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5 things which blockchain technology can make possible in 2020

Blockchain is revolutionizing technology and has various benefits. Implementing it will make life more convenient and reduce the chances of fraud and corruption.

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There is no doubt in the fact blockchain is a technology that will completely revolutionize all operations and processes across various sectors and agencies of governments when adopted. People are already using trading software like bitcoin loophole sign in where they can earn lots of money with very little risk. However, adopting this revolutionizing technology completely will require a lot of time and effort. Further, using this technology will compel people to acquire a new set of skills and traditional businesses’ processes will have to completely reconsider so that they can gain maximum benefits after adopting this technology.

Mentioned below are 5 trends that will most probably dominate blockchain technology this year:

Blockchain as a service

Blockchain As A Service (BAAS) is one of the most promising trends of Blockchain in 2020. Owing to the benefits of this technology and its potential to grow a company, many startups and enterprises are adopting it. In simpler words, BaaS can be described as a service that is cloud-based. While working with blockchain, users will be able to digital products of their own. From decentralized applications, smart contracts, to services where one does not require any complete blockchain-based infrastructure setup requirements, these digital products can be anything.

Amazon and Microsoft are among the many companies that develop a blockchain and provide BaaS service while building a future of blockchain applications.

Federated blockchain

The various classifications of Blochian networks are Public, Private, and Federated. Among the latest trends in the Blockchain industry, Federated Blockchain is considered to the best trend. Since it is an upgraded version of the regular model of blockchain, many users find it more convenient and easier to use. The pre-selected blockchain nodes can be controlled by multiple authorities instead of anyone organization in this type of blockchain. To process any transaction validation will be required from all the selected groups from the various nodes. If the validation is not received, the transaction won’t be processed further. As this offers private blockchain networks a more customizable outlook, the use of federated blockchain is witnessing a huge rise.

Stablecoins

Bitcoin is a cryptocurrency that is highly volatile in nature. In order to eliminate this volatility, stablecoins were introduced where each coin had a stable value associate with it. Stablecoins are not very commonly used as they are still in the initial phase. However, blockchain stablecoins are expected to reach their all-time high in 2020 by the experts.

Facebook’s cryptocurrency “Libra” that is introduced in the year 2020 is one driving force for using stablecoin.

Blockchain solutions for social networking problems

It is estimated that nearly 2.77 Billion across the globe used social media in the year 2019.

When social media is introduced to blockchain technology, many problems that are associated with privacy violations, money fraud, stealing data, and content relevance can easily be solved. All these benefits are making the blend of blockchain in the social media platforms another potential technology trend in 2020.

Once the blockchain is implemented, one can ensure that all data published on social media cannot be duplicated and are not be traceable even when deleted. All data will be stored more securely and maintained properly after its implementation. Further, people who created the content have power over content relevance and not the platform owners. This creates a sense of safety and security in the mind of the users as they have control over what they want to see. However, is expected that implementing this technology on the social media domain can be daunting and difficult.

Integrating blockchain in government agencies

Government authorities responsible for administrating very large quantities of data find the idea of the distributed ledger very compelling. As all agencies have a separate database, requiring information about residents from each other becomes very necessary. This is where Blockchain can do wonders. It will help to manage data more effectively and improve the processes and functioning of an agency.

Gartner once assumed that before 2022, over a billion people will use blockchain to store some of their data and they may not even know about it. With the introduction of national cryptocurrencies, the governments will be able to ignore the benefits currencies derived from the blockchain. Digital money will soon be introduced everywhere. 

Blockchain is revolutionizing technology and has various benefits. Implementing it will make life more convenient and reduce the chances of fraud and corruption.

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