Blockchain technology is emerging rapidly and businesses around the world have started to adopt it. The reason why it is preferred is hidden in its security, transparency, and efficiency to data storage.
Why Use Blockchain Technology?
Blockchain is using distributed ledger technology. The data is stored on multiple systems instead of on a single central authority. To better understand the concept of Blockchain technology, we need to know the difference between centralized and decentralized internet.
Centralized internet is the traditional internet that we are using nowadays. In such a system, the data stored on a server is managed by a single authority for example Facebook. The problem is that Facebook can access and control the data of the user at any time.
Decentralized internetworks are based on distributed ledger technology. In this system, the data is stored on a peer to peer network of systems. No central authority can control the data of users. To hack a decentralized system, a hacker needs to access 51% of computers in the world which is nearly impossible. Hence, we can say decentralized internet is more secure.
Data security is the reason why businesses are now in favor of blockchain technology and more companies will be using this technology soon. Here are some of the top blockchain technology trends for 2020.
Top 8 Blockchain Technology Trends in 2020
More Demand for Blockchain Experts
There will be more demand for blockchain experts in 2020. With the quick adoption of blockchain, we need more blockchain developers and experts. Upwork, the famous online freelancing platform, has recently reported an increasing demand for people with “blockchain” skills. If you learn the blockchain and gain some experience in this new technology, it will be very helpful for you in the future.
Internet of Things
The internet of things is already making our everyday tasks easier. But How blockchain technology will work with the internet of things? Well, blockchain is going to revolutionize the world by combining the Artificial Intelligence, Internet of Things, and distributed ledger technology.
The main issue with IoT devices is security. We are witnessing the different IoT devices hacking techniques that hackers are using to steal the personal information of users. While using blockchain technology with IoT, the data will be stored on a distributed ledger. Hence, the data will be more secure and hackproof.
In 2019, many Start-ups jumped into the market of blockchain technology. Many of the start-ups failed to provide users with scalability. Even bitcoin blockchain is not scalable. The transaction speed of Bitcoin is 5 TPS. Which is very low when compared to centralized systems like VISA.
To provide a higher transaction speed, different companies are utilizing cross-chain and sharding technology. We’ll witness the more scalable blockchain-based projects in 2020. The 3rd Generation of blockchain is struggling to provide the world with a more secure and scalable blockchain. Even the 4th Generation blockchain is making its way to the market.
The Trend of National Cryptocurrencies
Let’s be honest, the traditional banking system is no more secure. The hackers are using different tactics to steal the credit card and other personal information. While logging into your account or purchasing products with a card, you are exposing yourself to hackers, who can steal your personal and transaction details.
To provide the solution for online banking, the governments around the world are focusing on blockchain-based cryptocurrencies. 2020 will be the year of National cryptocurrency adoption. Different countries have already introduced their cryptocurrencies.
Blockchain for Governments
Secure data storage is always been a problem for Governments. The governmental institutes have to store the sensitive information of users and customers. The traditional internet has many flaws when talking about data storage. But blockchain will provide secure data storage for sensitive information.
The hackers will not be able to access the data stored on a distributed ledger. Different governments are struggling to adopt the blockchain technology as soon as possible.
Blockchain with Big Data
Another top blockchain trend for 2020 is the integration of blockchain technology with big data. Blockchain is going to revolutionize the robotics industry by resolving the issue with security. Artificial intelligence is here to develop more intelligent machines. But the main issue while utilizing the AI is the security concern.
The hacker can hack a robot and they can use the robot for an evil purpose. Blockchain technology will help in developing more secure and scalable robots in 2020.
Blockchain in Supply chain Management
One of the most important applications of blockchain is Supply chain management. It will help in real-time monitoring and recording of transactions. It will provide more transparency and efficiency to data management.
The government will be able to track food manufacturing companies more efficiently. Blockchain will make the products traceable from the day of manufacturing to the final delivery to the market.
Apart from the above blockchain trends, there are numerous blockchain applications available in the market. Blockchain is making our life easier by providing easy and efficient data storage and transfer facility. It will take some time for the blockchain for mass adoption.
Blockchain is still in its early phase. It will evolve with time as the world is adopting the distributed ledger technology. Considering the worldwide adoption of the blockchain and its apparent benefits of decentralization, security, and high-performance, we'll witness more companies working on blockchain development and adoption in 2020.