In a previous article, I did well to highlight a few important areas where Blockchain technology will affect predominantly in 2020.
Also, I have written another article which lists the interesting industry applications of blockchain Technology that will inspire adoption in 2020.
BLOCKCHAIN IN INDUSTRIES
1. Finance
Over a thousand and one financial sectors have already keyed into the use of blockchain-based applications to facilitate, protect and automate their operations and functions. among others, IBM is cooperating with the government in Dubai and they are currently delivering smart contracts that can optimize traffic in maritime goods flowing through the emirate’s port.
It is now no more rumors that the Financial institutions in Dubai are to transfer their transactions to the blockchain by 2020.
2. Voting System
As I write, a company has tested the blockchain system with a few private elections. Estonia also adopted blockchain, for all transactions or vote, when recorded on the blockchain, it’s close to impossible to hack or modify.
Blockchain enables for innovative anti-fraud algorithms in the process of voting. we expect that by 2020, there would be a major change to voting with the application to blockchain technology.
3. Real Estate
Many predictions have been made by experts that contracts which define blockchain-based property lease will begin to come into existence by 2020. The efforts of blockchain technology will be well felt in real estate in the incoming year.
4. Publication or Content Distribution
Blockchain will be most applicable in the publication and content distribution sectors. Blockchain allows the content writer/publisher/artist to make available their content be it music or written, directly on the blockchain which makes it accessible to every end-user connected to the blockchain.
TRON, emerging technology on the blockchain has fueled this concept and has created a decentralized entertainment eco-system.
In the coming year, blockchain will be applied in content distribution prompting artists and content creators to earn royalties on their products for as long as possible without even committing to a particular record label. brand independence.
5.SCM ( Supply Chain Management )
This is one among the list of industries where blockchain will make its advances felt by 2020. Supply chain management is a huge and tedious process. The use of blockchain technology in SCM can make it simple with less or no issues.
The above-discussed concepts have strongly portrayed that blockchain is gonna be the stem of the ever-growing digital world by 2020. So, Hopefully, there will be tremendous changes in countries, industries, businesses, etc and that could be made by blockchain technology.
Stay tuned with us to get much more interesting aspects of the blockchain space!
PhotoCredits: Visual Capitalist
