERGE BLOCKCHAIN & AI
Integrating AI into the Blockchain would be interesting since it would simply improve development. Indeed, this integration will show a level of improvement in blockchain technology with an adequate amount of applications. According to the International Data Corporation , 51% of companies will make the transition to AI with the integration of the blockchain in 2020. This figure illustrates the potential impact that these two technologies could have when merged because of their complementarity.
The blockchain has a real positive impact on the other technology. Indeed, it can also make AI more consistent and understandable, and we can trace and determine why decisions are made in machine learning. The blockchain and its register can record all the data and variables that go through a decision made in the learning machine.
But it works the other way around, since AI can also have a positive impact on the blockchain, hence their complementarity. Indeed, it can improve the efficiency of the blockchain much better than humans, or even standard computing. The way block chains are currently run on standard computers proves this with a lot of processing power needed to perform even basic tasks.
Among the examples of applications for integrating AI into blockchain technology, we find the Smart Computing Power, Creating Diverse Data Sets, data protection, Data monetization, Trusting AI Decision Making
10. BLOCKCHAIN & IOT
The IoT market will see a renewed interest in security as complex security challenges arise. The number of devices connected to the Internet has surpassed the 26 billion mark. Penetration of the network of devices and the Internet of Things will become popular by 2020. Network operators must be allowed to prevent hackers from doing their work.
With billions of devices connected and added, the IoT is a prime target for cyber-attacks, which makes security so crucial right now.
The blockchain also offers new hope for the safety of the IoT for a variety of reasons. First, the blockchain in general and everyone involved in the blockchain network can view and approve blocks and stored transactions, although users can still have private keys to monitor transactions. Second, the blockchain is decentralized, so no single authority can accept transactions that eliminate SPOF. Third, and most importantly, it is secure – only the database can be extended, and previous records cannot be changed.
Blockchain technology is very present in IOT companies to accelerate their commercial part. IDC (International Data Corporation) projects that 20% of IoT deployments will allow blockchain services by 2020.