SUMMARY – From federated Blockchain to the growing dominance of stable coins on the market, here’s a run-through of the Blockchain trends expected to dominate 2020.
It has been over a decade since Blockchain made its presence felt in the technology domain giving the world it's first-ever cryptocurrency Bitcoin. Since then a lot has gone down in the past decade, with significant Blockchain integration leading to the transformation of the legacy systems.
As 2020, paves the way for another decade, full of technological potential, here are the dominating Blockchain trends to look out for this year.
2020 Blockchain Trends
Trends keep changing in the technology sector. There always remains a high chance that what worked yesterday, may not work to yield the same result the next time as well. It happens due to the evolving nature of technology.
Here’s a list of technology trends that are supposed to make a huge difference in the Blockchain domain this year:
The Dominance of Stable Coins
Stable Coins are an alternative to digital currencies. While crypto is usually blamed for being volatile, there is no such risk attached to stable coins as they are pegged with fiat, digital or any other form of asset. Being backed by a stable asset prevents it from fluctuating and the holder is most likely not to suffer a loss due to price drops.
2020 is predicted to be the year of stable coins with applications in financial services and remittances. According to market research, the use of stable coins will ensure that there is an additional layer of security surrounding the digital currency to prevent huge setbacks due to valuation crashes. It is also expected to make remittances faster and more affordable. The unique property of stable coins will help in streamlining the P2P and recurring payments. Last, but not least, the increased use of stable coins will ensure that the currency exchanges remain stable as well.
Federated Blockchain is the upgraded version of the basic model and it is more compatible with the modern use cases. It comes with a more customized look and added features like that of the private Blockchain. 2020, is expected to see increased implementation of federated Blockchain in financial services, insurance sector, supply chain management, record-keeping security, and other sectors.
Blockchain as a Service or BaaS
According to expert opinion, this year will see the giant corporations to incline towards Blockchain as a Service. This Blockchain trend has already managed to attract several start-ups and is on its way to capture the big leagues as well. Blockchain as a Service is a cloud technology-based service that allows the user to build their digital products such as applications, smart contracts, etc. through the utilization of Blockchain technology. Since it is cloud-based, there is no need to set-up an entirely new infrastructure, making it highly cost-effective.
With these and more technological developments to look forward to, hopefully, 2020 will be a landmark year in the advancement of Blockchain technology.