Blockchain is an evolving technology and trying to spearheading in various sectors, such as information technology, finance, automotive, and manufacturing.
2019 was a good year for blockchain developments, but what trends we would see in 2020.
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Various developments are going on in the blockchain industry. Below are some key developments and trends to be happening in 2020 and onwards.
Consortium blockchain
It is a kind of extension of a private blockchain. In a private blockchain, there is the sole entity that can access the network and responsible for the contribution, though in a consortium or federated blockchain there are several trusted entities which can access the network. Consortium blockchain will see a fast adoption in 2020.
Blockchain as a Service
Blockchain as a service (BaaS) is also attracting various businesses because it provides an ease of mind from managing the blockchain. The big IT companies, Microsoft, Oracle, Amazon, and IBM, are providing the online platforms for businesses and organisations where they can manage and deploy their blockchain networks and leave the management to the service provider. This trend is expected to continue and expand further in 2020.
Blockchain in IoT
Blockchain in IoT was a trending topic in 2019. Developments of IoT itself are on a fast track, and in coming years there will be billions of IoT devices around the world. Combining blockchain with IoT will create an immutable data storage service for IoT devices and more security. The on-going developments of IoT and blockchain integration will get more traction in 2020 and onwards.
Blockchain in AI
AI (artificial intelligence) is also an emerging technology and integration of AI with blockchain will bring more advanced features to the blockchain network. In some cases, the transaction confirmation on the blockchain network can be delayed for a few hours to even days. The delays can be increased more if the amount of new transactions increases as there is a limited block size and further transaction confirmations need to be in the queue for validation.
AI can help by decreasing the computation power for transaction confirmation, and it can also help in the improvement of hashing or linkage algorithm. The integration of these technologies will see further developments in 2020.
Scalability
Most cryptocurrencies providers are trying to provide the scalable network for digital currency, in which users can complete fast transactions. However, most of them are failed to provide such capability. Even Bitcoin transactions are considered slow because of 5 TPS (transaction per second), which is quite low as compared to VISA’s system.
Most of the cryptocurrencies companies are trying to increase transaction speed by employing sharing and cross-chain technologies. These developments will continue in 2020 and get more tractions afterwards.
Government sector
Public sector Government data is always considered as confidential and sensitive, and its storage is always an issue of concern. Governments are now trying to adopt blockchain technology for data storage due to its immutable and secure structure. It is expected that there would be more developments in this regards in 2020.
Supply management
Supply chain management and blockchain integration are considered as one of the important application for blockchain. It will help in monitoring products from manufacturing to end-users with an efficient way of handling the data. The supply chain management integration with blockchain will also see further developments in 2020, because of its advanced features that it will bring to supply chain management.
More volatility in cryptocurrencies
The digital currencies are not yet stable. All of the currencies values are quite volatile. There will be more cryptocurrencies in 2020. Facebook Libra is also planned for lunch in 2020. This would make digital currencies more unstable in 2020.
Mobile phones
Blockchain in smartphones has also become a key feature. There are various developments in progress regarding blockchain in mobile phones. Some of the manufacturers, such as Samsung, Huawei, and Function X, are now providing blockchain wallet in their new and upcoming phones. Some of them are also trying to make blockchain-based mobile phones such as Sirin Labs mobile known as FINNEY. Other mobile phones manufacturers are also trying to adopt blockchain in their mobile phones. These phones would get more publicity in 2020.