7 Prominent Trends in Blockchain Technology 2020
Blockchain is a revolutionary technology swaying numerous industries. It was derived from a modern application “Bitcoin”. Bitcoin is a digital currency used for money exchange. One word that would be a cryptocurrency that might better describe a bitcoin.
There is always a misconception among people that bitcoin and blockchain are the same. Bitcoin is not Blockchain. It is a part of blockchain technology. There are numerous applications in this technology that revolutionize traditional practices.
Blockchain technology encourages people to learn new skills. Software development services provide many applications whereas this promising technology will change the traditional approach for businesses.
Dominating blockchain technology trends
Few applications or services in blockchain technology are trending now. Blockchain technologies that will invade in future will be
- Blockchain As A Service(BAAS)
- Social Networking
- Stable coins
- Blockchain integration with Government agencies
- Internet of Things(IoT)
- Artificial Intelligence(AI)
- Interoperability and Blockchain Networks
1. Blockchain as a Service
BAAS is a cloud-based service integrated with many industries in recent years. This service is booming among the industries from startups to enterprises. It helps to manage, build, operate blockchain apps and runs like a web host handling backend operations for an app. It allows companies to leverage their business by providing cloud-based solutions. This makes the process agile and operational.
2. Social Networking
Over 2.77 billion people use social media for gathering and sharing information. Introducing blockchain in social media will help in reputation management, privacy violations, data control, and content significance. Blockchain helps to store data in a highly secure environment. It allows taking ownership of the data you store and access.
3. Stablecoins
Bitcoin was initially used as a cryptocurrency for trading and transactions. Bitcoin is volatile in nature. To avoid volatility they introduced stable coins. Stablecoins are pegged with U.S. dollars and the currency becomes stabilized. Price stability is the main feature of stablecoins which is achieved via collateralization. The algorithmic mechanism for buying and selling the assets make this possible.
4. Blockchain integration with Government agencies
A few public sectors and government agencies follow inefficient centralized systems. Blockchain integration can help them collaborate with the records and make it highly efficient. Blockchain networking will make it agile and secure. Privacy issues could be reduced by integrating blockchain technology. Government agencies can utilize blockchain technology to provide cybersecurity, process optimization, and integrate all services.
5. Internet of Things (IoT)
As complex safety challenges buckle up always, the IoT market focuses on data security. The distributed ledger approach in blockchain technology is tamper-resistant. It removes the necessity for threats and security issues. Third parties cannot take a chance to hack or crack the data stored. The robust level of encryption prevents overwriting of data and cost-efficient.
6. Artificial Intelligence (AI)
Artificial Intelligence is proof of technology emergence. AI becomes more coherent and understandable with the blockchain system. Blockchain with ledger applications can store all data in a highly secure environment. Smart computers, Data protection, Data monetization are some examples of the blockchain system with Artificial Intelligence.
7. Interoperability and Blockchain Networks
Interoperability is the ability to share data, records and confidential information across multiple blockchain platforms. Interaction and integration of blockchain networks will help in building blockchain networks.
