BlockchainArmy, the capital advisory firm having its headquarters in Rotterdam City and Istanbul, provides blockchain consulting services across 20+ countries all across the world. To bring in more awareness about adopting blockchain technology, the chairman and co-founder of blockchain consulting company BlockchainArmy, Erol User, has been attending seminars and conferences all around the world and impressing delegates by his overwhelming speech on blockchain technology. He advises the companies to adopt blockchain technology to reap the manifold benefits that blockchain technology brings in. However, User also admits that such an adoption will need time and tireless efforts, but the sooner, the better it will for the industries.
For the coming year 2020, which is already knocking at the door with new revelations and resolutions to take in, Erol User has come up with ten upcoming trends that he thinks will transform the blockchain technology for the betterment. Here are those ten trends discussed in details that User thinks will bring newness to the blockchain technology.
BaaS—Blockchain as a service
BaaS is a third party cloud-based blockchain service that allows customers to use cloud-based solutions to develop and adopt their own smart contracts, decentralized blockchain applications (Dapps), and other various relevant functions on the blockchain network that can work without any blockchain-based infrastructural setup. Some of the companies providing BaaS services are Amazon and Microsoft that are constantly shaping the upcoming applications of blockchain.
Federated blockchain will play a pivotal role
Erol User considers the Federated blockchain to be the latest trends among the four types of networks, the other three being Public, Private, and Hybrid. Federated Blockchains are faster with higher scalability and, therefore can provide more privacy of transactions. In Federated blockchains, there are multiple authorities controlling the pre-selected nodes of blockchain, instead of a single organization controlling it. Erol expects that there will be an obvious surge in the usage of federated blockchain in the coming year 2020, as it provides a more customizable look to the private blockchain networks.
Stablecoins to become more popular
To combat the volatile nature of Bitcoin (as it sometimes poses threats to the global economy with the prices of Bitcoin fluctuating with a small change in the economic conditions), stablecoins came into existence. Though stablecoins are at the stage of infancy, Erol expects that stablecoins will be at its full potential in the year 2020. Libra, a brand new cryptocurrency to be launched by Facebook in the year 2020, will solidify the use of stablecoins in 2020.
Exposure of blockchain in social media will solve serious issues involving blockchain
Erol assessed that the exposure of the emerging blockchain technology in the social media platforms in 2020 would help to solve serious issues like privacy violation scandals and will also help in maintaining the data integrity associated with blockchain. The use of blockchain in the social media platforms also assures the social media users about their content relevance, which lies solely on the creator and thus cannot be easily manipulated.
Blockchain’s interoperability attributes to take the mainstream
Interoperability is the ability to share relevant information across multiple networks of blockchain. Erol said that this simple function, with its manifold benefits, would help the public to access data across varied networks of blockchain.
Finance and economy sectors will seriously start adopting blockchain
As per Erol’s assessment 2020, about 77% of the financial sectors are expected to adopt blockchain technology by 2020, thereby allowing the banks to reduce the existing bureaucracy. It will also assure faster and secured transactions at comparatively low costs.
Government agencies also to adopt blockchain by 2020
Erol User thinks that blockchain technology will also bring in revolutionary changes in the government sectors, as it has already started disrupting the finance and economic sectors. The implementation of digital currencies will improve the data management capacities of government agencies.
IoT will focus on renewed security measures through blockchain
To combat the IoT network hacking, the network operators will be combining IoT with blockchain technology in 2020 as the existing centralized architecture of IoT is susceptible to hacking. Blockchain offers new IoT security because of the inherent decentralized and transparent nature of blockchain technology. Due to this reason, The International Data Corporation (IDC) expects that 20 % of IoT deployments will be implemented in the blockchain services by the year 2020.
Implementation of AI
The International Data Corporation assesses that AI (artificial intelligence) will reach $57.6 billion by the end of 2020 and 51% of businesses will be combining AI with blockchain by 2020. Erol is of the opinion that, AI being more understandable, can help in boosting the efficiency of the blockchain.
Blockchain needs more experts
Blockchain is an emerging technology, and there are few skilled experts till date. Therefore, to take this technology forward, it needs more skilled individuals who have a thorough knowledge of this emerging technology. Moreover, the implementation of blockchain technology in every field will create a situation, which will demand more blockchain experts by the end of 2020.
It is to see whether Erol’s assessments go correct in the coming year 2020, and how it changes the nature of blockchain technology altogether.