2020 brings major technology goals for technologies like Blockchain, IoT and AI. Blockchain technology this year is going to bring a tangible impact on real-world problems. Blockchain technology is expected to be used in various domains like medical, education, agriculture, production and so on.
The future of blockchain is very much intertwined with other emerging trends. Let’s have an insight.
BLOCKCHAIN AS A SERVICE (BAAS) Will BE Next BUZZ
Blockchain As A Service is a promising trend to be followed in 2020. BaaS is a cloud-based service that allows companies to develop digital products using blockchain technology. These digital products may be smart contracts, decentralized applications (Dapps), or even other services that can work without any setup requirements of the complete blockchain-based infrastructure.
The big companies such as Microsoft, Amazon are adopting BaaS based service provided by the blockchain services.
FEDERATED BLOCKCHAIN WILL BE THE CENTRAL FOCUS
Blockchain has different categories such as Private, Public, Federated or Hybrid. The Federated Blockchain is the latest trend followed by the industry in 2020. It is merely an upgraded form of the basic blockchain model, which makes it more ideal for many specific use cases. Now, this selected group of various nodes will validate the block so that the transactions can be processed further. In 2020, there will be a rise in the usage of federated blockchain for customized applications.
MORE VISIBILITY OF STABLE COINS
The big gest reason for the Blockchain technology not come to limelight is its association with the Bitcoins that are highly volatile in nature. In 2020, the stable coins are going to come in the market of cryptocurrency that will help in stabilizing the usage of Blockchain technology.
The big giants like Facebook’s are coming up with its own stable cryptocurrency “Libra” in 2020. However, certain challenges are still lying in the adoption but the company has high hopes to stabilize the cryptocurrency market.
BLOCKCHAIN SOLUTION FOR SOCIAL MEDIA
The social media users are increasing in numbers with each passing year. The introduction of blockchain in social media will be able to solve the problems related to notorious scandals, privacy violations, data control, and content relevance.
With the implementation of blockchain, it can be ensured that all the social media published data remain untraceable and cannot be duplicated, even after its deletion. Moreover, users will get to store data more securely and maintain their ownership. Blockchain also ensures that the power of content lies with the creators rather than the other social media platforms. This makes the user feel more secure as they can control what they want to see.
INTEROPERABILITY AND BLOCKCHAIN NETWORKS
Blockchain interoperability means sharing the data over the distributed network connection over multiple networks. This function is essential to spread the network of the blockchain among all the networks and to spread the applications just as the internet does.
BLOCKCHAIN APPLICATIONS WILL STABILIZE ECONOMY
Initially, banking and finance are the two main fields where there are no extra efforts required to set up a blockchain network. Once the blockchain successfully managed the cryptocurrencies providing safe transactions using ledgers, the bank is seriously started thinking over implementing blockchain for the banking operations. The financial institutions are expected to adopt blockchain technology as part of an in-production system or process by 2020.
Blockchain technology will reduce the complexity of the banking operations to conduct faster transactions at lower costs, and improve its secrecy. One of the blockchain predictions made the banking industry to adopt these new techniques rather than questioning their existence.
BLOCKCHAIN INTEGRATION FOR GOVERNMENT VENTURES
The blockchain technology is catching the attention of the government authorities that have to administrate very large quantities of data. Currently, The government agencies are maintaining their data separately and they often have issues in merging the data whenever required.
The implementation of blockchain technologies for effective data management will integrate the data and different ledgers can be maintained that can be connected over the network.
BLOCKCHAIN AND IOT
The blockchain technology was earlier facing a lot of security issues. These issues arise as different platforms use different technologies. The number of the different electronic devices we use to connect to the network, the risk to security arises. When IoT will be in common use the chances of intruders entering the safe network will increase and at that time the sincerity of the operator and the network devices will create a difference.
Right now, the increasing IoT network is creating a security threat for the technological setups and to adopt a technology that can fit into the needs of the distributed network.
The blockchain setup provides a network that is ready to handle the security threats and provide secure access to the data and services that are independent of the devices. The node creation can be done publically that can provide a decentralized service where the individual node can get to the ledger by making use of the blockchain technology.
BLOCKCHAIN AND AI
Better development of technology is the integration of blockchain technology with an adequate amount of AI applications. However, it is still to be implemented practically. As the global spending on AI and blockchain is continuously increasing, the businesses will likely make the transition to AI with blockchain integration.
AI is coherent and understandable, and it can blend very well with the blockchain ledger. It will be able to record all data and variables that go through a decision made under machine learning.
AI will also work as an energy booster to imp[rove the overall efficiency far better than humans, or even standard computing. Further, AI will decrease the consumption of the power required to run the blockchains. Some of the modern applications which can result as a combination of two technologies are Smart Computing Power, Creating Diverse Data Sets, Data Protection, Data Monetization, Trusting AI Decision Making.
Final thoughts:
As we look at the power of the blockchain technology and its use beyond the cryptocurrency, it has a vast scope that will come in the forefront in 2020, as discussed above. All is required is to gear up our efforts to adopt the favors of the blockchain technology that it is going to offer to the common businesses. So, we need to prepare our organizations to fit into the set of a distributed network that meets the requirements of the high end technologies like cryptocurrency to secure future applications.
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