November 29, 2023

In 2020, blockchain technology will go beyond a speculative concept

In 2020, blockchain technology will go beyond a speculative concept

Currently, statements are rarely heardthat distributed registry technology is a miracle cure for solving a particular problem. Business changed the irrational approach to a pragmatic one, which led to a reduction in the number of blockchain projects being implemented. However, the remaining ones are serious enterprises, not speculative concepts.

The transition from quantity to quality

In the coming year, blockchain platforms will continue to expand their services and develop new tools, and the most promisingthe direction will remain the study of strategic approaches to the tokenization of digital and physical assets using smart contracts.

Competition between leading players such asHyperledger Fabric, Ethereum, Quorum, Corda R3 and MultiChain will continue to grow. At the same time, new promising participants are preparing to enter the market, such as Digital Asset, which allows integrating their solutions with other platforms.

Increase versatility

According to Forrester’s forecast,specializing in information technology market research, next year the blockchain industry will retain its key trends that have formed this year, but will begin to pay more attention to operational issues, focusing on deployment flexibility and the interconnection between networks.

According to Martha Bennett, vice president andForrester Research’s chief analyst, over 80% of running networks will be hybrid or multi-cloud. Sometimes this is due to regulatory requirements, for example, when starting a local node in a country where the selected cloud service provider does not provide services. In other cases, the cause may be the network member himself, who wants to continue to cooperate with his current provider.

Therefore technology providers cannot offerblockchain as a service only in the cloud of one provider. The developers have already begun to improve their proposals and will continue to do so in order to better meet the needs of customers.

In 2020, blockchain technology will go beyond a speculative concept

Focus on compatibility

Due to the emergence of many networks with approximatelyidentical use cases, the compatibility issue will come to the fore. Since some processes may affect several blockchains at once, the possibility of interaction between them may be important for participants. For example, product tracking and trade finance are elements of a single supply chain.

Providers of existing automation solutionsand business process management will seek to expand their offerings with the help of DLT. In parallel, we will be able to see an increase in integration with other existing systems.

Increased competition

In the coming year, the confrontation between private and public networks will intensify even more.

Despite being publicthe platforms are poorly adapted to complex corporate use cases, but more and more often the issues of interaction between several projects are discussed to increase efficiency and solve more complex problems. However, the difficulties in assessing the consequences of such initiatives go beyond program protocols.

Newcomers like Hedera Hashgraph and Kadena have already attracted enough attention and possessthe potential to gain market share.