In the upcoming years, blockchain will set a chain of revolutionary processes across any governmental agencies and private organizations. But its adoption requires a great time, effort and expertise to handle this novel technology. In fact, blockchain will promote people to acquire new skills, and prioritize their processes to obtain the maximum benefits from using this superb technology.
Blockchain has become more of a buzzword not only to facilitate payments but across many industries due to great awareness of its reaping benefits. The importance of blockchain could be massive or even more important than the internet of thing in 2020. Here is how:
1. Blockchain Integration with IoT
The distributed nature of Internet of things technology is of concern, proving to be a complex security challenge faced in the near future. The numbers of interconnected devices have expanded to a massive scale where even the basic devices are connected. IoT and device hacking will be prevalent in the year 2020 forcing organizations to adopt concrete security measures to stop intruders from interfering with the business. This is where blockchain comes into action, adding to a great security technology for the future. Firstly, everyone connected to the Blockchain network will have access to transactions stored approved by them. Most importantly, a secure database structure can be extended but no alterations allowed.
2. AI Role with Blockchain
The increasing popularity of artificial intelligence with Blockchain has improved the chances for better application development. This amalgamation will allow for a better level of enhancement and a sufficient amount of applications. Moreover, blockchain can make AI more reasonable and logical, offering for better decision making, benefitting both the firm and its respective prospects. Also, AI can boost efficiency levels much better than humans or even beyond standard computation power. For instance, smart monetization, data protection, and AI decision making. To summarize, firms are very much inclined to integrate AI with blockchain to not only influence customer’s decisions but aiming to target a diversified market, to achieve super-sized profits and a massive customer base.
3. Financial & Economical Apps
Despite other traditional firms, the banking and finance sector doesn’t need an introduction to blockchain technology due to its successful execution of cryptocurrency. The financial sector started to realize the importance of blockchain technology because of the numerous benefits it offers. A report from PWC, suggests that a huge percentage of financial institutions are likely to adopt Blockchain technology in the upcoming year of 2020. What makes this inevitable is mitigating excessive bureaucracy and perform faster transactions at lower costs and improved secrecy. Finally, blockchain will enable the launch of new cryptocurrencies that will influence the bank’s monetary policies.
4.Increase Employment Ratio
Blockchain is a relatively new technology and there are only a few percent of people trained and skilled enough to utilize this novel technology. As blockchain continues to progress in the future, it has created a situation for many developers to acquire knowledge and experience of this technology that will be of huge benefit in the upcoming year of 2020. Many universities and colleges have been making considerable efforts to catch up with this need; on the contrary, the rate of students graduating won’t be enough to fill this gap. Many blockchain services company are taking measures to work on their existing employees by offering training programs to develop and master Blockchain technology.
5. Boost Social Networking
Social media has taken over the world drastically, where people consider it as a necessity to run their everyday lives. However, social media itself poses some problems such as privacy issues, irrelevant or inappropriate content and notorious scandals that have created serious aggression and hot-headedness amongst the audience. The commencement of blockchain with social media will be able to solve all the aforementioned problems and therefore is another emerging technology in the upcoming year of 2020. The amalgamation of this skyrocketing technology will open new pathways to untraceable data that cannot be duplicated even after its removal. This allows users to feel more secure since it offers more control.
6. Blockchain as a Service
One of the leading Blockchain trends of 2020 is BaaS, standing for Blockchain as a service. Cloud technology has never failed to amaze enterprises and startup businesses allowing them to create products by working with blockchain. These digital products may comprise smart contracts, decentralized applications or other services that can work without any need for separate hardware infrastructure. In addition, some multinational giants such as Google and Amazon have already started using Blockchain to provide the Baas service, as a result, transforming and reshaping the future ahead, leaping forward in the competition.
Concluding, the benefits of blockchain technology are not to be foregone. The rise of adept developers is prevalent who will strive to take full advantage of this intimidating yet promising technology, to bridge the gap between devices at a lower cost.