Leading Blockchain Firm Chainsulting Sees Accelerated Expansion in the Tea Leaves
Back in 2008, a revolutionary new type of money called Bitcoin back burst onto the scene. Alternately hailed as the coming of a new world order and just another technology fad, Bitcoin has seen it’s fortunes wax and wane over the intervening years. Yet while Bitcoin itself remains volatile, the technology underlying the cryptocurrency known as blockchain has experienced steadily increasing levels of interest and investment since its introduction. And blockchain solutions now are much more than cryptocurrencies.
For those unfamiliar, blockchain is what’s known as a distributed ledger. At it’s core, it’s a complete record of all the changes of a given thing. In terms of Bitcoin, the blockchain aspect tracks transaction details over the life of the unit. What makes it interesting, and sets it apart from anything before it, is that this record is cryptographically protected and recorded across multiple data stores. Transactions histories cannot be retroactively altered, and the complete history is validated across multiple points via peer-to-peer networking.
The vast potential of blockchain was recognized almost immediately. And while the technology still has a ways to go to achieve wholesale market adoption, investment and research into utilization is well underway across the globe, in the government and private sector alike.
Chainsulting, a consulting and development company specializing in blockchain technology, has released a list of predictions for the near-term future of blockchain.
Predictions in 2020 for Blockchain:
Governments Get On Board – Blockchain was a priority topic at the World Economic Forum in Davos in 2019. Governments are looking more towards digital currency as part of their monetary strategy. The secure data backup and effective data management opportunities afforded by blockchain are increasingly appealing to public administrations. On the legal side, blockchain backed smart contracts are beginning to take root, and the technology has the potential to reduce the need for third-party oversight.
Financial Firms Up the Ante – Financial institutions can verify and transfer financial information and assets with blockchain quickly and efficiently. Due to this, roughly 90 percent of major Australian, European and North American banks are already experimenting and investing in blockchain technology. In 2020 blockchain will be put to the test in real world scenarios.
Big Tech Bets Even Bigger - Leading technology firms are already heavily invested in blockchain. IBM has ramped up to more than 1,000 staff members and $200 Million in outlays going toward blockchain powered Internet of Things (IOT). Google has invested twice as much. Given this environment of rapidly increasing expenditures, the sense is that we are on the cusp of a technology revolution.
Newfound Demand for Talent – Given the possibilities and the complexity of blockchain technology and in light of the increasing investment, 2020 will see significant need for professionals who are familiar with it, be it technology, finance, the real economy and any number of other areas.
This is just the tip of the iceberg. Areas such healthcare and data security are also well suited to take advantage of advancements in blockchain. At the same time, more and more companies, including SMEs, have the opportunity to optimize their own processes with blockchain technology.
For more information on the future of blockchain, visit https://chainsulting.de/ Germanys leading blockchain developer company.
