Is 2020 going to be blockchain’s biggest year to date? Things appear to be going in that direction.
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Last year, major corporations got into the game.
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Big tech firms like Microsoft, IBM and Oracle began trying it out, and a number of financial companies including JP Morgan, Wells Fargo, Square, Circle, and Skrill began offering cryptocurrency services.
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The growth continues.
Just this month, Forbes reported that six of its top 50 fintech companies are now involved with blockchain. Numerous companies around the world are now working with clients of all sizes and types to help them figure out how the technology can be used to serve their customers and generate increased profits.
Many industry gurus are predicting that some big splashes will be made by some major companies. No less a reputable firm than Gartner has proclaimed blockchain as one of its top ten strategic technologies for 2020. And it’s already been determined that the technology itself has practical uses that go well beyond its initial role as a transaction tool.
So what can we expect to see?
According to tech entrepreneur Kevin Hobbs, blockchain will rapidly make its way into the mainstream. “It’s going to eventually change the way we do business on a variety of fronts,” Hobbs says. “It’s the most disruptive development we’ve experienced in some time and I’m confident that it will only continue to proliferate.”
Blockchain is already being beta-tested as an in-person transactional technology; for example, stores like Starbucks are known to be accepting payment via cryptocurrency. And paying for other services is sure to happen sooner than later.
“Instead of logging into Airbnb, Facebook, Uber, et al,” writes Andrew Keys, “you will log into your own self-sovereign browser, and will have the same ability to rent a hotel room, use social media or hail a car, but instead of the legacy application providers the same service will occur peer-to-peer, rather than through a thin layer of rent-seeking intermediation.”
While most people think of blockchain as a technology that will be used to support business and financial functions, some see it playing a role in recreational pursuits. When you think about it, it makes sense since so many pastimes, hobbies and activities are web-based. Adding blockchain to online activities could virtually reinvent how they function. Take, for example, the $300 billion video game industry, as well as the online gaming industry which generates about a third of that number.
“Gaming and commodification of the gaming experience” is what John D’Agostino, founder of Digital Assets Working Group, sees happening in 2020. According to him, there’s opportunity in “combining the theoretical fungibility, transparency and security of blockchain databases along with the ease and portability of tokens to create new markets for digitally native assets and experiences like online gaming.”
The months ahead will be interesting as blockchain technology continues to spread far and wide and companies leverage it to meet, and maybe exceed, their business objectives and projections. Kevin Hobbs explains that it’s the technology of the future, and that he’s been busy consulting with a range of enterprises that seek to adopt it in new and unique ways. Time will tell, but all indications are that he’s correct
Read More: How To Start Investing In Cryptocurrencies