4 trends of blockchain for 2020
Technologies are developing at such a speed that this year’s trends need to be thought of as early as possible. Especially if it concerns the blockchain, the possibilities of which are still not fully disclosed. 4 trends of blockchain for 2020
The bear market of cryptocurrencies, which blockchains often associate with, evokes the idea that this technology also loses its relevance. But we must not forget that its scope is much wider than the implementation of transactions.
What should we expect in Blockchain Trends 2020? Blockchain Trends in 2020 are:
Future of Stablecoins
Stablecoin is another category of cryptocurrencies designed to minimize price volatility and offer stability. Tether is the best example of a Stablecoin. The major advantage of Stablecoin over other cryptocurrencies is that its value does not get affected by the market’s conditions such as currency crash and remains stable in all circumstances.
Price stability is the key element missing in the cryptocurrencies hindering them to be used for day-to-day payments but with the introduction of Stablecoins, we can expect some growth in this scenario as well in the upcoming years. As of now, the Stablecoins are fresher in the market but have the potential to become one of the largest digital assets.
In some circumstances such as the medium of exchange (MoE) and store of value (SoV), the highly volatile cryptocurrencies like Bitcoin face a great competition with Stablecoins. The future of Stablecoins is very bright due to its following qualities:
- Immunity from issues like currency crashes
- Streamline Recurring and P2P payments
- Fast Remittances and Affordable
- Stable Currency Exchanges
- Can be used as the Regular Currency
In this case, the trend is not new. The United States, Japan, Denmark and even Estonia practice blockchain implementation in government agencies. In 2020, this trend will get a wider coverage.
Administrations, services and ministries have to process huge amounts of data every day. One of the principles of any state system is interaction between the authorities.
Today it is implemented with difficulty, since each body has its own separate database. Thus, each employee spends time sending and processing requests for information. The introduction of a distributed registry will greatly simplify this procedure.
Copyright protection is rapidly evolving in all aspects. So, one can observe a significant improvement of this system in social networks. International organizations create more influence by blocking services that illegally place content. However, authors increasingly complain about the piracy of their works.
Moreover, high-quality content protection requires the signing of many contracts and mediation. That is, in addition to piracy, the authors lose a lot of money to pay for the protection of their works.
Placing content on the blockchain can ensure full automation and security of distribution processes:
- blocking illegal content download
- increased protection against hacking
- transfer of content only to those services (users) that have paid
Also, thanks to the blockchain, you can provide direct payments to content owners. In this case, the owners are not labels, but performers and composers.
Demand for blockchain experts
Blockchain is a new technology and there are only few percent of individuals who are skilled in this technology. As blockchain technology becoming a fast-increasing and wide-spreading technology, that creates a situation for many to develop skills and experience about blockchain technology.
Even though the number of experts in blockchain fields is increasing, on the other hand the implementation of this technology has a rapid growth which will create a situation for the demand of Blockchain experts by 2020.
It’s worth saying that there are genuine efforts by universities and colleges to catch up with this need, but the rate of graduating students with enough skills to deal with blockchain technology is not enough to fill the gap. Also, Companies are taking steps to build on their existing talents by adding training programs for developing and managing blockchain networks.