Blockchain is a simple yet ingenious way of transferring information from A to B in an entirely automated and safe manner. One party initiates the process by creating a block for the transaction. Millions of computers distributed over the internet verify this block. The verified block is added to a chain that is stored online, building not just a unique record, but a unique record with a unique history. Fabricating a single record means falsifying the whole chain in millions of instances, and it is virtually impossible.
As Bitcoin and other cryptocurrencies have been picking up the market, focus has turned to blockchain. Blockchain technology exists as a shared database filled with entries that must be confirmed by peer-to-peer networks and encrypted. Blockchain can be considered a strongly encrypted, verified and shared Google Document, in which each entry in the sheet depends on a logical relationship to all its predecessors, and everyone agrees upon in the network.
Blockchain has many more potential use cases other than reinforcing Bitcoin. Below are some of its emerging applications of 2020 beyond business and finance.
Blockchain as a Service by Big Tech Companies
Blockchain as a Service (BaaS) is one of the promising blockchain trends in 2020. It is a new blockchain trend that is incorporated with several startups and businesses. It is a cloud-based service that enables users to build their own digital products with blockchain technology. However, it is costly and technologically complicated to create, maintain, and operate a blockchain. That’s why many smaller and mid-level companies are hesitant to invest in blockchain fully despite its benefits.
However, companies such as Microsoft and Amazon are developing a blockchain that provides BaaS service to shape blockchain applications’ future.
Blockchain Solutions for Social Networking Problems
Social networking platforms such as Facebook, Twitter are skyrocketing. Hence, data breaching possibilities are always high. But blockchain technology enables users to experience enhanced privacy when using social media.
Users can hardly control their content, such as audio, video, pictures, etc. during social networking as the network owners manage and control users’ data. They undoubtedly can connect with the entire world, but at the same time, social media platforms are vulnerable to attacks because of its centralised nature. Moreover, this networking also suffers from a bottleneck problem.
Privacy is the primary concern associated with social networking. Be it a conversation on WhatsApp or the images that are shared with friends, nothing is private and confidential, even though WhatsApp claims; “Messages and calls are end-to-end encrypted.”
Blockchain distributed nature eliminates control by a single entity or third party to prevent data from breaching. It also offers complete control of their content in the hands of social media users. Decentralized consensus mechanisms like PoW and PoS have privacy protocols; hence, they offer a higher user privacy level.
Blockchain Incorporation into Government Agencies
The distributed ledger concept is also fascinating to government authorities that have to administrate substantial quantities of data. Today, every agency has its separate database; hence they need information continuously about residents from one another. However, the implementation of blockchain technologies for effective data management will enhance the functioning of such agencies.
By 2022, over a billion people will have some data about them sorted by a blockchain, but they may remain unaware of it, Gartner speculates. National cryptocurrencies are likely to appear. Governments will inevitably have to identify the benefits of blockchain-derived currencies. Digital money is the future and nothing can stop it.
Blockchain with Artificial Intelligence
The collaboration of artificial intelligence (AI) with blockchain technology can bring mindboggling innovations in the future. This incorporation will display a level of improvement in blockchain with plenty of applications. Smart Computing Power, Creating Diverse Data Sets, Data Protection, Data Monetisation, Trusting AI Decision Making are some examples of AI in Blockchain.
The International Data Corporation (IDC) estimates that global spending on artificial intelligence will grow at US$57.6 billion by 2020 and about 51% of businesses will be making the transition to AI with blockchain integration.
Blockchain could also make AI more coherent and understandable so that experts can trace and determine why decisions are made in machine learning. Blockchain and its ledger can record every data and variable that goes through a decision taken under machine learning.
Moreover, AI can accelerate blockchain efficiency better than humans or even everyday computing. The way blockchains are currently run on standard computers proves that a lot of processing power is required to perform even basic tasks.
Blockchain Combines with IoT
The internet of things (IoT) tech market will see a renewed focus on security with complex safety challenges crop up. These complexities emerge from the diverse and distributed nature of the technology. The number of Internet-connected devices has breached the 26 billion mark. Device and IoT network hacking is becoming commonplace. Only network operators can stop intruders from doing their business.
One of the main reasons is that the current centralised architecture of IoT due to the vulnerability of IoT networks. With tens of billions of devices connected and more to be added, IoT is a big target for cyber-attacks that makes security extremely important.
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