Blockchain, as we have seen, is becoming one of the most establishing enterprise technologies in the market. There is a little time before it reaches to the brimming potential but the presence of top blockchain developers around the globe will make sure it to happen soon. They have created a buzz in the market due to their volatile nature and if you have heard about the blockchain, it is probably because of the headlines made by the crypto-currencies like bitcoin, Litecoin and more.
Blockchain can be used for so much more, the technology behind blockchain makes it ideal for other useful cases other than digital currency. For instance, blockchain can have a check on supply chain management and increase data security and much more. There are new capabilities that are evolving regularly and we are at the beginning to understand all possible applications of this revolutionary technology.
It is very necessary to know how a blockchain works. For a blockchain to work, four things must happen:
- A transaction must occur
- The transaction occurred must be verified
- The transaction verified must be stored in a block
- The block must be given a hash i.e. unique identifying code.
Now, let us take a look at the emerging blockchain development trends in 2020 that play a pivotal role in shaping the future of blockchain technology.
7 EMERGING TRENDS OF BLOCKCHAIN
The advent of 2020 brought a lot of excitement in the blockchain technology.
And now we believe “The future is here”
- BLOCKCHAIN ADOPTION:
The blockchain technology has been used for various sectors like food safety, shipping, healthcare and more.
Narrower applications of the technology are already in production. For instance, the 3D printing space, blockchain makes it possible for the various organizations for data governance, identity provenance, assure auditability and validation.
Blockchain is now used to address climate change issues, including carbon emissions and food waste.
The gemstone industry uses blockchain to assure transparency and tracing a stone back to its origins.
It ensures the stone is real and not the product mining.
These are only a few examples that demonstrate the wide-adoption in the application of technology.
Organizations are focusing on building apps based on blockchain technology.
- BLOCKCHAIN AS A SERVICE:
Blockchain as a Service is another trend that is currently integrated with a number of recent start-ups and enterprises.
BaaS is a cloud-based service that enables users to develop their own digital products by working with blockchain.
These products fall into the category of smart contract applications or even services.
Such services incline to work without any requirement of setup of complete blockchain infrastructure.
Microsoft and Amazon hire blockchain developers that are top skilled and are among few of the organizations that are providing BaaS service that targets to shape the future of the blockchain applications.
- BLOCKCHAIN IN IOT
Blockchain will make a pace and will improve the internet of things(IoT). IoT apps must run everywhere by building trust and reducing the risk simultaneously decreasing costs and speeding up the transactions.
By the year-end of 2020, at least 25% of the IoT deployed products will be enabled with basic levels of blockchain technology.
- BLOCKCHAIN AND AI:
Artificial intelligence (AI) needs data to function and the faster the AI can access the bigger data volume of data, the better the outcomes would be.
AI feeds on data and blockchain allows the encrypted storage of data.
With a blend of blockchain and AI, data can be authenticated and validated more reliably and faster.
Blockchain makes the possibilities for artificial intelligence products to access big data and thereby vastly improving the performance of the projects.
- BLOCKCHAIN AND CURRENCY (STABLE COINS):
Blockchain is known for its currency exchange methods. But there are advancements in the field to ensure more security and trust.
Stable or solid coins are in the initial phase and it is predicted of coins to achieve their all-time highs later in 2020.
It will make them second in the most looked trend in the industry.
Future applications of stable coins:
- Highly secured
- Fast remittances and affordable
- Recurring and peer-to-peer payments
- More stable currency exchange
- Uses as regular currency
- HYBRID BLOCKCHAINS:
The trend which is going to set in the year 2020 will be the hybrid blockchain. It is defined as to use the best part of the public and private blockchain solutions.
The hybrid blockchain gives to ensure controlled access and freedom simultaneously.
Hybrid blockchains are totally customizable and the members if the blockchain can decide who can be a part of the transactions and which of them have to be public.
XDC is one of the hybrid blockchain project that is created and managed by XinFin, a Singaporean company.
In the real world, it will be controlled across various platforms in which few authorities will be public and some will be stated as private.
- BLOCKCHAIN AND CYBERSECURITY:
As there are many data breaches and cyber-attacks, the blockchain is focusing to increase security mainly in the area of personal identification.
For instance, the retailer needs to ensure a customer’s identity when you are shopping online and all the details of your personal information can be gathered by the retailer.
The Startup shopin has found a solution by creating a universal shopper profile using blockchain technology. Only limited data of the customer will be sent to the organization as per the requirement.
By the current trends which are flowing in the market and the trends which will be coming to the market derives that 2020 will be a significant year for the blockchain development.
Blockchain has the potential to use data in ways it was never thought before.
So, initialize a search to hire a blockchain app developer as it is going to give in positive results.
Hence, if you need more information related to Blockchain technology or modern tools, or you want something to add in this post, then you can give your opinion in the comment section. We would love to share and add in our post.
ANSHUL SHARMA, CEO of FLUPER- a mobile app development company, has mastered its way of taking his company forth. He is a dedicated and passionate entrepreneur who carries a zeal to learn from wherever the scope is. He believes in sharing his strong knowledge base with others.