Blockchain Predictions in Finance and Industrial Growth in 2020

Blockchain Predictions in Finance and Industrial Growth in 2020

 

The introduction of Blockchain has shown how strong and influential it can be in being major player in the economic future of the world. While it is still less than halfway into 2019, it has given way to a revolutionised Digital Economy. It has give way for more technological innovation and financial developments. Technology which has opened
the way to a revolutionized Digital Economy in 2020.

As expected, many industry owners, businesses and countries are all planning on how the next year will be, also the milestone so far with hopes of achieving more financial freedom and more technological innovations.
Hopefully , this coming year has inspired many people into the technology industry with so much interest. This is as a result of uprising in the industry brought about through Blockchain technology. the incoming year has inspired an uprising in the technology industry. As you already know that Blockchain deals with decentralised networks. Its a distributed ledger technology on which data can be stored and kept immutable. Its fast, easy and cheap.

It has come to remove the traditional currency transactions. The centralised form, accessing and retrieving pattern among various industries like Banks and other financial institutions. The news about the blockchain has spread and more exciting is the adoption-wind blowing across all continents of the world leave a major threat to middle men, incumbents.
Incase you are yet to familiarise with the concept of Blockchain Technology and how it works, then read more in our previous article.

Blockchain Predictions 2020

1. National Cryptocurrencies

Despite the fact that countries like Ghana, China, and even to an extent Nigeria have labelled bitcoin to be a scam and illegal, it is still obvious that majority of governments would finally adopt the blockchain and go ahead to accept blockchain-based digital assets as legal in the coming year.

Petromoneda which is a national cryptocurrency was launched last year in Venezuela, this was backed by the mineral reserves in Venezuela. Gartner who is a leading research advisory company came up with the prediction that by 2020 at least almost half a dozen countries will issue a national cryptocurrency. Now u can crosscheck Investopedia to discover where bitcoin is currently considered illegal.

2. Integration of Blockchain into Government Structures

From records and they way the acceptance of Blockchain is rising, adoption of the Blockchain Technology by the various existing governments is definitely unavoidable more so in the year 2020. If we look at the government administration and their mode of administration, you can see that they out tedious functions in administering la lot of data making things so ambiguous for them .When blockchain technology is fully integrated into their systems, things becomes easier, there will be prompt delivery and effective data management thereby making administration more effective and less stressful.

Take Estonia for example, the country had integrated Blockchain at its government level. It is currently used for effective security and control of personal data.

3. Blockchain to Drive Finance and Economy
The most important aspects of an economy are driven by its Financial Sector. This is where blockchain technology thrives. Within this sector we have issues of data storage and transaction delay which can be solved by implementing Blockchain Technology.
There is a use cases already existing in places like Germany in areas of remittances. PWC global fintech report which states that:
“by 2020, 77 % of financial institutes are expected to adopt blockchain technology as part of an in-production process.”

4. Blockchain Combines with the Internet of Things (IoT)
For obvious reasons, in relation to IOT, lot of companies are in the nearest future going to adopt the use of the blockchain it proffer solutions to their businesses. About 20 percent of IoT deployments are expected to power blockchain services by 2020 according to records from International Data Corperation (IDC).

This is as a result of the fact that Blockchain technology provides a secure and scalable framework for communication between IoT devices. Some other reasons includes its high resistance to cyber attacks.

5. Blockchain and Artificial Intelligence (AI)
A lot of improvement will be recorded with the integration of AI and AR (Augmented Reality) in our global economy.
With a handful of applications within the blockchain industry presents a good and adequate improvement

IDC has this to say;
global spending on AI will reach $57.6 billion by 2020 and 51% of businesses will be making the transition to AI with blockchain integration.
You can read more on our topic on Blockchain and AI

6. Employment of Blockchain Experts
As the demand for this new technology expands, the need to have more experts in this field because of the few number of people with the knowledge of the new technology is quite small . More experts in Blockchain are needed to match up with the ever increasing demands for the coming year.
Considering all the listed predictions coming into reality, you can see that blockchain experts will become highly sought after to deliver on the integration of this technology into various sectors of the economy -be it in Banking, Healthcare, SCM, Cyber Security, Media, Telecom, Transportation the list is endless.

Despite the number of experts that are presently available in the industrywe believe to be on the ground in the industry, it will not be enough to rise up to the demand of the ever increasing clients and so many applications and for the various sectors of the economy when adoption and integration begins. Thus , giving rise to employment opportunities in blockchain technology so-highly craved by its adoption in the year 2020.

What do feel about Blockchain technology in Nigeria? You can send in your comments.

 

 

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Credits: Investopedia, Blockchainafrica.io.

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