Blockchain technology – a new innovative and promising technology for acquiring maximum benefits.
Blockchain technology is a decentralized and digital ledger for recording information, time, date, in short everything about each transaction.
There is no point of denial in the fact that adoption of blockchain in many industries including both private and government sectors will transform their operating methods but its adoption also requires sufficient time and effort.
Here time and efforts are applied especially for businesses where operations are done through traditional techniques so they have to transform their operations by adopting blockchain technology in order to gain maximum benefits.
Here are 5 trends of blockchain technology that will dominate in 2020:
1 Blockchain as a service by big tech companies
BAAS- a cloud-based service that enables users to develop their own digital products, for example, smart contracts, decentralized applications and many more. It is one of the trending developments in the blockchain ecosystem integrated with many startups and enterprises and is further seen to boost the adoption of blockchain in businesses.
Microsoft and Amazon are some of the companies that provide BAAS service further shaping the future and prosperity of blockchain applications.
2 Social Networking Problems Meet Blockchain Solution
We all know that social networking plays an integral part in our lives and if talking about social networking then privacy, data harvesting, and content censorship are the main concerns.
But these problems can be solved with the help of blockchain technology.
Implementation of blockchain technology enables data to remain untraceable even after its deletion and avoids duplication.
And each and every one is somehow connected through social media so blockchain is needed for sure.
3 Economy and Finance Will Lead Blockchain Applications
Every few months, the world is stunned with the biggest data breach breaking news!
And one of the reasons for these breaches is the centralized database structure of conventional technology. and because of this technology hacking is easy to do. As a result financial institutions are adopting blockchain technology considering its benefits.
According to the PWC report, 77 per cent of financial institutions are expected to adopt blockchain technology in their operations by 2020.
Not only the cost and time but blockchain technology will enable financial institutions to remove complete bureaucracy.
From eliminating fraud to ensuring better mode of payment, Blockchain technology will be beneficial for the financial institutions.
4 Blockchain Integration into Government Agencies
Blockchain technology is one of the most important techs for the government organisations which have to store public data in large quantities.
As it will be beneficial in maintaining transparency, securing data and having faster operations.
According to the Gartner, by 2020, there are chances of having data about people on a blockchain and they may not be aware of it, also national cryptocurrency will appear, so it is inevitable, the government will have to consider the benefits of blockchain technology and adopt it.
Digital currency is the future and no one can avoid it, not even the government.
5 Demand for blockchain experts.
Blockchain technology is increasing at a very rapid phase and is becoming an important tech to be adopted in any business or startup.
And due to the availability and adoption of blockchain technology, demand for blockchain experts is increasing and will further increase by 2020.
But today the number of people having blockchain skills are very less in order to fill the occurring demand gap.
Universities are taking required initiatives to fill this gap and companies too are providing training to their employees to build their existing talent in blockchain technology.