Future Of Blockchain In 2020

Posted by celine anderson on December 24th, 2019

Some Period of time, the certain thing will be in hype it may be a person, news or technology. Followed by that, now the Latest Buzzword in the crypto world is Blockchain.

You may wonder what interesting things does it have to become so popular!!

As this Word Blockchain is a well-known technology, I think more than 70% of people might aware of it and the remaining 30 % will be unsure about what is that.

So to those persons, this blog will be helpful. Don’t worry Guys, after getting to know this technology and its vision in 2020, there may a chance for you to either start a business using Blockchain or you may integrate your already existing business into Blockchain.

Before seeing its vision in 2020 let’s have a small overview of what is Blockchain

Blockchain and Bitcoin are two different technology but linked together, here bitcoin is a type of cryptocurrency using that we can trade and exchange and the purpose of blockchain is to facilitate the distribution of digital information in a decentralized platform with high security.

Actually Blockchain is a decentralized distributed ledger to store the data securely. All this information will be stored in blocks of blockchain and those data will not be altered again. It all works based on a Consensus an algorithm called proof of work.

Want to knowHow Proof of Work Works!!

Fortunately, now blockchain has become the heart of bitcoin and to various cryptocurrencies. The Contracts, Transactions and the records are the defining structure of blockchain and also to our economic, legal and political systems.

The vision of Blockchain In 2020

1. To be Expected in 2020 that the economy and finance will lead to Blockchain Applications.
2. Yes, the finance and economy came forward to adopt blockchain for banking operations, as it is successfully applied to all types of cryptocurrencies. For example, Germany has successfully completed cross border transactions in 2016 using blockchain technology.
3. Possibility for the appearance of the national cryptocurrency, the Crypto Ruble a digital currency currently in the development process, which was announced by the Russian President Vladimir Putin. Though China has banned cryptocurrency exchange, they accepted Blockchain technology after knowing its potential benefits.
4. Blockchain technology undergoing its mission to eliminate fake news. A smart contract in blockchain will store the content and its hash address to the blockchain, which will define who has changed it from where and when. Finally, by 2023, around 30% of world news and video content will be authenticated by blockchain ledgers.
5. As the network is highly transparent, it helped shape E-commerce. Using Blockchain followed by Amazon, Walmart, and Alibaba most of the enterprises streamlining their daily operational activities. Blockchain will offer a solution to efficient data management.
6. There are so many industries where blockchain has its footprints such as Supply chain, Healthcare, Insurance, Banking, Sports and so on…

It is not as you think, Blockchain gonna be an inseparable part of our daily lives.

Know More About Blockchain Development Services