Now that it has entered mainstream consciousness and experiencing a widespread adoption, blockchain is now well past the point that it’s only deemed as a trend. But then again, it’s still at its infancy. Despite being leveraged in many industries, the true promised blockchain remains to be seen. But with its increased relevance, trends are beginning to emerge. Here are six blockchain trends that may dominate 2020:
More stringent regulations
While the main boon of blockchain technology is the absence of outside parties, there is still a need to regulate blockchain-based developments, especially those that deal with financial markets. Hackernoon notes that if left unchecked, the widespread adoption of blockchain standards and protocols that facilitate the interoperability of multiple systems will become a legal nightmare, hence the need for regulators, politicians, and taxmen to step in.
Blockchain meets social media
The integration of blockchain in social media can be the answer to the problems that have long plagued the sector, including scandals, privacy violations, data control, and content relevance. With the implementation of blockchain, it can be ensured that everything published on social media platforms remains untraceable and can not be duplicated, even long after its deletion. What’s more, users may also get the chance to store data more securely and maintain ownership of their information.
Emergence of other cryptocurrencies
For so long, Bitcoin and cryptocurrency were seen as one and the same, but that’s no longer the case. In an article on the ‘2020 Cryptocurrency Trends You Need to Be Aware Of’, tech writer Daniel Ling notes that investors are now monitoring Ethereum and Ripple as potentially becoming worthy investments. This is great news for novice investors who want to try their hand at the cryptocurrency market, as this opens up more opportunities to get involved. Of course, Bitcoin is still a popular option for those who prefer to play it safe, but you may want to look into other options if you want to diversify your portfolio.
Social good blockchain initiatives
Blockchain is not solely used for transactions—it can be used to create social impact, too. The Blockchain Land highlights that the technology’s promise to improve and bring forth fairness to society is as high as its commitment to creating new digital assets. While there’s still a long way to go, there may soon be a spike of blockchain-based projects focused on a social cause. The World Economic Forum’s transparency blockchain-powered project aimed at reducing corruption in public procurement is already set to launch this year.
Practical blockchain applications
Aside from social good, there may also soon be a rise in the practical use of blockchain. Forbes notes that blockchain is already being utilized in practical use cases, including tracking food, prescription medicine, and airline engine parts. As business executives continue to realize the importance of blockchain in a variety of business scenarios, we may expect more blockchain-enabled solutions focused on solving practical issues.
BaaS may also be a dominant blockchain trend in 2020 as noted by Krypto Money. It allows business organizations to deploy cloud platforms to develop applications and make way for an easy and seamless development process. BaaS enterprises serve as middlemen between the major blockchain platforms and entities using blockchain. As of writing, the most prominent companies providing BaaS are IBM Cloud, Microsoft Azure, Amazon Web Service, Oracle Blockchain, and VMWare.
Check out the Internet Society’s blockchain issue page to learn more about the technology.
Piece specially contributed to isoc-bsig.org
Contributed by: JBingham