The new decade is already being considered as the period in which the significance of blockchain technology and digital ecosystems will be shaped and consolidated. We will certainly see a lot of things happen in 2020. According to predictions, promising technologies – not only blockchain – will continue moving forward.
In recent years – especially in 2019 – we have already seen consolidation for cryptocurrencies like Ethereum and Bitcoin, which have stayed strong in a bearish market, all the while many blockchain protocols have grown. In addition, institutions and central banks in various countries are beginning to pay particular attention to what blockchain and digital resources offer the market. Moreover, giant financial companies around the world are developing their blockchain sector, a trend that does not seem to be slowing down and is seeing more and more adoption of this technology.
Here are the predictions for this 2020… as well as for the future of blockchains!
China in the lead
As we have seen in recent years, China is committed to taking the lead in all areas of technology. Xi Jinping himself hinted that the blockchain is the future of China. This announcement by the Chinese president has contributed to the massive research and investment work on blockchain in the East. Among the key developments the country is considering is the Digital Currency / Electronic Payment or (DC / EP). It is likely that this tool will be implemented in 2020 and many of the blockchain technology development companies will play a leading role.
Stablecoins for more security
In recent years, we have noticed companies’ tendency towards tokenizing legal currencies and using them as more convenient mechanisms in cryptocurrency trading. This trend towards stability and security will certainly continue in the coming years. There will be greater usability of stablecoins, and we can see JP Morgan’s stablecoin projects and Fnality come to life.
Ethereum 2.0 progression
The various teams responsible for the development of components and clients for the new Ethereum 2.0 blockchain have shared feedback, progress and updates within the ecosystem, and all this suggests that improvements to the Ethereum blockchain are still going on and that there is renewed confidence in the project, largely due to this transparency. According to their roadmap, there will be huge progress during 2020.
We’ve seen companies like Ernst & Young invest heavily in creating privacy tools for the Ethereum public ecosystem. Nightfall is a good example of the product in which Ernst & Young has already invested.
Other multi-party computing (MPC) and zero-knowledge (ZK) projects should see the light in 2020. This shows how in the future, companies are increasingly committed to ensuring privacy through the use of simple tools, such as a Chrome extension, in order to protect their data.
Interoperability between blockchain protocols
PegaSys has developed a native Ethereum client called Hyperledger Besu accepted by Hyperledger of Linux Foundation. While the differences between the main blockchain protocols like Besu, Quorum, Corda and Fabric are significant, at this point there is a possibility to start a conversation that could lead to research and collaboration between different systems.
2019 saw the implementation of multi-cloud blockchains, which means that it would not be a surprise to see cross-blockchain pilot projects arrive in 2020.