Although less than 2 years old, blockchain technology has gained widespread popularity like cryptocurrencies. What awaits the Blockchain industry in 2020? Here is what you can expect.
June 26, 2019 | AtoZ Markets – An upcoming 2020 is a breaking point for the blockchain to evaluate the evolution of this technology. Atoz Markets took an initiative and tried to predict what awaits the Blockchain industry in 2020.
The future of the Blockchain industry in 2020 according to the research reports
- The leading research and advisory company, Gartner, has estimated, that only 10% of traditional enterprises will achieve any significant transformation with blockchain or allied technologies by 2023. The experts assumed that by 2022 at least five countries will issue a cryptocurrency.
Earlier this year, the US-based J.P. Morgan announced the launch of a proprietary digital coin JPM Coin. Following the JPM Coin introduction, the Japanese bank Mizuho announced its own crypto launch in March 2019. The Mizuho Financial Group revealed to use their crypto dubbed as “J-Coin”. to increase cashless payments.
In addition, the World Bank, and the International Monetary fund have recently launched a private blockchain and quasi-cryptocurrency. It is worth to mention Russia’s Central Bank, which is also considering possibilities of issuing its own crypto in the near future.
- A global software company’ HashCash Consultants’ survey, shows that 74 % of financial corporations will adopt blockchain as an in the production system.
In February 2019 Continental, Siemens and German banking and financial services company Commerzbank initiated the first security’s transaction using blockchain.
The operation was initiated and settled between corporations Continental and Siemens with Commerzbank acting as a platform operator and service partner. The goal of the joint pilot operation, as Siemens and Continental explained, was to study the use of the blockchain for secure transactions.
Later, in April, one of the largest financial institutions in France – bank Societe Generale SFH – issue a tokenized bond on the Ethereum blockchain as a security token.
Blockchain industry in 2020 might meet certain obstacles
The blockchain experts believe, despite promising future of the blockchain industry in 2020, there will be stumbling stones in the initial stages of its journey. One of the main factors that halt the wide blockchain adoption is the experts’ concerns about this innovation’s safety.
The blockchain technology continues to raise doubts among many users, as well as among representatives of large corporations, as it happened earlier with Bitcoin. Certain large networks of the blockchain, including Ethereum and Bitcoin, did not avoid hacker attacks.
For this reason, many companies are looking for ways to make the best of the decentralization of public networks and the additional security of private networks. Such companies as IBM, Corda, Ripple offer enterprises access to a centralized system with a certain degree of cryptographic verifiability and security.
The software company’s HashCash Consultants believe that many blockchain startups will not survive in the market race. The company states, that many startups will be just a simple waste of money since enterprises will not invest in a platform they are not confident about. However, this would not impact the growing demand of blockchain specialists.
Blockchain industry in 2020, experts predictions
Atoz Markets reach to the crypto community members and blockchain experts to get their opinion on the future prospects of the blockchain industry in 2020.
Aviv Lichtigstein an entrepreneur, the founder, and CEO of 101Blockchains.com – a cross-industry community of leading Blockchain practitioners.
“By 2020, we will see blockchain reach new heights. More and more enterprises will understand the added value of distributed ledger technologies(DLT), including transparency, immutability, and decentralization. We can expect to see more customizable permissioned blockchain networks such as Hyperledger, Corda and Enterprise Ethereum, solving specific use cases including identity and document management, supply chain management, IoT applications, and much more!
The finance industry will also see growth when it comes to blockchain adoption. In fact, the World Trade Organization Insights also suggests that by 2030, we will see that blockchain economic value will add three trillion to global trade.
Lastly, the demand for blockchain domain experts will grow. With blockchain growing an unprecedented level, there will be more demand for blockchain leaders. “
Awosika Israel Ayodeji a researcher and a Co-founder of Hydro Lab, an ERC-20 token aimed at bringing public blockchain to financial services
“Considering the growth of Blockchain in 2019, the rest of 2019 and 2020 will have so many big firms seeing the potential of blockchain and keying into the technology. Although many of them will at first not want to use public blockchain platforms, with time, blockchain will become a normal tech and people won’t be conscious of the word blockchain because it will be like every operating system”
The blockchain technology in less than two years has gained widespread popularity despite anti-controversial attitude to this technology. Leaving behind the concerns related to this technology, it seems that this innovation while making baby steps gains the community’s trust.
What do you think about the blockchain industry in 2020? Let us know what you think in the comments section below.