Blockchain is pushing new boundaries! Here’s is why it is game-changing technology of this century

Published: January 23, 2020 12:05:34 AM

Blockchain has pushed new boundaries and a lot of disruption is expected in the future too

Blockchain offers new hope for IoT security by adding an encrypted layer of security that is impossible to crash. (Representative image)Blockchain offers new hope for IoT security by adding an encrypted layer of security that is impossible to crash. (Representative image)

By Manish Gupta

Blockchain is tipped as a technology with huge potential to transform business and every day life. From a technological perspective, blockchain technology has pushed new boundaries but looking at its potential, a lot of disruption is foreseen in the future. Let’s explore some blockchain trends to look out for in 2020.

Blockchain as a service (BaaS)
Many startups and enterprises are working on their blockchain solutions. However, it is not feasible for every company to do so. That’s where BaaS comes to rescue. BaaS has been contributing significantly to blockchain development. BaaS is a cloud-based service that allows users to build their own digital products like smart contracts and decentralised applications. Some of the major players in the field are Amazon, Microsoft, IBM, Oracle and VMWare. Many companies are expected to incorporate it in their business model using BaaS.

Stablecoins
Cryptocurrency is considered synonymous to Bitcoins but they are highly volatile thus failing to offer stability. Whereas, stablecoins as a cryptocurrency minimise the price volatility and offer stability. At present, stablecoins are at their initial stage of technological disruption and 2020 is predicted to be the year when stablecoins take an edge over others thereby achieving their all-time high.

Blockchain with IoT
Blockchain and IoT are the two revolutionary technologies of the decade. Blockchain offers new hope for IoT security by adding an encrypted layer of security that is impossible to crash. Many IoT based companies are already incorporating blockchain technology for their business solutions and it is expected that by 2020, 20% of IoT deployments will incorporate blockchain technology.

Blockchain with AI
The integration of AI with blockchain is being seen as the next technological disruption. Some examples of AI in blockchain are Data Protection, Data Monetisation and Smart Computing Power.

Demand for Blockchain experts
Demand for blockchain experts is set to rise thereby creating a situation for individuals to develop skills and expertise in the field. In 2020, we can expect utilisation of blockchain technology in various fields such as finance and economy, social networking, voting systems and content streaming. We can foresee blockchain as the next big technological disruption.

The writer is director, Liferay India, a Bengaluru-based Open Source software firm

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