Blockchain Technology Trends in 2020

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Blockchain offers a world that needs no banks or cash. It offers a world that is solely based on trust

                The impact of blockchain can be compared to the internet. While most blockchain transactions are currently associated with cryptocurrency, The nearest future promises of a broader impact of this technology from tracking and storing of medical records to securely verifying identities at the airports.

                In simple definitions, a blockchain is defined as a decentralized network that allows people to make deals and transactions amongst each other without the need for a third party or medium. The technology uses distinct cryptographic codes that present a chronological order of activities transparent, visible and easy to understand by all users of the platform while securing the identities of individuals involved.

                Though the technology is yet to be fully understood or harnessed, it is only profitable for you as a business owner or a trend-conscious and futuristic individual to learn about the emerging technology trends.

                Here are a couple of things to expect from the technology in the year 2019 and beyond

  1. The alliance between I.T and Blockchain: Blockchain allows the passage of data with top-notch security. This fits with the operation of I.T  and thus promotes interconnectivity between devices and platforms without hassle.
  • Tokenization : The use of the token to confirm ownership of assets is tokenization. It has benefits such as broad accessibility and increased liquidity which has led to an increase in the number of active participants in Blockchain development.

                The alliance between blockchain and the internet of things will be a trendsetter by 2024 due to a few reasons .

  1. BaaS:  Blockchain is no doubt a game-changer of the 20th century. Although most start-up businesses are trying to create  their own blockchain solution, it is important to know its not an easy task hence the relevance of BaaS which is cloud-based. it helps business put into existence their unique personalized blockchain products which includes smart contacts without the need of special assistance to initiate or manage it.
  • Artificial Intelligence : Both parties can be quite helpful to each other as Blockchain is in need of power and energy in order to unite the system and run its processes while artificial intelligence requires information on the best trends to select among a multitude of trends. Artificial intelligence can provide scalability, maximum security, privacy, and security to Blockchain while blockchain is on the other hand help maximize the effectiveness of artificial intelligence and increases the trust in the interaction between machines.
  • Decentralization of the Government: Blockchain being a decentralized network has the power to dissipate the government. The transparency of the system can help create trust between citizens and policymakers.