8 predictions for blockchain in 2020

8 predictions for blockchain in 2020

Date Published

01/13/2020

Blockchain’s upbringing and success in the world of cryptocurrency has helped its popularity and expansion into other areas in recent years. As it has become more widely used and applied, it has also become more evident that we have only just begun to scratch the surface of what blockchain can truly mean to the future of technology and to the way we live and work.

The long-term potential of blockchain is relatively limitless at a surface level, but here are eight developments we can keep an eye out for as we head into 2020.

Blockchain for supply chain will emerge

Counterfeit goods represent a massive issue for supply chains – an issue that is only projected to grow as production and distribution methods continue to improve. As a result, some of the world’s largest manufacturers have begun working on and honing blockchain methods to help protect the integrity of their products and the purchases of their customers.

This trend is continuing to pick up among large global brands to not only add security to the supply chain but to also reduce operating costs across the board.

Government integration will ramp up

Access to a decentralized digital ledger within the government space will allow agencies to utilize a shared, common database, improving operational efficiency and cross-communication between departments.

This is already in the early stages of implementation in countries such as the U.S., Denmark, and Estonia, where agencies are reducing the time and effort spent sending and processing information requests and are now able to reallocate resources toward more fruitful endeavors.

More jobs will be created – and so will new careers

The growth of blockchain will not only make “Blockchain Expert” an increasingly in-demand title while leading to the addition of related jobs, but it will also push many industries forward by changing the way the work is done on a fundamental level.

As companies begin to adopt blockchain into their processes and service offerings, there is going to be a need for in-house expertise in order to ensure effective delivery. This movement will inspire the need for new skills and will create new career paths in the worlds of development and programming, specifically dedicated to harnessing and utilizing blockchain.

There will be legal applications

One of blockchain’s greatest advantages lies in its ability to automate and verify tasks – especially within the legal space. Placing original content on the blockchain can protect creators from piracy, hacking, diversion, and copyright infringement.

The blockchain can also leverage what are known as “smart contracts,” wherein an agreement is automatically executed once a specified set of conditions is met, simplifying overwhelming and confusing legalese and expediting sluggish paperwork processes.

Almost all blockchain startups will fail

As with the emergence of any industry-shifting development, there are going to be a lot of blockchain-related startups to surface in the coming years. In fact, there already have been.

But as more and more of these companies make their way into the marketplace, it’s going to become increasingly difficult for them to differentiate from one another – and this will collectively hurt their success. As blockchain becomes more commonplace, so too will set processes within the industry, leading to a dip in innovation and fewer options for deployment.

Cybersecurity will improve

Cybersecurity is still a major issue, with hacks and breaches occurring on a daily basis around the world on both a personal and professional level. Thankfully, the blockchain infrastructure includes decentralized digital identity components and datastores to replace the porous security platforms we currently rely on.

Financial applications will lead the way

Given blockchain’s successful origins in the crypto community, it has been and will continue to be fairly easy for banking and finance to adopt, allowing for instantaneous payments between differing currencies, less bureaucratic interference, improved privacy, and more.

National forms of crypto will appear

We’ve already seen global enterprises like Facebook minting their own cryptocurrencies. We’ve also seen some countries enact stringent laws banning the circulation of crypto within their borders.

As blockchain begins to solidify its role in business and in everyday life, it is expected for countries to begin offering their own forms of crypto as their “exclusive” digital coin. Venezuela is one of the first to do this, where citizens can only deal in Petromoneda when it comes to virtual cash.

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Date Published

01/13/2020

Author

First Scribe

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