From Interoperability to stable coins, learn about the latest blockchain trends that will rock in 2020.
The blockchain technology first made its official appearance almost a decade ago, in the year 2009. Since then, the world has seen an exponential transformation in this remarkable technology. From the retail sector to the field of Healthcare and Medicine, blockchain technology has made its way into various industry verticals, thus making blockchain trends the most searched keyword.
Clearly, the future has a lot of scope for blockchain-based applications. Let’s take a look at the top emerging blockchain development trends in 2020, that will shape the future of blockchain.
The advent of 2019 brought a lot of excitement in the latest blockchain technology. It is sure to take mobile app transactions and business functioning to newer and unimaginable heights. Here are the top emerging trends in blockchain technology.
The term Federated Blockchain can be referred to as one of the best blockchain latest trends in the industry. It is merely an upgraded form of the basic blockchain model, which makes it more ideal for many specific use cases.
As per experts, there will be a rise in the usage of federated blockchain as it provides private blockchain, a more customizable outlook. For most of the part, federated blockchains are quite similar to private blockchains, with a few added features.
For instance, in this type of blockchain, instead of one organization, multiple authorities can control the pre-selected nodes of blockchain. Now, this selected group of various nodes will validate the block so that the transactions can be processed further.
Key Features Of Federated Blockchain:
Use Cases Of Federated Blockchain:
Cryptocurrencies are basically a side product of blockchain technology and are volatile in nature. As of now, stable coins are in their initial phase and it is predicted that 2019 will be the year when blockchain stable coins will achieve their all-time high, thus making them the second most looked forward emerging tech trends in the industry.
Blockchain Future Applications of Stable Coins
Limitations of Stable Coins
Another blockchain trend is BaaS, short for Blockchain As A Service. It is a new blockchain trend that is currently integrated with a number of startups as well as enterprises. But such blockchain future trends may not always be feasible when it comes to creating, maintaining, and managing a new blockchain solution.
BaaS is a cloud-based service that enables users to develop their own digital products by working with blockchain. These digital products may be smart contracts, applications, or even other services that can work without any setup requirements of the complete blockchain-based infrastructure.
Some of the companies developing a blockchain that provide BaaS service are Microsoft and Amazon, thus shaping the future of blockchain applications.
It shouldn’t come as a surprise that social networking has become part and parcel of our daily lives. In fact, according to Statista, it is estimated that in 2019, there will be around 2.77 Billion social media users around the globe.
The introduction of blockchain in social media will be able to solve the problems related to notorious scandals, privacy violations, data control, and content relevance. Thus, the blockchain blend in the social media domain is another emerging technology trend.
With the implementation of blockchain, it can be ensured that all the social media published data remain untraceable and cannot be duplicated, even after its deletion. Moreover, users will get to store data more securely and maintain their ownership. Blockchain also ensures that the power of content relevance lies in the hands of those who created it, instead of the platform owners. This makes the user feel more secure as they can control what they want to see.
Blockchain interoperability is the ability to share data and other information across multiple blockchain systems as well as networks. This function makes it simple for the public to see and access the data across different blockchain networks. For example, you can send your data from one Ethereum blockchain to another specific EOS blockchain.
Benefits of Interoperability Between Blockchains
Noteworthy Vendors of Blockchain Interoperability
6. Ricardian Contracts as New Agreement
A Ricardian contract is a human-readable legal agreement that is also agreed and signed upon by both parties that are involved in the contract. It further gets converted into a machine-readable contract that also defines the listed intentions of the involved parties. Due to the same, it makes a good case for itself to become one of the latest technology trends.
Basics of the Ricardian Contract
Advantages of the Ricardian Contract
Next future scope of the blockchain technology is hybrid blockchain, which can be simply defined as the blockchain that attempts to use the most appropriate part of the public as well as private blockchain solutions.
If we opt for an example of an ideal world scenario, then hybrid blockchain will be mainly controlled across various platforms. On the other hand, there are some authorities for whom the processes are stated as private, while for the others, they remain public.
Advantages of Hybrid Blockchains
Content Streaming is one of the emerging blockchain technology trends of 2020 that will be highly popular in upcoming years. Movie streaming services like Hulu and Netflix can incorporate this technology and its solutions to store user data in a more secure and easily accessible manner.
There can be many other applications of blockchain solutions for its properties, like interoperability, federated blockchains, etc. Such video, music, and social media streaming companies can also opt for a similar API of blockchain technology that will enable third parties to read and even write information on the respective blockchain itself.
Looking at all these recent blockchain technology trends, one can say that the year 20120 will be quite a significant time for this emerging technology in various industries. There's no denying the fact that the technology of blockchain is likely to impact many different industry verticals differently.
Other than this, we’ve also released a report on the top blockchain app development companies in 2020. Our report is based on real-time data that our team of experts compiles after hours of research.
Blockchain is "an open, distributed ledger that allows the transactions between two parties and generate a public key and a private key. The combination of these two keys further authenticates the transaction.
Blockchain stores all the data of the transaction done over its network and then, it authenticates every transaction whenever a new transaction is made. This way, it becomes the best blockchain platform.
Blockchain is an immutable ledger that allows transparent transactions and therefore, blockchain is mostly used for the financial sector.
There are four types of blockchain network present in the market:
Blockchain technology is based on a centralized platform that can be used for varied purposes. The most common use of blockchain technology is in digital currency transactions. But apart from that, it’s used to the transparent ledger for compiling data for various purposes.
Due to its structure and operability, blockchain technology is said to ride on its three vital pillars, which are as follows:
It is not controlled by anyone but is managed by a peer-to-peer network.
Vikram is an experienced wunderkind, who embraced technology at a very early age, and today he is at the helm of it. Mobile apps are something that excites him the most, and now he is up to give this vertical the best shot. He routinely catches up with the new apps and comes up with the top apps that can excite you to the core.