As we break into 2020, the extremely rising popularity of blockchain technology drives us in the zone of prediction. While 2018 has been a demanding year for space, let’s take a stare at how the blockchain planet is likely to pan out over the year 2020.
Work towards improving the image:
The status of blockchain has been a slight shaky because of the myth that crypto-currency is the only use case of the blockchain. Even though it is the most extensively known use case however it has some other uses. There are a lot of such businesses that are skeptical to deploy blockchain because of its close association with crypto-currencies.
Hopefully, this will be the year when blockchain would be able to separate crypto from people’s minds that have been existed as a pre-conceived notion and lead to increased adoption of the technology.
Have more real-world applications:
Blockchain arena has been hyped to a great extent by the blockchain enthusiasts and experts. However, this year, it seems companies would shift their focus from projects still on a conceptual level to more real-world applications. In fact, Deloitte’s 2018 Global Blockchain Survey has reported that companies have already started moving from proof-of-concept to real-world use cases. Making the technology more accessible and affordable would be the first step towards its wider adoption and IBM is already on it.
Increased regulation and scrutiny:
Involvement of governments and significant organizations will fetch attention from lawmakers and regulators leading to a greater amount of scrutiny and regulations. This will compel companies to think about ways to use blockchain more sustainably and ethically.
Earlier, the introduction of some regulations has had a widespread impact globally. This year, we hope to see more of such guidelines coming in protecting the identity and privacy of people and assets across borders.
Increased demand for Blockchain engineers:
With the massive increase in the number of top 10 Blockchain Games and projects, the demand for skilled people to deploy and maintain the technology is likely to increase. Moreover, as technology becomes more conventional, the demand for education and training in the arena would equally increase.
Become more user-friendly:
This year, blockchain is expected to become easier for developers and consumers to use. IBM’s initiative to create a customizable platform for developers can prove to be beneficial for developers to build solutions in an already established environment rather than creating an environment from scratch.
Using blockchain-based products that are connected to the Internet of Things (IoT) implies that the consumers will be able to use the technology without even realizing it. This is going to act as a key factor in encouraging the adoption of technology across industries.
Decentralization of apps:
Besides having a decentralized ledger, 2019 will experience more decentralization of apps. Currently, most of the apps use blockchain ledger that relies on a centralized application. Building decentralized applications is definitely not an easy feat but it is essential for widespread adoption of blockchain in businesses.
Give importance to off-chain components:
Off-chain components are vital for enterprise apps. Building enterprise apps is a difficult affair and blockchain ledger is only a small portion of the entire enterprise app. Nevertheless, applying blockchain technology is indispensable and off-chain components are required for the enhancement of operations of the apps such as workflows, security, user management, systems integration, etc. This is quite likely to happen this year.
If the predictions are realized, this phenomenal technology is sure to take a gigantic leap towards glory.