- January 28, 2020
- Blockchain
- Bitcoin, Blockchain
Blockchain Trends to Take Note of in 2020
Piece specially written for payxintl.com by Jeff Bread
Blockchain has come a long way since Satoshi Nakamoto developed it in 2008 — and it was two words at the time, “block chain”. While the developer’s true identity is still unknown, his creation now has many applications, from records management to even voting. It’s definitely beginning to gain mainstream adoption, and Bitcoin’s underlying technology is bound to get bigger this year. The following trends underscore blockchain’s bright future:
Blockchain and AI integration will escalate
Artificial intelligence (AI) adoption is a bit further along, mainly because organisations want to make sense of the huge volumes of data that people around the world are creating (expected to reach 463 exabytes daily by 2025). Forbes contributor Bernard Marr expects blockchain to increase AI’s capabilities by ensuring that all AI decisions are based on verified and traceable information. In turn, AI can help in improving not only blockchain security, but also its operability. The implications of this blockchain-AI integration are all-encompassing, as it can help companies make quicker, more accurate predictions, streamline supply chains, and assess old and new markets.
Blockchain-assisted payments will gain traction
It was on May 22, 2010 when programmer Laszlo Hanyecz paid 10,000 Bitcoin — then valued at only $30 (£23) combined — for two large Papa John’s pizzas. A full decade later, the underlying technology that made that transaction possible in the first place will see widespread adoption as a payment mechanism. An article by FXCM on the uses of blockchain beyond Bitcoin explains that this technology can be used in a wide range of payments, including payments that take place between organisations and their customers. This eliminates intermediaries, thereby reducing costs and expediting transactions. It also promises improved payment systems, and the signs of wider implementation are already here. Hackernoon’s own lists of blockchain trends for 2020 details how lightning networks will facilitate instant Bitcoin transactions beginning this year. This same infrastructure, in turn, is expected to be the backbone of blockchain-assisted payments in the future.
Blockchain meets social media
Social media is a vast online landscape, with approximately 2.77 billion social media users worldwide in 2019 alone, who are all at risk of privacy violations and data theft. Blockchain can potentially be a potent solution to these problems, as it can help ensure that any data and content published on social media remain secure and untraceable, and, therefore, near impossible to either steal or duplicate. Moreover, blockchain ensures that content creators themselves have control over their creations, not the owners of the different social media platforms. All these will make social media safer and more secure.
Blockchain enhances gaming
Blockchain is also set to conquer the billion-pound video game industry in 2020. It’s an interesting area for blockchain, which is predicted will play a major role in what can best be described as the ‘commodification of the gaming world’. Blockchain’s main features, which include immutability, security and transparency make it perfect for digital assets, like tokens and virtual items. Venture Beat explains that blockchain will allow individual ownership of such in-game items, as is the case with blockchain-based game CryptoKittes, which showcases digital collectible and ‘breedable’ kitties that can cost up to $171,000 (£130,0000) each. This feature will appeal to gamers, many of whom won’t hesitate to purchase anything that’ll help them progress in their favourite games.
Blockchain creates jobs
Finally, increasing blockchain adoption will mean new jobs, not only here in London, but also across the UK and in other countries. Blockchain developers, in particular, remain in high demand, and will continue to be throughout 2020. In fact, any job related to blockchain is likely to see huge demand this year, and certainly in the years to come.
Piece specially written for payxintl.com by Jeff Bread