From just a buzzword to business in the year 2019, Blockchain technology has come a long way transforming how businesses work across the globe. With the emergence of cryptocurrencies and Bitcoin, Blockchain gained huge attention with the distributed digital ledger concept providing immense benefits in keeping records of data & money transactions secure and transparent manner. Today, several industries and businesses are implementing blockchain development services to modernize traditional business processes.
Experts believe that blockchain will be implemented more in near future. Without wasting any further time, let’s find out the top predictions of Blockchain technology that every Blockchain development company must be aware of-
- Startups without Prior Knowledge of Blockchain Will Fail
We cannot deny the fact that this technology is still in an immature phase, which is why many startups will fail to meet the expectations of investors who are helping in funds. Without complete knowledge, the bad start in blockchain deployment will lead to failed innovations, reckless decisions & refusal of this technology. The traditional enterprises need more transformation to get ready for blockchain deployment & avail benefits. Gartner predicts that by 2023, only 10% of traditional businesses will attain radical transformation with blockchain.
- More Successful for Finance & Economy
Blockchain gained its popularity with the banking and finance industries which doesn’t need to introduce radical transformation to its processes for implementing blockchain. After the successful adoption in cryptocurrency, many financial firms are considering blockchain to transform banking operations for faster transactions at lower costs, improved secrecy & help to reduce excessive bureaucracy. Predictions by PWC say 77% of financial institutions will adopt blockchain by 2020.
- Rise of National Cryptocurrencies
With the issue of the national cryptocurrency “Crypto Rouble” proposed by Vladimir Putin, President of Russia, governments started recognizing the benefits of blockchain currencies. As bitcoin became a tradable currency that can’t be controlled by any government, governments were worried in the beginning. Though there are some countries like China where bitcoin exchanges are banned, many countries are expected to accept the blockchain currency due to its benefits for the public & potential services. Gartner states that at least five countries will issue a national cryptocurrency by 2022.
- Higher Demand of Blockchain Developers
As there will be an increase in the adoption of blockchain development services, there will be a higher demand for blockchain experts. The technology is still in a new phase, which is why there is a limited number of resources. However, if you gain technical expertise in the development of blockchain solutions, it will be the best way to increase your earnings. There is a high chance that people quit their jobs and enroll in a course to work for blockchain projects. High demand for blockchain experts is among the top blockchain trends for 2020.
- The convergence of IoT & Blockchain
Talking about the combination of another breakthrough technology i.e. IoT with Blockchain, it can be a beneficial way where blockchain offers a scalable & decentralized environment to IoT devices, platforms & apps. Though other security protocols may be vulnerable when applied to IoT devices, blockchain can be the best way to resist cyber-attacks. With its distributed nature, blockchain will conduct not just faster transactions but also lesser in costs. The concept of smart contracts in IoT devices will be considered as an agreement for two parties for money or data transfer.
Industries that Use Blockchain Services for Better Business Outcomes
We cannot deny the benefits and security advantages that blockchain offers, many industries are using blockchain technologies. Here are some of the top ones that rely on this technology for improved business processes-
With millions of transactions that take place every day in the banking organizations, blockchain technology helps in maintaining a secure system for permanent records of these transactions. This not only helps in lowering the risk but also promotes faster & cheaper transfer with the help of the decentralization concept by blockchain.
- Real Estate
As real estate involves a huge amount of transactions for the purchase of properties, blockchain can be the best way to modify this transaction process in a traditional approach that enables buyers and sellers to store their documents & transaction records safely with lesser efforts & costs.
No more stressing over fraud or loss of medical data that leads to trust issues among patients and medical firms. With blockchain, the way the medical data and records are shared or stored is transformed with the capability to build trust and give timely access to medical treatments when required.
Another benefit offered by blockchain services is in the industry of transportation using smart contracts leading to easy custom clearance at multiple checkpoints for on-time delivery and reduced processing time.
As we can see, blockchain will help in revolutionizing the business processes but its implementation takes time and effort as well. It is expected that in the coming years, governments will accept the immense benefits of Blockchain and implement them for improved financial and public services. This technology is still in the nascent stage but people will gain more knowledge and experience to use these services. By 2021, the demand of blockchain developers will be more as traditional businesses have started to reconsider their processes. If you are thinking to add blockchain services to your business venture, get in touch with the skilled team of the leading Software Development Company in California for more advantages and security to your data.