As per Statista, the global spending on blockchain solutions is predicted to surge from $1.5 billion in 2018 to a whopping $11.7 billion by 2022. Organizations across sectors are investing heavily on the said technology to extract the maximum benefits out of its usage.
Numerous firms across the globe are currently in the process of building their own customized versions of blockchain and cryptocurrency.
However, the biggest beneficiary had been the financial sector since 2018 having engulfed 60% of the global market value ofblockchain industry.
It further signifies that finance graduates with a professional blockchain certification under their belt are more likely to succeed in the relateddomain.
Blockchain technology market size worldwide 2018-2023
In accordance with the latest forecast based on Statista reports, market revenues emerging out of the application of blockchain technology will rise as high as 23.3 billion USD by 2023.
Top 5 Blockchain Trends to Watch Out For in 2020
#1. Other Than the Financial Sector, Blockchain to Find its Applications in Multiple Industries
- Blockchain’s current applications in the financial industry comprise secure digital transactions, building fraud-resistant settlement systems, and writing smart contracts.
- As per a Gartner report, blockchain-supported technologies will help banks derive value worth $1 billion in 2020.
- Applications of blockchain in agriculture will further increase, including its usage in tracing the etymology of agricultural products.
#2. Facebook to Launch Its Own Cryptocurrency Named “Libra”
However, Visa and Mastercard, both pulled out their involvement in the development of Facebook’s own cryptocurrency “Libra” over regulatory issues, it is expected to get launched by Facebook, single-handedly, in 2020.
#3. Blockchain & AI Integration to Intensify
- Blockchain and AI have got mutually empowering traits towards each other. In simple words, blockchain multiplies the utility of AI. AI can be applied in making blockchains more shielded from threats, besides providing convenience in operating blockchain-based tools.
- With the above-mentioned development in its full swing, organizations will be making accurate predictions in 2020. Furthermore, firms will easily match their products to the new markets.
#4. Blockchain Technology to Help Secure IoT
With the emergence of more and more connected devices powered by IoT, there will exist huge piles of data vulnerable to attacks from hackers. With the integration of blockchain technology with IoT, data security and privacy will be easily safeguarded.
As per a Gartner research, 75% of firms that have incorporated IoT, either already have integrated blockchain, or are looking to do the same in 2020.
#5. Rapid Emergence of CBDCs (Central Bank Digital Currencies)
While at the time of inception of cryptocurrencies, central banks across the world refrained from taking interest inthe disrupting phenomenon in fintech. But later on, in the past decade, were forced to contemplate the idea of launching their own digital currency.
The reason Central Banks got inclined towards releasing their own cryptocurrencies:
- Central banks, likewise the private sector, want to leverage the technological advancements unique to cryptocurrencies.
- With CBDCs, central banks can help empower their country’s economy by offering highly-advanced, efficient, and secure payment systems.
While the use of blockchain technology continues to intensify, in 2020, we will see it collaborating with other emerging technologies to further optimize its own potential.