CRYPTO NEWS AGREGATOR
Thu, Apr 23, 2020 3:00 PM

5 Blockchain Trends 2020

CJ with the phone
Trend №1: Prerequisites for creation of national cryptocurrencies

Information about any transactions in the blockchain (amount, date, the new owner of money) is stored forever. All data is stored on all the devices connected to the network at once. It’s technically impossible to fake it. Moreover, before adding to a blockchain, the new entry must be "checked" by all network members. Dubai, for example, created its own state-owned cryptocurrency, called Emcash in 2017. In fact, it has its own blockchain and is used to service a variety of services (both public and not). Another country that uses this technology at the national level is Venezuela. The national currency Petro (Petromoneda) was created there in 2019. According to authoritative sources*, the number of countries creating national cryptocurrencies will increase in 2020.

Trend №2: Interaction between blockchain and the state

Any government has to process huge amounts of data every minute. The current technologies have serious cons (data processing speed, error protection, and information security). The system of distributed registry makes any transaction almost instantaneous. The use of blockchain technology increases overall error protection due to the way of working (there is no single server that stores all network data). More and more states are recognizing these benefits. In Estonia, for example, the government tests the car accident information system based on the blockchain. When an accident occurs, this event is logged automatically on the blockchain system and takes only half an hour. No more need to waste time waiting for the arrival of the police and signing an infinite number of papers.

Trend №3: Growing demand for blockchain professionals

The rapidly evolving technology of data decentralization and the growing interest in this area of large technological organizations require the attention of developers. Currently, there is a catastrophic lack of specialists who are ready to work in projects related to blockchain. Demand for such people is much higher than supply. The growth of this direction will gradually open more and more spheres in which the presence of developers and programmers with knowledge of blockchain is necessary. According to Upwork (the largest freelance website in the world), there is now an increased demand for such specialists (for instance, in 2018 demand for blockchain experts had grown 2,000% year-on-year)**.

Trend №4: Blockchain is becoming a part of the Internet of things

The Internet of things (IoT) is the unification of applications, devices or services into one network, which makes it possible to analyze, collect and structure the received information. The current cons of such systems are high risk of failure and loss of data. For example, the main server on which all data is stored has failed. All connected devices lose their ability to receive this information. Blockchain technology is fundamentally changing the situation because the information is stored by every network member and can be quickly restored in a critical situation. Moreover, the connection of devices to the system of distributed registry will significantly accelerate the speed of communication between them.

Trend №5: Authored content protection

Currently, there is a problem of piracy and more authors want to get rid of it. Protection of content means signing many contracts and calling to services that protect intellectual property. This leads to considerable expenses from content creators. Blockchain can improve it. Smart contracts allow you to "sign" any contracts and in any amount in automatic mode. In addition, it’s possible to organize an effective blocking of illegal uploading of any content and to provide protection against hacking. Another benefit is that the payment can go directly to the creators of content, bypassing centralized labels or studios.

Resume

Perhaps the blockchain will be used not only in banks or technology corporations but also in the ordinary life of ordinary citizens. Over time, many people begin to realize all the benefits of this technology. Surely, the future is already near.

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