Blockchain has proven to be a major player in the economic future of the world. While it is still less than halfway into 2019, it wouldn’t hurt to make relevant and convincing predictions about the Blockchain Technology which has opened the way to a revolutionized Digital Economy in 2020.
As expected, the majority of business, industries, and countries have already or are currently in the process of planning out the coming year -defining their milestones with hopes to achieve something literally big financially and technologically.
Interestingly, the incoming year has inspired an uprising in the technology industry. One of the results for this industrial spark is the blockchain technology. As you might already know, the blockchain is a Distributed Ledger Technology on which data can be stored and kept immutable and which cuts across all sectors of the economy has begun to kick out so many functions such as centralized data storing, accessing and retrieving methodologies among various industries like banking and much more. Needless to say, how well the news about the blockchain has spread and more exciting is the adoption-wind blowing across all continents of the world.
If you are not familiar with the concept of Blockchain Technology, then read more in our previous article.
Awesome, so would you like to know some future predictions of the most recent technology?
We have tried to link up some of the industries that would benefit from the use of the blockchain in the next 9 months.
Blockchain Predictions 2020
1 National Cryptocurrencies
Even though countries like Ghana, China, and even in some occasions in Nigeria have labeled bitcoin to be a scam and illegal, it is still certain that majority of governments would finally adopt the blockchain and go ahead to accept blockchain-based digital assets as legal in the coming year.
Venezuela, just last year, launched its national crypto called Petromoneda and this is backed by the mineral reserves in Venezuela. A prediction made by Gartner, a leading research advisory company came up with the prediction that by 2020 at least almost half a dozen countries will issue a national cryptocurrency. Check Investopedia to discover where bitcoin is currently considered illegal.
2. Integration of Blockchain into Government Structures
I Make bold to say the adoption of the Blockchain Technology by the various existing governments is apparently unavoidable more so in the year 2020. If we are to take these government apart piece by piece, we can observe that they carry out very tedious functions in administrating large data. this issue can make things a little compounded when we talk about prompt delivery and the blockchain technology can make it a lot less stressful for them and bring about effective data management in every government sector.
Estonia had integrated Blockchain at its government level. The current use is for security and control of personal data.
3. Blockchain to Drive Finance and Economy
Agree, the most important aspects of an economy are driven by its Financial Sector. Within this sector lie issues of data storage and transaction delay which can be solved by implementing Blockchain Technology.
Use cases already exist in places like Germany in areas of remittances. PWC global fintech report states that:
“by 2020, 77 % of financial institutes are expected to adopt blockchain technology as part of an in-production process.”
4. Blockchain Combines with the Internet of Things (IoT)
For obvious reasons, a lot of companies are in the nearest future going to adopt the use of the blockchain in relation to IoT to profer solutions to their businesses. As recorded, the International Data Corporation (IDC) expects about 20 percent of IoT deployments to power blockchain services by 2020.
This is due to the singular reason that Blockchain technology provides a secure and scalable framework for communication between IoT devices. Among other reasons are its high resistance to cyber attacks.
5. Blockchain and Artificial Intelligence (AI)
Improvement will be recorded with the integration of AI and Ar (Augmented Reality) in our global economy.
Its presents adequate improvement with a handful of applications within the blockchain industry.
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.
6. Employment of Blockchain Experts
The number of people who have relevant knowledge of this very new technology is quite small when compared to the number required to attend to demand that will hit the industry in the coming year.
With all the above-listed predictions coming into reality, blockchain experts will become highly sought after to deliver on the integration of this technology into various sectors of the economy -be it in Banking, Healthcare, SCM, Cyber Security, Media, Telecom, Transportation the list is endless.
Regardless of the number of experts, we believe to be on the ground in the industry, its a fact that it will count for a very minute number when adoption and integration begin to come in full scale. Thus the employment opportunities in blockchain technology application are too numerous when compared to the impact of the so-highly craved adoption in the year 2020.
In a soon to be published article, I will also be listing some of the interesting Industries where Blockchain application will spark a massive call for adoption. To be among the first to get this next article, join out telegram handle today!
Bitcoin Cash Support Added to HTC Flagship Smartphone, the Exodus 1
The Exodus 1 which is an Android powered mobile phone is the first native web 3.0 mobile devices with architecture that secures crypto assets. The device has an easy to use digital wallet, Zion Vault whose software interfaces with the device’s hardware security.
The wallet allows users to store and make transactions using the bitcoin cash cryptocurrency without having to be exposed to remote system penetration.
According to Bitcoin.com, the partnership will see HTC pre-loading the firm’s popular wallet app on the device. In turn, Bitcoin.com will offer for sale the Exodus 1 Flagship device and other lower device from the manufacturer on the Bitcoin.com online store. The lower priced device Exodus 1s will also feature same native bitcoin cash support which the flagship users are to enjoy.
Speaking on the partnership, Bitcoin.com CEO Stefan Rust said “There are so many synergies between Bitcoin.com and HTC. We are very excited to be on this incredible journey together.”
Roger Ver, the Executive Chairman contributed saying “Bitcoin.com’s partnership with HTC will enable Bitcoin Cash to be used as peer to peer electronic cash for the millions of HTC smartphone users around the world.”
Based on the news reporting arm of bitcoin.com, HTC sees great promise in cryptocurrency and that is the reason why it has added support for bitcoin cash.
The Taiwanese firm’s Decentralized Chief Officer Phil Chen speaking on the importance of the partnership between both organizations said “Smartphones are everywhere and have proliferated across the planet. It’s very important for the adoption of crypto that it is easy to store and use, no matter which cryptocurrency is preferred by people. So the fact that BCH, one of the biggest cryptocurrencies, is now easy to use on our smartphone is very important for us. Together, HTC and Bitcoin.com are helping to bring crypto to the masses.”
He went further saying HTC believes in user ownership of, control of their data and cryptocurrency presents the best opportunity to start the journey into owning personal data. Understanding the fear of users owning and controlling access to their data, Phil Chen believes this will significant impact the business models and revenues of these ‘powerful firms’.
HTC believes the smartphone will be the tool which will allow users manage, access, store their digital assets.
Bitcoin.com revealed that future plans of the partnership includes offering discounts when paying for goods in BCH as well as sales of the Exodus phones on store.bitcoin.com
Businesses Can Now Accept Ether as BitPay Add Support for Ethereum
Largest global blockchain payment processor Bitpay has announced customers will soon be able to safely, securely and compliantly accept Ethereum for purchases without the need for any further integration.
It also revealed that wallet users will be able to store and use the second largest cryptocurrency by market cap in their wallet and BitPay Prepaid Visa Cards holders can top up debit cards.
BitPay formerly supports Bitcoin and Bitcoin Cash and has now added Ethereum to its list of supported digital assets on its payment processing platform.
Accesses to foreign exchange in some jurisdiction is a challenge to businesses and with the advent of bitcoin, businesses can easily and effortlessly receive payments from all over the world from users with the three supported cryptocurrencies.
BitPay speaking on the achievement was quoted saying “It is exciting to see BitPay leading the way in integrating Ethereum into global payment systems,” said Vitalik Buterin, founder and creator of Ethereum. “This truly opens up a new world of possibilities for the Ethereum ecosystem, and together we can continue to be a leading innovator for real world use cases for cryptocurrencies.”
BitPay offers stable coin settlement with Circle CENTRE USDC, Gemini Dollar (GUSD), and the PAX as well as in 12 currencies and direct deposits in 37 countries.
According to BitPay, it calculates prices displayed on invoices in 150 countries and can settle in over 200 countries. It further said that, for merchants who desire to be settled by bank transfer, the transfer is initiated the next day and cryptocurrency is settled the next day.
BitPay was founded in 2011 as the pioneer bitcoin and blockchain payment with large number of merchants already using its payment processor such as Microsoft, Newegg, Dish Networks etc. It enables users to manage digital assets with the BitPay walllets and turn digital assets into dollars with the BitPay Visa Card.
Blockchain-enabled SIM to be Launched by China Telecoms Corporation
China telecom corporation limited CHA, has made public its serious considerations in developing a blockchain-enabled 5G sim card according to a Chinese website, Sina News.
The leading arm of the Chinese telecom research had released the white paper which outlined key moves to be implemented on the sidelines of China International Smart Industry Fair recently. The paper had also pointed out some details of how this sim card would support ERC-20 tokens and Ethereum, also stating that it would have compatibility with almost any type of phone. Explicit details on plans to turn a smartphone into a decentralised node were also highlighted
This news has also come as a good one for those who intend to buy and sell Cryptos using their mobile phones. The telecom of China has its eyes on the 5G which is the major prize for the corporation
According to the whitepaper, blockchain has emerged as the only technology that presents users with the opportunity of securing their fragile data, hence the issue of the huge flow of data this advancement will come with will not be an issue, even with the advent of IoT enabled devices
China telecom is of the opinion that it can perform better as it attacks the low quay of current blockchain phones such as Samsung’s Galaxy S10 and HTC’s Exodus One which it accused of playing the market by incorporating specific blockchain instead of going for higher technical standards.
Coinbase Reports an Increase In The Level of Activity in Blockchain Activities Into Universities
According to recent research carried out by a major cryptocurrency exchange platform Coinbase, it was discovered that about 56% of the top 50 Universities in the world had one of more cryptocurrency and Blockchain classes offered.
An indication of growth in interest for blockchain
This research carried out by Coinbase was published in an official blog post which also used rankings from the US news as well as world report for the listing of top 50 universities. The findings also took into account both students offering undergraduate and graduate courses.
It was discovered that twice the number of students, when compared to last year, were beginning to take courses in blockchain and Cryptocurrency.
Apart from having a doubled interest amongst the top universities of the world in taking classes on blockchain and Cryptocurrencies, the study also reflected that these students had already gone as far as creating student-run clubs related to crypto.
There was a 42% increase in the offerings related to this field.
The report also revealed that nearly 70 percent of crypto and blockchain classes are in departments that are outside computer science, including law, the humanities, and economics. A Cornell alumnus said:
“We’ve had so many professors reach out to learn more about blockchain and see how it applies to their field. It’s really cool to be part of a community where there’s so much engagement.”
The African continent not being left out of this action
Meanwhile, the African continent is not left behind as countries such as Nigeria have shown an increased level in activities that are blockchain and cryptocurrency inclined, considering the fact that there has been a series of events both past and future that have been organised by bodies such as Cryptotvplus to increase the level of awareness amongst university students.
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