Blockchain technology has empowered many industries with its unique benefits. It can store significant data, track and record changes, enable different levels of access, and facilitate transactions —all with full transparency and security. With the coming of the new year, experts predict that the distributed digital ledger will continue to revolutionise businesses and agencies worldwide.
What to Expect from Blockchain in 2020
While the blockchain is still in its nascent stage, it has the potential to change the world. Many businesses have started integrating the technology in their operations in 2019, intent on maximising its lucrative capacities. They include Microsoft, IBM, JP Morgan, Huawei Technologies, and more.
In 2020, experts predict the prevalence of these blockchain trends and developments:
1. Blockchain adoption will rise in financial institutions.
Experts anticipate that more financial institutions will partner with blockchain technology companies to enhance the transparency and security of their transactions. Studies show that 77% of banks and similar organisations will be using blockchain as a process or in-production system in 2020. The technology will enable fast cross-border transactions and expedited payments, cutting the processing period down to 20 seconds or less.
2. Blockchain will meet the Internet of Things.
A lot of IoT companies are looking into implementing blockchain technology. This is because it provides a scalable and secure framework for communication. The blockchain’s resistance to cyberattacks makes it ideal for microtransactions and other minute online interactions.
Blockchain-optimised IoT devices can leverage smart contract, streamlining agreement processes and implementation between two or more parties. The technology will also allow smart devices to conduct automated microtransactions.
3. Blockchain and cryptocurrency experts will be in-demand.
One of the most talked about cryptocurrency news today is the upcoming “Halving,” which is expected to elevate Bitcoin’s value beyond its all-time high of $20,000 per coin. Experts predict that this will happen next year in April. Companies looking to benefit from this phenomenon will need the help of blockchain specialists to navigate the industry and land lucrative ventures.
4. Blockchain will innovate the food industry.
Expect the food and beverage production to improve dramatically thanks to blockchain technology adoption. With a decentralised ledger, manufacturers, suppliers, and sellers can track crucial data regarding their product efficiently. This reduces the risk of costly errors in production and delivery.
The information stored in a blockchain-based system can also be made accessible to customers via QR codes on a food package. This allows clients to guarantee the value of their purchase. Integrating blockchain technology into food production processes is a positive step towards transparency and quality control.
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