5 Blockchain Trends that will Dominate in 2020

Samuel OskysSamuel Oskys05/01/20205min
The year 2020 is expected to see massive changes in regards to Blockchain technology. The changes will come of course if the technology is adopted by many industries.

Blockchain experts believe that if the technology is adopted, in time it will revolutionize processes and different operations across various industries including government agencies.

BaaS by Tech Companies

Blockchain as a Service (BaaS) is, in fact, one of the most promising trends in the new year. This cloud-based service enables users to build their own decentralized applications and smart contracts that work without setting up a complete blockchain infrastructure, through Blockchain technology. Prime examples of big tech companies that develop blockchain offering BaaS services are Microsoft and Amazon.

Federated Blockchain network moves up

There are four blockchain networks known in the Crypto space. Public, Private, Hybrid and Federated networks. Although not very known, some consider the Federated network to be the best sector of the four. It’s an ideal use case, as it’s an updated form of the base model of Blockchain. Blockchain 2.0 so to speak.

In Federated Blockchains, multiple authorities can control previously selected nodes that will do the block validation and this is the reason why many believe that this sector will grow. This will also enable customization for blockchain networks that are private.

Stable coins may rule digital currencies

It’s clear to see that all cryptocurrencies are extremely volatile and their prices change in a matter of seconds. Prime examples can be made out of the top 5 digital currencies, Bitcoin being close to $20,000 in 2017 and in 2019 it’s barely pushing $7,000.

Stables coins entered the scene and have proven exactly what their name suggests, to be stable. Although stable coins are still fairly new, they have the potential to reach their all-time-highs in 2020.

Blockchain and Government integration

Many government agencies find blockchain technology and distributed ledger intriguing. Sending and receiving large amounts of data of a secure network is indeed appealing to these organisations.

Agencies today have separate databases and authorization is needed when they require specific information from each other. This is where Blockchain will eliminate this problem and improve the way they function and produce effective management of their data.

Demand for Experts in the Blockchain field

As Blockchain technology is adopted and is implemented by its users, the demand for blockchain experts will increase also.

Many today have gone from listeners to speakers to experts in the blockchain field, by developing their skills and experiences in regards to this widely expanding technology.

Furthermore, universities around the world have begun adding special courses to teach about this technology by offering blockchain programs. Additionally, tech companies are also implementing training programs for developing and managing blockchain networks.

 

 

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Samuel Oskys

Samuel Oskys

Sam Oskys is a British born technology enthusiast, automotive lover, artist, author and editor. His inspiration has been his life experiences; his evolution and adaptation in society and life itself and as a result, translated these emotions into art and words within his work in this duration. Writing about trendy, technology, automotive and lifestyle-related material is what he mainly focuses on and he’s currently one of the authors for High Worth Citizen. Contact Sam at +357-22029786 ext: 6115 or by email at soskys@highworthcitizen.com for editorial related questions.



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