It is notified that blockchain will be going to transform each operation and process across many government sectors and industries only they have adopted to it. But, this kind of adoption requires time, efforts and money. In addition to the blockchain technology, it will enhance more peoples to learn more skills, each kind of traditional business will need to entirely reconsider these processes to get the maximum benefits from using this technology.
The below-mentioned trends of blockchain technology in 2020 are as follows:
1. Blockchain as a Service (Baas)
One of the most eminent technologies of blockchain trends in 2020 is Baas. It is a newly trended blockchain technology that is currently integrated with several startups as well as enterprises. Baas is nothing but a cloud-based service that allows users to build their digital products by incorporating with the blockchain technology. The digital products might be Dapps, Smart Contracts or any other services that can work without setting up and requirements of the complete blockchain-based networks. Some of the companies developing blockchain networks that provide Baas services are Amazon, IBM, and Microsoft, consequently shaping the future of blockchain applications.
2. Federated Blockchain Networks
Blockchain networks are classified into, private, public, federated or hybrid. The term “Federated (or) Hybrid” Blockchain can be referred to as one of the lastest blockchain trends in the tech-based industry. It was an upgraded form of the basic blockchain model, which makes it more ideal for many specific use cases. In this blockchain type, multiple authorities can control the pre-selected nodes of blockchain, instead of only one organization. Now, the selected various nodes will validate the block so that the transactions can be processed further. In the year 2020, there will be a change in the usage of federated (or) hybrid blockchain as it provides private blockchain networks.
When comes to bitcoin, generally it has highly volatile. To avoid this stable coin enters the market strongly with the stable value associated with each coin. As of now, stable coins are in the initial stage and it is to be predicted that in the year 2020 stable coins will achieve their all-time high value.
Also read: How Blockchain can be Used in IoT
4. Social Media Meets the Blockchain Technology
Approximately, there are around 2.77 billion social media users around the globe in 2019. Introducing blockchain in social media will be able to solve problems like privacy violations, data control, and content relevance. Therefore, merging the blockchain technology with social media is another trendsetting technology in 2020. By implementing this technology in social media, it can be ensured that all your social media data remains untraceable and also cannot be duplicated, even if you delete the data. Moreover, users can store the data more secure and also maintain their ownership. This technology makes users feel more safety and also they can control the data like what others want to see.
5. Blockchain With IoT
The Internet of Things (IoT) market will looking for a renovation and also mainly be focussing on security as complex safety challenges nowadays. The amount of internet-connected devices has reached more than 26 million. The hacking of device and IoT networks have become common in 2020. It is up to the network operators who are all need to stop the intruders from doing their business. The current architecture with IoT is one of the main reasons for the weakness of IoT networks. With the billions of devices are connected to this network and more to be added causes cyber-attacks, which is extremely important to make your network more securable. Blockchain technology gives hope to the IoT networks for many important reasons. The first thing is blockchain is a public network, everybody would participate in the network of nodes of the blockchain network can see the blocks and the transactions are stored and approved by them, users can still have private keys to control their transactions which occurs in the network. The second thing is that blockchain is decentralized so that there is no single authority that can approve the transactions to avoid SPOF weakness. Third and most important is, it secures the database only be extended and the previous networks in the records cannot be changed. Many IoT based companies and industries adopt blockchain technology for their business solutions.
Also read: What is Blockchain Technology: Architecture, Uses, Myth and Future of Blockchain
6. Blockchain With AI
Integrating AI with blockchain technology will make development much better than before. This integration will show a level of improvement in blockchain technology with an adequate amount of applications. The IDC suggesting that the global spending on AI will reach $57.6 billion in 2020 and 51% of the businesses will be making the transactions to AI with blockchain integration. Moreover, AI helps to enhance the blockchain efficiency much better than humans, or even standard computing. Additionally, blockchain can also make AI more coherent and understandable and also can able to trace and find why this decision is made in machine learning. Because Blockchain and its ledger can store all the data that go through a decision made under machine learning. Some of the examples of the applications of AI in Blockchain are Smart Computing Power, Data Protection, Trusting AI Decision Making, and Data Monetization.
The above-mentioned details show the top blockchain trends in 2020. Blockchain is going to be a trendsetting technologies in the upcoming days. It has many features like security, safety, and reliability. Blockchain technology keeps your business data more authorized and highly-confidential. Looking to integrate blockchain technology into your business, choose the foremost blockchain development company to transform your businesses more safely. Blockchain technology would be the emerging ones and eventually continue to grow since 2008.