In this blog, we shall discuss the latest trends in cryptocurrency and the new trends in blockchain that we need to watch out for in 2020.
Well, ever since the revolution of digital currencies and decentralized record system became a rage in the last decade, experts in the field couch for blockchain, DApps, Bitcoin and cryptocurrencies are here to stay.
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When the cryptocurrency was discovered in 2008 with Bitcoin being the first cryptocurrency that was popularized eventually, a few people could understand it and even lesser people were willing to receive it. Many people even accused it of a scam that would eventually fade away. However, proving everyone wrong, Bitcoin survived the initial rollercoaster and became a huge success. It’s worth multiplied by hundreds and the initial investors of bitcoins are living a highly luxurious life these days.
Today, as we draw closer to 2020 every minute, people and experts are on the same page that blockchain, dapps, Bitcoin, and a few of the other cryptocurrencies are here to stay.
What started nine years ago as a very confusing and unorganized concept of a digital currency that cannot be felt or has no physical presence is now a full-fledged business. Bitcoin traders and investors are flocking towards crypto exchanges in quest of more ways to earn money. In Spite of the prices changing almost on a daily basis, the change in the value of the tokens is most inclined to the positive side. Overall, the crypto market is steadily in total value.
Apart from the bitcoins, let us see what are the other new trends in blockchain technology and also the latest trends in cryptocurrency in 2020.
Trends in Cryptocurrency and Blockchain Technology
1. The Adoption of Blockchain Technology into IoT
According to the latest report by International Data Corporation, a lot of major IoT companies around the world will be incorporating blockchain technology into their products. The corporation is also of the opinion that 20% of the IoT deployments will install blockchain technology services by mid-2020.
With making use of blockchain technology, they can improve their services and thus increase their overall sales. As a matter of fact, there are digital startups that have commenced their operations in this niche, and we can place our bets on the humongous growth of the sector in 2020.
Read the blog on Future of Blockchain Technology
Now, what is the role of blockchain in IoT Services?
The present-day Internet of Things ecosystems is based on centralized communication models known as server/client paradigm. The identification, authentication, and connection of the devices in the network takes place through cloud servers. These servers have in place a huge processing and storage capacity. The connection between the devices in the network is through the internet, even if they are placed in close proximity.
This centralized model has been in place for quite some time and generic computer devices are connected by this for quite some time now. Though small-scale IoT networks can continue on this centralized model, for now, it will not be able to fulfill the huge and expanding needs of the large-scale IoT networks in the future.
Also, the present day IoT systems are very expensive due to the very high infrastructural demands and high maintenance clouds, large server farms and networking equipment. Blockchain Technology helps in bringing down the costs since it is based on a distributed and decentralized system which provides a secure framework for communication between IoT devices. It also enables the exchange of data between them in an automated manner and has high resistance to cyber hacks and other security issues.
2. Large-scale Adoption of Blockchain in various business verticals
According to a survey conducted by Deloitte’s Global Blockchain Survey during this year, 40% of the survey participants reported that their organization will invest more than $5 million in blockchain technology in the next financial year. The same survey also reveals that 74% of respondents believe that this technology will bring many benefits to their companies.
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To begin the blockchain revolution for 2020, IBM has already developed a blockchain product that allows startups and developers to build decentralized apps. As more and more companies are moving ahead and embracing this technology, we can expect it to get a certain amount of traction in 2020.
3. Trading on Crypto Exchanges
Anyone active in buying and selling cryptocurrency must be knowing all about Crypto exchanges. They have recently been growing both in their number and popularity. In fact, their impact on the crypto world is highly significant. You will be surprised to know that a single tweet or public announcement by the head of any leading cryptocurrency exchange could influence the price of all the major cryptocurrencies.
A few weeks ago when Coinbase and Binance, two of the top crypto exchanges in the world, publicly supported the upcoming Bitcoin Cash hard fork. However, this was way before the controversy and chaos it caused in the middle of November. As cryptocurrencies continue to evolve every single day, crypto exchanges will also evolve and their impact on the crypto world will change considerably. The following year will be no exception to this phenomena.
4. The Rise in Popularity Gaming and the Crypto Space
2018 has seen the various startups commencing their operations by using crypto tokens to launch a number of video game-related services. These games are based on blockchain technology, no brownie points for guessing it!
One of the first cases of using such technology in the gaming sector is a Singapore based startup Bountie that is currently working to launch an online gaming platform where players would be rewarded for spending time by playing the games on its platform in cryptocurrency. These gamers can use these coins to purchase a new game, gaming merchandise and so on. The gaming platforms based on blockchain technology might require a lot of effort to be developed, but we do expect some major releases in 2020.
5. Decentralized Apps will Continue to Escalate
The first Ethereum dapp game introduced in the world was named Crypto Kitties. The app aimed to collect and breed digital cats.This decentralized app did not revolutionize any system and was not planning on doing so either, but it did bring forth an idea that garnered the attention of various developers around the world who quickly realized the potential of dapps and the Ethereum network in general for futuristic app development.
Experts around the world believe that in, 2020 dapps will grow in popularity.
6. Blockchain Will Disrupt Major Business Industries
Blockchain technology includes ICOs, ERC20 tokens, Bitcoin, and every other thing that revolves around cryptocurrencies. However, there are a lot of other applications of the blockchain technology that is spreading like wildfire. The financial industry has seen some major revamp due to the advent of blockchain technology. International money transfer can be done in a matter of seconds due to blockchain technology.
The supply chain industry has been benefited greatly by blockchain technology. Every single operation from the vendor to the customer is recorded at every single stage in a blockchain ledger in which the goods changes hands This data can be tracked via immutable public ledger, shipping and transporting goods and the industry has become all the more efficient and reliable.
Other industries that have introduced blockchain in their operations include cybersecurity, insurance, healthcare, digital identity, smart contracts etc. It is safe to say that 2020 should see blockchain adoption on an unprecedented scale. We should not be surprised to see it in virtually every industry.
7. Increase in the number of Decentralized Exchanges
Cryptocurrency exchange platforms are minting money these days by serving as a meeting place of cryptocurrency buyers and sellers. For a very nominal commission, these exchanges serve as a meeting place for the cryptocurrency traders from anywhere in the world. Considering the rise in popularity of the cryptocurrency and number of people investing in cryptocurrency, there is a very high chance that the number of decentralized cryptocurrency exchanges will rise in the upcoming year.
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Ironically, the majority of the popular crypto exchanges are centralized, the decentralized cryptocurrency exchanges will increase quite in number. These exchanges will offer better user control, higher security level, and better liquidity to the customers.
8. Adoption of Blockchain technology in the government agencies by a large scale
The concept of the immutable and distributed ledger and its security levels due decentralization and peer to peer networking has aroused the curiosity and had impressed various government to decentralization has impressed various governments. Many of these governments are considering the potential of employing blockchain technology to store data on such platforms.
It can store a huge amount of data at a fraction of the costs of the conventional cloud-based servers and this data can be accessed from any part of the world by the authorities. Few countries have already started implementing this on a practical scale. The Estonian government has come up with X-Road, which is a decentralized ledger to store all the credentials of its citizens.
Without any kind of doubt, we can ascertain that the new trends in blockchain 2020 will revolutionize the business and financial sectors of many industries. However, full-fledged adoption of the blockchain technology and blockchain applications will require a great deal of time and effort.
Also, by seriously pondering over Bitcoin, blockchain, and cryptocurrency predictions, there is one thing that we can always assure about the crypto space– blockchain and crypto industries are moving forward in a very fast pace and this will continue in 2020.
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