Blockchain To Be Among The Dominating Technologies In 2020

Blockchain To Be Among The Dominating Technologies In 2020

Blockchain
December 30, 2019 Editor's Desk
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Out of the most revolutionary aspects, blockchain technology has been in the limelight, and within a decade of launch, it has already taken the world by rage. When Satoshi Nakamoto launched blockchain as the underlying technology powering Bitcoin, he wouldn’t have imagined that his creation will agitate the technology space and generate countless use cases.
University of California

Out of the most revolutionary aspects, blockchain technology has been in the limelight, and within a decade of launch, it has already taken the world by rage. When Satoshi Nakamoto launched blockchain as the underlying technology powering Bitcoin, he wouldn’t have imagined that his creation will agitate the technology space and generate countless use cases.

However, notwithstanding all its achievements, blockchain still has enormous scope for growth, and the upcoming year will see blockchain governing the perch in the tech world.

Considering this, famous crypto influencer and Chief Digital Evangelist at Salesforce, Vala Asfhar tweeted that blockchain could be the third most spoken about and utilized technologies of the subsequent decade. Along with blockchain, he also considered the Internet of Things, Artificial Intelligence, and 3D Print.

The video, which was shared along with the tweet, which was credited towards the World Economic Forum, did not embrace blockchain. Nevertheless, it included other modern technologies like robotics, automated mobility, connected sensors, next-level mobile communications, IoT, etc.

Hence, Asfhar’s claim is his opinion, and he didn’t present any specific data to support his claim. Aside from the top four, other technologies he named in the list of 15 includes autonomous cars, robotics, mobile internet, VR/AR, quantum computers, wireless power, 5G, cybersecurity, voice assistants, cloud computing.

Notwithstanding this, blockchain remains one of the most expected technologies going forward, with various sectors embracing DLT, and the future seems sturdy now. Here are some examples of why blockchain will be a drive to evaluate within the coming decade:

The benefit of any concept, idea, or technology depends on the mass approval at an international level. In this respect, blockchain has already proved itself, and the future appears to be promising, too.

All major global companies like Microsoft, IBM, Apple, Google, Facebook, TCS, Amazon, Alibaba, Intel, etc., have affirmed, and in fact, have established dedicated departments for blockchain development.

But, what’s more, exciting is the fact the international administrative organizations, like the United Nations and governments of various countries like China, Venezuela, Russia, the US, South Korea, Germany, etc. are starting to show enthusiasm in the tech, which is excellent.

Blockchain technology was introduced as the underlying technology for Bitcoin, but shortly, the world recognized the hidden potential of a distributed ledger. Various businesses have adopted blockchain technology, including pharma, oil & gas, telecom, and tourism.

Similarly, global mining giant Glencore declared earlier this month that it is joining the blockchain consortium RSBN. Furthermore, blockchain-based online gaming and gambling have also shown notable growth in the last few months, a drift that is likely to grow in the foreseeable future.

These two factors are the defining ones that firmly symbolize that blockchain technology will be a vital driving force, and there are actual stats to suggest so. While TRON Network is the head in the blockchain activity matrix, the underlying stats that have come up are quite remarkable.

Hundreds of thousands of users are joining the blockchain ecosystem globally by utilizing dApps, money transfers, crypto wallets, etc. Ripple alone has associated with over 200 banks and other financial institutions, which has brought millions of people in tight with blockchain.

Likewise, Tata Consultancy Services, a global IT giant from India, has products like BaNCS, which helps more than 450 businesses across the globe with a mind-boggling one billion active userbase. Such big companies allying with companies like Ripple will only drive the ecosystem towards the sky.

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