Blockchain technology has become popular due to the successful adoption of cryptocurrencies such as bitcoin. Many of the advantages of this distributed digital Dean are that he can keep records of all data or money transactions between the two parties in a secure, unchanging and transparent manner. Last year, the concept of blockchain began to attract public attention. Experts predict that blockchain technology will be applied to a variety of industrial fields, and the future of blockchain will revolutionize traditional business processes. However, the advantages and disadvantages of blockchain show that it is not as easy as expected. Well, let’s take a look at the main blockchain development trends expected before 2020. The
1. most blockchain start-ups will fail. Last year, we saw an increase in the funds of blockchain start-ups. However, like other new technologies, the implementation of blockchain is still immature and may not meet the expectations of investors. As a result, many blockchain startups may seem like a waste of time and money. The wrong start of blockchain deployment will lead to innovation failure, hasty decision-making, or even complete rejection of this innovative technology. There is no doubt that the future blockchain technology will affect all aspects of the business, but this is a gradual process that requires time and patience. Gartner predicts that most traditional enterprises will pay close attention to blockchain technology, but will not plan to take any measures, but wait for the best application case of this technology. The
This is because building blockchains requires more changes than emerging enterprises. Gartner said that by 2023, only 10% of existing enterprises will realize drastic changes through blockchain technology. 2. different from other traditional businesses in which economy and finance will dominate the application of blockchain, the banking and financial industries do not need to introduce fundamental changes in the process in order to adopt blockchain technology. After the successful application of cryptocurrency, financial institutions began to seriously consider adopting blockchain in existing banking business. For example, in 2016, reisebank Ag in Germany used blockchain technology to complete instant payment between two customers in countries \/ regions within about 20 seconds. According to the latest PwC report, by 2020, 77% of financial institutions will adopt blockchain technology as part of their production systems or processes. The
The concept of blockchain is simple, but it will bring considerable cost savings to banks. Through blockchain technology, banks can reduce excessive bureaucracy, conduct transactions faster at a lower cost, and improve confidentiality. One of Gartner’s blockchain forecasts is that by 2020, the banking industry will use blockchain based cryptocurrencies to create $1billion in business value. In addition, blockchain can also be used to launch new cryptocurrencies restricted or affected by monetary policy. In this way, the bank hopes to reduce the competitive advantage of independent cryptocurrency and improve its control over monetary policy. In addition, ASX plans to use the new blockchain based system to manage the Australian financial market by the end of 2020. The
3. the introduction of national cryptocurrency Russian President vladimirputin was the first person to propose the issuance of national cryptocurrency \
At the beginning of this year, Venezuela has launched a national cryptocurrency, petromoneda, backed by the country’s oil and mineral reserves. The government of Venezuela stated:
It is hoped that the currency can bypass the US sanctions and attract international finance into the country. Gartner predicts that at least five countries will issue national cryptocurrencies by 2022. 4. put forward the idea of blockchain integration and decentralized dean to government agencies, which is also very attractive to government agencies that need to manage a large amount of data. At present, each institution has a separate database, so it is necessary to continuously ask each other for information on residents. However, the implementation of blockchain technology to effectively manage data will improve the functions of these institutions. The
Estonia has realized blockchain technology at the government level. Almost all public services in Estonia can access x Road, which is a distributed digital account book containing the information of all residents and citizens. This technology adopts advanced encryption technology, including two-level authentication, so that people can control their own data and ensure security. Gartner said that by 2022, more than 1billion people will store some of their data in the blockchain, but they may not realize this. 5. there will be a high demand for blockchain experts. Although blockchain is the most popular, the job market lacks blockchain experts. The online freelancer database upwork recently reported that the demand for people with \
Entering the industry and accumulating blockchain technology experience will be helpful. However, there are risks. The blockchain start-up that employs you will close down due to lack of funds. However, many people will give up their current jobs in order to work in blockchain projects. Therefore, the high demand for skilled blockchain developers will also become one of the blockchain trends in 2020. 6. blockchain encounters the Internet of things. IDC (International Data Corporation) reported that many telecom operators are considering implementing blockchain technology in their solutions. Therefore, IDC predicts that by 2019, nearly 20% of deployments will enable blockchain services. The
This is because blockchain technology can provide a secure and scalable framework for communication between devices. Although the latest security protocol looks fragile when implemented on COM devices, the blockchain has approved a high degree of tolerance to network attacks. In addition, blockchain also allows intelligent devices to conduct automated small transactions. Due to the decentralized nature, blockchain can execute transactions faster and cheaper. In order to transmit money or data, com devices use smart contracts, which are regarded as contracts between both parties. 7. in addition to the cryptocurrency for legal integration of smart contracts, blockchain technology also provides other convenient possibilities, such as \
In addition, please remember that smart contracts are decentralized, and no organization restricts them. But if there are differences of opinion, what should the parties do? Participants in smart contracts usually agree to be bound by regulations, but what if disputes occur between parties in other countries \/ regions? It is not clear how to settle the contract dispute. Therefore, in order to solve the disputes between the parties, the domination of law should be applied to smart contracts in the near future. Conclusion the future blockchain will trigger a business process revolution in many industries, but its adoption will take time and effort. Nevertheless
