Header Ads

  • Breaking News

    How to Bring Blockchain Technology into Action in 2020

    As Blockchain gains popularity over the marketplace, many firms being aware of the reaping benefits of this novel technology is being piloted towards others uses as never anticipated before. There is no denying the fact the impact Blockchain will have on the world economy, revolutionizing processes and operations for many global organizations that have already started adopted this beneficial technology. 

    Furthermore, Blockchain will stimulate people to acquire skills and knowledge of this promising technology. It would expand far beyond what was thought to be used only for mining currency but disseminates far beyond to unlimited possibilities. Here is how:

  • Blockchain Integration with IoT
    The IoT market will be concentrated more on security as safety challenges step up. The complexities are due to the diverse nature of IoT devices, having interconnectivity of devices at a massive scale that makes it vulnerable against cyber-attacks. The centralized nature of IoT devices has allowed firms to focus primarily on implementing security measures through Blockchain technology. Blockchain is open-source allowing users along with the network full transparency about what transactions are stored and the process involved that eliminates the need for any third-party intermediaries. One of the main advantages is data security due to a secure database that can only be extended but not modifying records leading to improved security.

    2.                  Blockchain integration with AI

    The amalgamation of AI technology with Blockchain will account for better development. The integration of this novel technology will allow for a better and sufficient amount of applications in the market. The international data Corporation has quoted that almost 51% of businesses will see a paradigm shift towards Blockchain technology, where firms are gaining awareness of the massive benefits of Blockchain technology. Furthermore, Blockchain can make AI more understandable, influencing rational decisions made in machine learning. Blockchain Development Company will make a powerful impact on decision making by recording all relevant data and variables that constitute to Blockchain technology.

    3.                  Demand for Blockchain Professionals

    Blockchain technology is relatively new in the picture and there are only a few experts who are skilled to deal with Blockchain due to the novelty of this technology. As it is ever-increasing and more demanding to firms, who are looking out for professionals who are seeking out to pursue this innovative technology and building their successful career path. Though the number of experts is increasing to utilize this technology, on the other hand, the implementation of this technology has been drastically growing that offers firms a huge competitive advantage to leap forward with their business. Many universities and other educational intuitions are disseminating knowledge of Blockchain; still, the gap is wide enough to be filled.

    4.                  Economical & Financial Blockchain App

    Unlike other traditional firms, the banking and finance sector has already seen the processes of adopting Blockchain technology with the initiation of cryptocurrency. Financial institutions have seriously given a thought to implement this technology as a part to promote speedy transactions and optimizing banking operations. Most financial organizations have anticipated utilizing Blockchain as part of their production system by 2020. Blockchain technology allows for a more secure platform and conducts faster transactions at a much lower cost. Moreover, it can be used to introduce new cryptocurrencies that will monitor and influence monetary policy in new ways. Consequently, backs want to mitigate competitive advantage to achieve greater control over their monetary policy.

    5.                  Social Networking Meets Blockchain

    The merger of Blockchain to social media platforms has been proven increasingly effective due to more control to users. For instance, applied Blockchain practices can solve problems such as data privacy issues, content relevancy, flared up scandals and many more. Therefore, the blend in social media applications is of emergence in 2020. By tight coupling this technology with social media will ensure all media is published with respect to ownership rights such as data is not duplicated or untraced even after its removal. Blockchain makes sure the content publisher gets full rights over his content, allowing users to feel more secure as they can control what they want to see.

    6.                  Blockchain as A Services(BAAS)

    One of the promising trends for the year 2020 is BaaS depicting Blockchain as a service. It is a fairly new trend that has been adopted by many big tech firms. Baas is a cloud-based service that allows users to develop digital apps or services using Blockchain technology. These digital products can be smart contracts, decentralized applications without any hassle to setup Blockchain schematics. Some reputable tech giants such as Microsoft and Amazon are already utilizing this service to transform the shape of their applications.

    7.                  Transparent Stable Coins 

    The cryptocurrency is highly volatile that has led to the introduction of stable coins having a value associated with each coin. Stable coins are still in their initial phase but are prevalent in the year 2020 where they achieve their all-time high popularity. Facebook’s commencement of its cryptocurrency Libra is one of the examples of using stable coins for the future.

    No comments