It’s almost here – 2020 will be a big year for the distributed ledger technology (DLT) and as the blockchain news suggest, we could be seeing the following seven trends at the start of a new decade.
There are more and more scenarios where distributed ledgers are applicable. First in the list of the seven trends defining blockchain in 2020 is the technology’s superiority. Compared to other database technologies, blockchain is superior and may bring a more acute perspective on where it is best used and scaled.
Right now valued at $300 billion, the videogame industry and $94 billion worth gambling world represent a lot of potential application areas for blockchain. The transparency, security and fungibility makes the technology popular in these aspects.
Bitcoin still remains the most financially successful blockchain project to date. This is why it is part of the seven trends defining the technology in 2020.
The People’s Republic of China, as many know it, has embraced blockchain and announced a warm embrace of the technology, all while starting aggressive enforcement actions against crypto companies. As such, it is also a key factor in these seven trends related to blockchain tech.
5.Central bank digital currencies (CBDCs)
China announced its central bank digital currency (CBDC) at some point in 2020 and many countries are expected to follow this trends. Venezuela actually did announce it too, but all is in the works now. In 2019, we saw a lot of announcements and in 2020, we should see some action.
Blockchain is an industry that is continuously striving to work out better practices around custody. One of the seven trends, therefore, are the custodial solutions which are expected to be radically improved next year.
The world of cryptocurrencies has been designed by experts. But just like that, there are many black hat experts stealing crypto and doing threats. This is why the world of cybersecurity also needs to be ‘tackled’ by blockchain – especially considering the fact that 2019 saw around $200 million or more stolen from various exchanges.
Do you agree with these seven trends about blockchain in 2020? Let us know in the comments!
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