As the world is anxiously heading to enter the new year 2020 with open arms and love, the cryptocurrency industry is also looking forward to exploring new opportunities and challenges in the approaching year with full enthusiasm and zest. Many crypto enthusiasts are hopeful that the new year will pave new paths of success for the blockchain and digital currency arena as a whole.
In a recent interaction, Erol User, the honorable Chairman & Co-founder of leading blockchain firm BlockchainArmy has opined the potential advancements which the crypto industry will undergo in 2020. The spearhead has hinted towards ten revolutionary initiatives and trends that will rule the blockchain technology space. He stated that the new-age technology would streamline the operability capacities and processes of business entities and government institutions if they adopt the technology in its true form.
The ten crucial transformations which will be ignited by the blockchain technology in 2020, as stated by Erol are listed below, have a look:
BaaS or Blockchain as a Service is one of the most popular initiatives of modern times and has been employed by various startup ventures, enterprises, etc. The facility works as a cloud-based service that renders the users to curate their own digital solutions like smart contracts, Dapps, or other products as well using blockchain excellence. Some notable industries that are creating a blockchain offering BaaS service are tech giant Microsoft and online retail ruler Amazon.
Any person who has knowledge about blockchain is well aware of the three categories in which it can be categorized, namely: Private, Public, Federated, and Hybrid. Amongst the mentioned categories, federated blockchain adoption is one of the latest trends sustaining in the industry. In a federated blockchain network, several organizations have the authority to control the pre-selected nodes. This selected group indulges in the validation of the block, which processes transactions further. Erol opined that this system of blockchain network would show a boom as it offers a more advanced and customizable mechanism for private blockchain ecosystems.
Erol stated that the approaching year would bring about a major positive change in the popularity of stablecoins as the digital currency will enjoy its all-time high, followed by mass adoption. As cryptocurrencies involve the risk of high volatility, stablecoins can be treated as a substitute that withers away such dominant risks. Stablecoins are pegged with a stable value currency, and so ensure security and stability.
The blockchain consulting company BlockchainArmy leader mentioned about social media giant Facebook’s highly controversial stablecoin project, Libra. The project which is set to roll out in 2020 is likely to give a jolt to the global economy and the adoption rate of stablecoins.
It is almost impossible to find a person who is unaware of social networking sites and apps in the present era. With more than 2.77 billion social media users in 2019, the strength of the industry can be easily assessed by one and all. Erol is assured that the integration of blockchain technology with social networking applications will add an element of security, trust, and privacy handling to the sector. He remarked that blockchain would bring down the risks of scandals, privacy breaches, etc. in a big way. Blockchain will make sure that the user data remains immutable, untraceable, and away from duplication. Also, the decentralized technology allows the users to enjoy the power of content relevance and this offers high-grade security assurance.
Erol bragged about Kisakisa.com, which uses the power of AI and blockchain technology to conduct its operations.
The renowned personality shared views on the expansion of the blockchain interoperability feature in 2020. Blockchain interoperability indicates towards the sharing of data and other crucial information across several blockchain ecosystems. He stated that the service requires more efforts for successful adoption but ensured that it could bring lucrative benefits for the community as a whole.
The banking and financial institutions have shown a keen interest in the adoption of blockchain technology as a substitute for their traditional pedagogies. A PWC report revealed that nearly 77% of financial institutions are likely to operate on blockchain technology by 2020. Erol glorified the various benefits which will be offered by the blockchain adoption in the finance sector. He highlighted that technology would speed up the transactions and reduce the involved costs.
To streamline the economic processes, banks can use blockchain to roll out new digital currencies regulated by monetary policy.
Erol is hopeful to witness a greater adoption of blockchain-aided solutions by government agencies worldwide. He mentioned that blockchain technology would enhance the data management capabilities of government agencies. In the near future, national digital coins and tokens will rule the economic sector and will force the governments to address the widescale benefits of such blockchain-pegged currencies. Erol is confident that the future will belong to digital money and nothing will stop their intervention.
IoT will become a major target of malicious hackers in 2020, stated Erol. However, he is confident that blockchain can help in controlling such intrusions. He stated that blockchain allows the users to keep a check on the transactions entered in the block and also eliminates the risks of networks that involve a single controlling authority. Also, blockchain is immutable in nature and so changes cannot be made into it.
Erol highlighted the stats released by the International Data Corporation (IDC), which revealed that the worldwide expenditure on AI would touch the mark of $57.6 billion by 2020 and nearly 51% of such businesses will be pegged by AI and blockchain integration. Where blockchain has the potential to simplify AI processes, the AI technology can enhance the efficiency of the blockchain system. The leader proved his point by giving examples of applications that use AI and blockchain integration. These examples included: Smart Computing Power, Creating Diverse Data Sets, Data Protection, Data Monetization, Trusting AI Decision Making.
As blockchain technology is becoming mainstream, there is an urgent requirement of experts who can cater to the requirements of the fast-booming industry. The Founder President appreciated the efforts taken up by universities and institutions worldwide to produce trained professionals. However, he also highlighted that the rate of generation of professionals is quite low in comparison to the needs of the blockchain arena. He is confident that 2020 will demand an increase in the demand of blockchain experts substantially.