Blockchain technology is neither new nor ineffective. From the last few years, organizations and startups are intelligently using this technology for handling many organizational work processes.
Not just for security reasons, there are many other things blockchain is looking at. It can be the process of payments or the scope of finding any minor threat or cybersecurity concerns during payment processing or other. Hence, blockchain is going to be a star in the coming times.
This can be validated from the statement made by Gartner – “Blockchain technology is listed under the top 10 strategic technologies for the year 2020. The technology is expected to come under the mainstream functioning by the year 2023”.
The continuous evolution of blockchain gave birth to its related trends for looking at other sides too resulting in a leading mobile app development company adopt.
So, without further ado, let’s get started with the top 5 blockchain technologies.
Top 5 blockchain technology for 2020
- Federated blockchain
Blockchain is broadly segmented into 2 categories namely-
- Hybrid or Federated
When comparing private and public blockchain with Hybrid or Federated, the third one showcases as the best. Hence, it is stated as the best and the latest blockchain technology trends that will remain in the market for the coming years ahead. It is the upgraded version of the blockchain model presenting itself as the best pick for various cases.
The federated blockchain can be used by multiple authorities while controlling the pre-selected nodes of blockchain. Furthermore, these selected nodes validate the block for processing the transactions a step ahead.
It is predicted that by the end of this year, a rise in federated blockchain will be seen along with a customizable outlook.
One of the next blockchain technologies trends 2020 is dedicated to BaaS. BaaS refers to a blockchain as a Service that is widely used not just by big organizations but also by startups.
BaaS is a cloud-based service offering access to users for developing their own digital products using blockchain technology.
The products that involve BaaS can be decentralized applications, smart contracts, and other services that involve blockchain-based infrastructure.
Tech giants like Microsoft, Amazon are using BaaS for their organizational purposes strengthening the potential of this technology.
- Blockchain and AI
Artificial intelligence along with blockchain has the ability to bring greater results. This can be seen visibly through the integration of both the technology in applications. Seeing it as a great opportunity to make mobile applications more robust, iOS and Android app developers are not missing any chance with the technologies.
As per International Data Corporation (IDC)- AI global spending will reach $57.6 billion by the end of this year whereas over 51% of the organizations will make the use of AI with blockchain integration.
The dual power of these technologies will help in recording data and variables for better decision making through ML. Also, AI is a technology that can boost efficiency way better than manual and standards computers.
AI in blockchain applications can be- Smart computing power, Diverse Data Sets, Data Protection, Data Monetization.
- For social networking
The number of smartphones means more number of applications. This is the reason, there are more than 5 million applications available whereas 2.77 billion are social media users worldwide.
This situation results in more number of fraudulent activities taking over the social media platforms. Hence, the use of blockchain technology for social media activities can limit issues likes scandals, forgery, content relevancy, privacy violations, data control, and many others.
Furthermore, the technology can ensure that social media data published can neither be traced after deletion nor be copied. This will help in making the user data secure all the while maintaining the ownership too. The practice will also ensure that the power of content remains in the hand of the owner instead of the platform owner.
On the other hand, the integration of blockchain technology for social media can only work when the platform owner agrees upon using it.
- Blockchain with IoT
Just like IoT for healthcare, IoT can also be merged with blockchain for better and predictive results.
There are around 26 billion Internet-connected devices globally. This will result in IoT emerges with not just innovation but also with safety challenges and security norms.
Due to more number of internet-connected devices, the issue of hacking or theft is not unknown to the world, making it an urgency for organizations to figure out solutions to stop the cause.
Using blockchain for IoT technology can help in eliminating the cause strategically. Here, users will get private keys for controlling transactions along with access to nodes for checking transactional blocks stored.
Also, as blockchain is decentralized, no single entity can approve the transaction without the consent of each member in the transaction.
The question of security concerns eliminated here, as previous records cannot be altered.
These are a few blockchain technology trends for 2020 and the coming years ahead. The trend today holds the position of making things better than the yesteryears. With continuous advancements and researches coming in this regard, the trends are going to remain alive in the near future too.