Five Highly Anticipated Blockchain Trends You Should Know In 2020

Blockchain, since its inception, has been one of the most demanded and talked about technology among all the new age technologies the industry has been working with. Its vast application has opened up opportunities for organizations to implement it in their business process systems where a large chunk of data is involved.

Over the years, this technology has evolved from its first use case bitcoins and cryptocurrencies to now handling secure data and transactions. Blockchain has emerged as a mainstream technology where its underlying mode of operation has allowed for pragmatic solutions in multiple businesses other than just cryptocurrencies.

In 2018, blockchain seemed to be a runaway train with skyrocketing currency values with a completely unregulated financial crypto market. But, as the technology evolved and people started to understand the way it works, they figured that this can be leveraged in all kinds of secure transactions.

In 2019, this technology has torn away from the bitcoin shadow and become a standalone technology offering solutions for process ingrained issues in industries such as supply chain, land registry, healthcare to name a few and has also provided the necessary tools to make other latest technologies like Artificial Intelligence (AI), Machine Learning (ML) and Internet of Things (IoT) viable solutions by integrating with blockchain.

The Future Blockchain Offers

Blockchain fundamentally is a disruptive technology with capacity and capability to transform outdated processes and make way to streamlined, cost-effective, transparent, traceable and secure processes. It takes away the power held at the helm by a few and distributes it with all the key stakeholders. Blockchain has democratized the way transactions and data are stored and exchanged.

These advantages from blockchain adoption is building a strong career path for the developers making it one of the must-have skillsets in the coming years. The job prospects and the interest in the implementation in different sectors are witnessing a rise continuously.

Trends To Look Forward To In Blockchain

Blockchain adoption will continue to grow

Although blockchain during the initial years was associated with bitcoins, it has come out and has been used in various other sectors like voting, supply chain management, healthcare, real estate, shipping amongst others. Larger business conglomerates have understood the importance of this technology and started to delve into it.

For example, a leading IT firm has a shipping related blockchain solution which is already in Beta stage. This technology is currently used to trace and regulate diamonds straight from the mines to the consumers, thereby reducing the conflicts and irregularities.

The adoption of this technology is increasing daily and the year seems to be promising for a worldwide acceptance of blockchain ushering in better research and development of applications.

Blockchain will add on and strengthen IoT

Blockchain usage in IoT has already begun few years back to secure any data collected through devices. Many IoT service providers and devices were grappling with the issues of data security and integrity while the IoT devices captured data through sensors which were analyzed through cloud computing.

Integrating blockchain increased the security of sensitive information and made data exchange process secure and transparent. The decentralized ledger system made way to remove the single-point-of-failure existing in IoT devices, thus eliminating hacking attacks from outside.

IoT technology used in the smart home devices use highly private and sensitive personal information for home security. This information has to be accessed through cloud technology. The open nature of data storage created doubts and hindered the adoption of this technology. But building such a system on a blockchain platform eliminated the risk of data storage and hacking, and is thus making IoT based home security system enticing offers to homeowners.

More startups and entrepreneurs are entering the arena

The vast potential of blockchain is just getting realized by both private and public sectors. This has created interest among people to start companies that provide blockchain-based solutions. Seasoned entrepreneurs too are entering this arena.

Apart from new paradigm solutions in major verticals like land registry, supply chain management, healthcare and banking, blockchain is also being implemented for creative applications for entertainment and media by focusing on the transparent nature of the technology.

Blockchain will be used in personal identification with enhanced cybersecurity

In the current scenario, digital data is highly susceptible to hacking and cyber threats. Leakage of personal information and unwarranted, unauthorized usage of personal data for cheating and misuse is not unheard of. Blockchain stores and exchanges data after encryption.

This increased security along with the traceability of data will be a big boon for consumers who depends on more online sites for transactions. When a consumer shops online, although all the consumer data and search history is available for consumption, the consumer can choose which data to share on online shopping sites and control the visibility of their personal data through blockchain.

Blockchain will increase the number of jobs in the Industry

AI, ML, Data Sciences are highly trending technologies whose applications can be made cost-effective, secure, transparent and highly efficient only with the integration of blockchain. As a stand-alone technology too, blockchain will be a formidable technology.

All of these implementations require large scale initiatives to build blockchain network and application. There is a massive demand for blockchain skilled workforce from blockchain developers to architects to project managers. The career prospects and job opportunities have already been projected to skyrocket.