We gonna cross half a way of 2019. It's a great time for us to make some predictions about Blockchain Technology - A Key that unlocks Highly Revolutionized Digital Economy in 2020.
Although some countries like China consider Bitcoin exchanges as illegal, we can expect that all governments will finally accept the blockchain-based currency as legal by 2020. This will be due to potential advantages for public and potential services.
In 2018, Venezuela has launched its national cryptocurrency petro (petromoneda) that is backed by the country’s oil and mineral reserves. Gartner, a leading research & advisory company predicts that By 2020, at least five countries will issue a national cryptocurrency. You can check out the countries where bitcoin and cryptocurrency exchanes are legal and illegal here.
The adoption of blockchain technology by all governments will be an unavoidable in 2020, as they are in a situation of administrating very large quantities of data. However, the adoption of blockchain technology for effective data management will improve the functions of government sectors.
Estonia has implemented blockchain technology on the government level which includes 2-factor authentication, enabling people to control and sure their own data. Gartner predicts, that by 2022, more than a billion people will have some of their data stored on a blockchain, but it will not be up to their knowledge.
The most important sectors that make a country's economy is Banking and Finance. These both industries face a lot more issues likes data storage and transaction delay which can be solved by implementing blockchain technology.
According to recent PWC global fintech report , by 2020, 77 % of financial institutes are expected to adopt blockchain technology as part of an in-production process.
Many IoT based companies adopt blockchain technology for their business solutions. The International Data Corporation (IDC) is expecting that 20 percent of IoT deployments will enable blockchain services by 2020.
This is because blockchain technology provides a secure and scalable framework for communication between IoT devices. It also is high resistance to cyber attacks.
The International Data Corporation (IDC) suggests that 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.
Blockchain is a new technology and there are only a few percents of individuals who are skilled in this technology. As this blockchain technology is becoming a fast-increasing and wide-spreading technology, there creates a situation for many of us to develop skills and experience about blockchain technology.
Even though the experts in blockchain fields get increasing, on the other hand, the implementation of this technology has a rapid growth which will create a situation for the demand of Blockchain experts by 2020.
Source : Bitdeal