From hype to trend to business, the journey of blockchain has been quite unique. Many experts believe that the distributed ledger technology will have its breakout moment in 2020. We draw conclusions from Deloitte’s 2019 Global Blockchain Survey. Where 53% of respondents stated they consider technology highly critical and irreplaceable. To understand the increasing relevance, we discuss key strategic blockchain trends for 2020.
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The 5 Biggest Blockchain Trends for 2020
1. Securing the Content Streaming Industry With Blockchain
There has been an explosion of demand in the content streaming industry. What started with one or two players like Netflix and HBO Now has grown into an amount you can barely calculate on your fingers. The surge in demand for quality content. Opened the floor to a new wave of service providers. And, they are now looking forward to blockchain to store their data in a secure and accessible manner.
2. Safeguarding Social Networking Using Blockchain
There are 7 billion people around the world, and 2.77 billion are social media users. Social media is a world in itself now, where brilliant users engage with each other to explore opportunities of relationship, fun, and lately, business.
Clearly this industry is developing a lot of content on a daily basis. The issues related to data control, privacy violations, scandals, and content relevancy become prevalent.
Blockchain is observed as the hero technology here that will bring security and control to this domain. With its implementation, social media users can gain more control over what they can see, publish, and access.
3. Blockchain in the Public Sector
It is time you drop the idea that only the financial sector is pursuing this tech. In Deloitte’s latest report, various sectors of government, life sciences, healthcare, etc., have started testing blockchain.
Here are some examples:
- The US Department of Homeland Security uses technology to improve cybersecurity
- The Canadian government is using blockchain to test the transparency of contracts and contractors
- UK’s Food Standard Agency uses it to track the provenance of meat
- China has 500+ government-led projects in action
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4. Enterprise-Grade Blockchain Development
Individual user or enterprise, today everyone prefers full-stack enterprise-grade solutions. The development of compact blockchain-based solutions or hybrid models. Help organizations govern and maintain their network more efficiently.
5. The Holy Trinity of Digitization: AI + IoT + Blockchain
Perhaps the best blockchain trend of 2020 is the convergence of blockchain with AI and IoT.
Maybe blockchain was the only episode left in the series of AI and IoT. To bring seamless digitization in today’s data-driven world. Gartner revealed that 75% of companies investing in IoT technologies have already implemented blockchain.
Designing AI and IoT solutions with blockchain in mind. Empower organizations and allow them to explore new opportunities in digitization.