Are you a blockchain enthusiast? But if in case you missed the fantastic blockchain trends of 2020, we are here to enlist all those trends. Curious to explore them all? So let’s get started.
Table of Contents
- Blockchain and its Overview
- Top 5 Blockchain Trends
- Conclusion
Blockchain and its Overview
Although blockchain mass adoption requires time and effort and cannot be accomplished overnight, its continuous enhancement reveals that technology will revolutionize the entire world. As technology is getting recognition, it is transforming almost all industries such as finance, supply chain, healthcare, digital identity, music & entertainment, among others.
Research & advisory firm Gartner stated blockchain as one of the top 10 strategic technologies for the year 2020. Moreover, according to Linkedin and Stack Overflow surveys, blockchain has been consistently ranked among the top skills that employers have been looking for in the past three years.
Blockchain is a P2P, decentralized, distributed ledger technology that allows individuals to secure their transactions and fully control their data without involving any middleman. Due to its potential to offer transparency, immutability, security and privacy, various tech giants, government sectors, and even startups are implementing blockchain technology to automate and transform their operations.
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Top 5 Blockchain Trends
Let’s now explore the top trends of Blockchain in 2020
Launch of Ethereum 2.0
Although the launch date of Eth 2.0 is not decided yet, this is one of the most awaited advancements for Ethereum developers in Ethereum space.. With its continuous efforts, the Ethereum community is planning to switch from its older version to its new version Eth 2.0. At present, it is utilizing Proof-of-Work(PoW) consensus, but now it is planning to upgrade to Proof-of-Stake (PoS) for its new version (Eth 2.0) with an aim to improve its performance and functionality. According to the recent announcement, it is expected to launch on August 4, 2020.
BaaS Adoption by Tech Giant Organizations
Just like other cloud-based services, BaaS is also a cloud-based service that enables blockchain developers to develop their digital products such as smart contracts, decentralized applications(dApps) by utilizing distributed ledger technology, blockchain. The BaaS operator aims to free the client and focus only on the core job, i.e., the functionality of the blockchain.It offers an external service provider for setting up all the necessary blockchain infrastructure for a fee. The major players involved in the BaaS space are tech giants such as Microsoft, Amazon, etc. that are shaping the future of blockchain applications.
Federated Blockchains will be More Dominant
Federated blockchains are the best kind of blockchains best suited for organizations where there is a need for both types of blockchains, i.e., public and private. These are specially meant for organizational collaboration and offer better security, scalability, customizability, and more control over resources. As these are much more efficient compared to public blockchains and suitable for all use cases due to which more companies and organizations are adopting such blockchains. Energy Web Foundation, IBM Food Trust are examples of such blockchain.
Infinite Rising Demands for Cryptocurrencies
As technology is becoming more mature with each passing year, the advent of cryptocurrencies has taken the world by storm. Amid COVID-19 pandemic, it has been found that multiple retail investors and even new players have entered into the cryptocurrency trading market, and now they are considering cryptocurrencies as alternative assets for financial transactions.
Talking about India, Ajeet Khurana, former head of the Blockchain and Cryptocurrency Committee of the IAMAI and former CEO of Zebpay, explained that during the lockdown phase many people are trading more, stating “Trading volumes are quite robust. Daily crypto trading volume in India may be $10-$30 million.”
The growing rate in crypto space is not only limited to India but all across the globe.
Integrations of Blockchain with Latest Technologies
Many IoT-based companies depend on blockchain for their business solutions. The International Data Corporation predicts that 20% of IoT deployments will enable blockchain services by 2020. The benefits of using blockchain for IoT can help organizations to build trust between parties and devices, reduced transactional cost with reduced settlement time from days to near-instantaneous. Blockchain can also work closely with other latest technologies such as machine learning and AI to transform and potentially create an entirely new paradigm. ML can manage tremendous data; it offers an opportunity to build better machine learning models by leveraging the decentralized nature of blockchain.
Conclusion
There are various trends to watch out that blockchain is making, apart from the trends mentioned above. Blockchain stablecoins will achieve their all-time high in the upcoming years. Moreover, if you are checking out the latest trends, you can’t miss out on the role of blockchain in the supply chain, digital identity management, social networking along with finance, and others. Most importantly, By looking at a wide range of blockchain applications in various industries, it’s obvious that the demand for blockchain developers and blockchain professionals will explode in the upcoming years.
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