When we compare the standards of blockchain with other technologies, this industry is still at its infancy stage. It is gradually gaining popularity among many organizations and gaining market share by moving beyond the experimental stage. Now, almost 40% of the heads are hopeful that deploying blockchain into their organization would help them to acquire the required business results. Many of the business leaders from leading organizations have already become familiar with the strength of the technology and have integrated it into their process. The technology’s wider adoption is the reason that companies like IBM, Walmart, and others are using enterprise blockchain for addressing counterfeiting, and tracing food items, respectively.
Welcome to the brave new world, where companies like Bumble Bee are using the blockchain technology for tracking the fresh-caught tuna from the South Pacific Ocean to the grocery shelves of the store. With the quality service that enables customers to leverage the cloud-based solutions, and further helping to host, and build, blockchain is facilitating a secured and faster process for the organization.
Find out some of the top blockchain trends for 2020:
- Blockchain with AI: The combination of AI with blockchain will ignite the whole way of doing the business. Both blockchain and AI have the capability of bringing the data insights to a completely new level through AR. Blockchain is crucial for acting as an access layer, while AI helps to analyze the data for accurate insights. Almost 51% of the businesses would be shifting to AI with blockchain integration. The powerful combination can make the business process reliable, secure, and efficient.
- Blockchain with IoT: Blockchain combines well with the IoT. As the blockchain is public, everyone participating in the nodes network of the blockchain network could see the stored transactions and blocks for approving. Secondly, as the blockchain is decentralized, there is no single authority for approving the transactions.
- Interoperability: The blockchain interoperability efforts are divided into two groups, such as the multi-chain frameworks and open protocols. It brings many benefits such as smooth sharing of the information across the participating blockchains, easier execution of the smart contracts across the blockchains, and flexibility.
- Cybersecurity: Blockchains, which are the distributed networks, have users across the world. Each of the users can add the required information to the blockchain, and all the data can be kept secured through cryptography. Every member of the network is held responsible for verifying the data and getting it added to the blockchain. The process is executed by using the three keys public, private, and receiver’s key, allowing members for checking the security of data. The complex structure of the blockchain technology makes it secure for using it in the leading organizations. This technology helps to increase the security of the data and prevent fraud.
- Tokenization of the asset: The asset tokenization process, means using the digital tokens for proving the ownership of the real asset mainly for the selling and buying process of the security. The process offers faster transactions, greater liquidity, and increased accessibility.
- Federated blockchain: With the private blockchain making an appearance in the decentralized world, it’s time for the Federated blockchain to make the entry at the right time. The Federated blockchain works under the multiple authority instead of a single trusted node. The authority nodes are pre-selected from all the organizations connected in the network. The selected group validates the block and maintains the network.
- Over the counter trading: Off-exchange, which is over the counter trading, is called the exchange mechanism, and the trading happens without any supervision. It offers benefits such as maintaining the present market price, offering liquidity, and complete transparency.
The main participants in the blockchain market are:
- Broken dealers
- Small asset managers
- Cryptocurrency Exchange OTC desks
It is a tricky area to predict the future, but the latest trends would increase the adoption of blockchain in major businesses. The technology not only provides security to the financial and other organizations but also improves the overall process. 2020 will see the rise of blockchain to an optimum level.