The Blockchain technology refers to a storage setup of transactional records and is also known as a digital ledger. We can think of it as a Google spreadsheet that is accessible by multiple computers as part of a network. The blockchain concept has become very popular and gained more attention as it has provided a convenient way to keep records of data and transactions. However, the availability of a fast and reliable internet connection like Spectrum internet is a basic requirement for making the most out of this technology and carrying out its operations. This necessity is no longer a problem these days because we do have such reliable internet providers available in our area.
Blockchain provides maximum safety and security for the transactional records that are an essential part of any business or organization. Rising as an emerging technology of the digital world we see today, it is undoubtedly secure and offers a more decentralized system that allows faster transactions.
Transforming not only the industrial operations but also playing a role in revolutionizing the processes involved in government agencies, here are the top ten trends impacting blockchain technology in 2020 that you ought to know.
BAAS Gaining More Attention
One of the most important blockchain trends of 2020 is BaaS or Blockchain As A Service. It has been incorporated by many start-ups as it helps to design digital products. These may include smart contracts or any other digital product that does not require any setup requirements. Companies like Microsoft and Amazon are among those who are implementing this service and opening new horizons in blockchain applications.
The popularity of Federated Blockchain
The blockchain network can be of various types including Private, Public, Hybrid, or Federated. Federated Blockchain is one of the most recent trends adopted by the industry. It seems like an upgraded version of the basic blockchain model. One of its striking features is that various authorities can access and control the pre-selected nodes that determine the block. 2020 has witnessed a considerable increase in the utilization of these federated blockchains that have enabled users maximum customization.
Stablecoins-A More Stable Option
When it comes to stability, Stablecoin is a more reliable option. Though in its early stage, it is set to capture the attention of the users. This year blockchain stablecoins will keep gaining more and more popularity.
Introduction of Blockchain in Social Media Networking
With around 3 billion social media users all around the world and its usage rising every single day, the availability of blockchain on social media platforms will be able to fix many problems including privacy concerns, data control, and security, content quality, etc. Blockchain will help to prevent data on social media. Another potential benefit is that users will be able to store their data more safely. This will also offer greater security to the users since they will manage what they want to see in a better way. Thus the introduction of blockchain technology in social media is yet another emerging trend of 2020 that has the potential to solve various social networking problems.
Blockchain Usage by Government Authorities
The blockchain concept is very appealing for various government agencies that deal with large amounts of data. Every government authority usually has a separate database and usually need a constant up-gradation and flow of information while coordinating with each other. Blockchain technology seems a promising option for more effective data management and the smooth working of various government agencies. Therefore in 2020, blockchain integration by the government agencies will improve their efficiency and functioning.
Blockchain Blends with IoT
The growing number of internet-connected devices and expansion in the IoT network has posed bigger safety challenges for the IoT market. It has become more vulnerable to cybercriminals and intruders. Therefore, IoT security needs special attention to stop any cyber attacks. In this situation, blockchain seems to be the solution to IoT security concerns for all the right reasons.
Blockchain technology can be public when it comes to network participants accessing and monitoring the blockchain network. However, these multiple users can still ensure maximum safety by using private keys in transactions. Moreover, blockchain is usually decentralized as there is no single party that controls transactions. It is safer as you can add data but no changes can be made in its previous records. This is why more and more IoT companies are making use of blockchain technology for ensuring more secure businesses.
Blockchain and AI
The incorporation of blockchain technology with AI will result in more development and efficiency for both. Blockchain has the potential to make AI more comprehensible and explicit. It will allow for better data storage involved in machine learning. One the other hand, AI can be advantageous in improving the efficiency of blockchain technology.
Blockchain is an emerging technology that is gaining ever-increasing recognition and growth. With its widespread popularity, there has also been an increase in the number of experts. The aforementioned trends further reinforce its potential benefits and applications in various sectors while different companies continue to make efforts for developing effective training programs for their employee to understand blockchain network management profoundly.