Blockchain Development Trends to Look Out For in 2020

Blockchain Development Trends to Look Out For in 2020

Posted On  September 29, 2020 in  

by OptimusFox

Blockchain Development

Blockchain technology is outside the cryptocurrency domain now. It is a part of processes like food safety, voting, and maritime shipping. For example, and various big brands such as IBM, Walmart, and Amazon are exploring ways to utilize this technology. Similarly, various small and large businesses are looking towards blockchain development in order to streamline processes. The fields which are utilizing blockchain are medical data, supply chain, and administration.

More Jobs in the Blockchain Sector

Witnessing a wide range of blockchain applications, it’s quite obvious that demand for blockchain developers will increase in the year 2020. As a result, more and more organizations- small or big- take the advantage of blockchain adoption. Furthermore, many software development companies are using this technology and building apps on it.

The Importance of Federated Blockchain

In this type of blockchain, various powers can control the predefined blockchain node. The year 2020 is going to witness an exponential increase in the use of blockchain standards as they provide a private blockchain network. As a result, it provides a more customized experience.

Blockchain as a Service

BaaS is one of the latest trends that the world is going to see in blockchain technology. One of the most important blockchain trends in 2020 is BaaS which stands for Blockchain as a Service. In addition, this is a new trend for major networks now integrated with many small companies especially startups. Also, BaaS is a cloud-based solution that enables users to develop their own digital products using blockchain development services. These products can be smart contracts, application-driven applications (Dapps). Or other applications that can work without any configuration requirements for a complete blockchain-oriented infrastructure.

Using Stable Coins

Using the Bitcoin for using cryptocurrencies showed that it is volatile in nature. In order to avoid it, stablecoins came into being which has stable value linked with each coin. Currently, stablecoins as technology are in their preliminary phase. Moreover, it is also forecasted that the year 2020 will be the year when blockchain stablecoins will achieve high value.

Social Networking and Blockchain

There are approximately 2.77 billion users of social media around the world in 2019. Similarly, Blockchain applications on social media will be able to resolve problems related to scandals. Also, problems of privacy violations, data control, and content interest. Thus, blockchain integration in social media is another trend for emerging technologies in 2020.

Blockchain Networks and Interoperability

Blockchain interoperability is one of the most important trends that share data. Similarly, they also share other information across multiple systems of blockchain networks. This feature makes it easy for people to view and access data on a large number of blockchain networks. For example, you can easily send your valuable data from an Ethereum blocker to another specific blockchain network. Interoperability is somewhat a challenge, but there are huge benefits.

Finance and Economy will use it more

Unlike other traditional businesses, the banking and financial sectors do not need to transform their operations to adopt blockchain technology quickly. As soon as they successfully went for a cryptocurrency, financial institutions began to seriously consider its use in traditional banking.

According to statistics, 77% of financial institutions are expected to adopt blockchain technology as part of their system or process by 2020. In addition, Blockchain development will allow banks to reduce unnecessary bureaucracy. Also, implement faster transactions at lower costs, and increase confidentiality.

Merging blockchain with IoT

The IoT technology market will focus on security as the globe experiences complex security challenges. All these complexities in the system originate from the diverse and distributed nature of the latest technology. Moreover, the number of various devices connected to the Internet has crossed the 26 billion mark. As a result, the amalgamation of the device network and the Internet of Things will become popular in 2020.

Transforming the Supply Chain Industry

If you are reading blockchain technology trends 2020, you cannot miss the role of blockchain development services here. Supply Chain has become very complicated today. In addition to this, it takes many days to make a successful payment between a retailer and a customer, or a manufacturer and a supplier. Moreover, it is quite difficult to investigate supply chains in case of suspicious activities.

Wrapping Up

In this article, you come to know about the top latest trends in blockchain technology in 2020. Undoubtedly, blockchain technology is one of the leading and promising technology domains for the year 2020. Also, it has several uses in different industries. The finance industry is one of them, for instance. Therefore, many businesses are looking for a blockchain development company to implement this technology in their business process.

If you want to reap the advantages of blockchain technology, you can hire blockchain experts for your project. The blockchain development will definitely improve the security of your operations with additional benefits as well.