BLOCKCHAIN

Blockchain: 5 Trends To Remember For 2020

Fewer companies are embarking on blockchain projects today than in the 2016-2018 period, especially in North America and Europe. But those who get involved adopt a more “pragmatic” and determined approach to projects. The movement should be confirmed in 2020, according to forecasts from Forrester Research (in paid access).

“The most forward-looking companies will continue to explore strategic approaches to tokenization of assets (or conversion of rights associated with an asset into digital tokens), supported by smart contracts”, underlined in a blog post-Martha Bennett, vice president and senior analyst at Forrester.

In 2020, companies are expected to focus more on operational issues, demanding flexibility in blockchain deployment and interconnectivity between networks. The research and consulting company thus deliver the following 5 forecasts:

1. Hybrid And Multi-cloud Deployments

More than 80% of upcoming enterprise blockchain deployments will be hybrid and / or multicoloured, according to Forrester Research.

2. Battle For Leadership Between Platforms

The battle for leadership between DLT (Distributed Ledger Technology) frameworks is expected to continue. In 2019, Hyperledger Fabric, Ethereum / Quorum, Corda (R3), Digital Asset (DA), MultiChain, and Hyperledger Sawtooth gained ground. In 2020, the race for market share should be between Fabric, Ethereum / Quorum and Corda. But a single large project carried out with a new actor could change the situation, according to the research and consulting company.

3. Interoperability First

To take advantage of the blockchain, different networks (finance, delivery, logistics, etc.) will have to interact. Much of the issue in 2020 should be about the extent of the relationship: are we moving towards “simple” file-sharing or value transfer between blockchains?

4. DLT And Existing Management Solutions

There are links between existing business process management (BPM), digital process automation (DPA) and contract management solutions.

“While some established vendors are developing blockchain functionality in-house for existing management solutions, others will get started through partnerships, investments, or even acquisitions.”

5. Private Or Public Blockchain

According to Forrester, blockchain-based applications will continue to fall into two categories: Consumer-focused Decentralized Applications (DApps). These mostly use public and unauthorized blockchains. And business applications based almost exclusively on authorized networks using DLT frameworks dedicated to the business world.

“It is not realistic today to support large-scale complex use cases for enterprises in a public blockchain. However, interoperability issues between multi-blockchain silos have already led to discussions about the role of public blockchains in business processes, ”Forrester analysts observed.

Additionally, the progression of new players like Hedera Hashgraph and Kadena in the public blockchain is expected to shift the debate.

Tech Cults

Tech Cults is a global technology news platform that provides the trending updates related to the upcoming technology trends, latest business strategies, trending gadgets in the market, latest marketing strategies, telecom sectors, and many other categories.

Recent Posts

The Benefits of Keeping Your Old Phone

When your two year mobile phone contract comes to an end, you might find yourself… Read More

6 days ago

Cultivating Leadership Excellence in the Corporate World

In an era where business dynamics shift with dizzying speed, the difference between success and… Read More

1 month ago

API Monitoring to Improve ML Models

Introduction Generative AI and Machine Learning models have exploded in recent times, and organizations and… Read More

1 month ago

Data Analytics: Six Trends That Will Shape The Future

Quick advances in information science are opening up additional opportunities for organizations. They can extend… Read More

1 month ago

Planning Long-term Financial Goals With Term Insurance

When thinking about the future, financial stability is an important factor that provides us with… Read More

1 month ago

Inside the High-tech World of Modern Slot Machines

It may have been a long time since you had to pull a handle on… Read More

2 months ago