Undoubtedly, blockchain technology is getting immensely popular every single day, simply because of the increased demand for cryptocurrencies.
The Blockchain industry isn’t only restrained on Bitcoin. With the advancement in technology, specifically with the increased use of digital ledger, it has become easier to maintain data along with money securely.
Not just in cryptocurrencies, Blockchain technology can be executed in different sectors or industries because it will affect almost every business. Moreover, the highlighting part about blockchain technology is that it will have a glorious future.
Henceforth, here are some of the listed predictions on Blockchain that you must follow in this year.
1. Integration of Blockchain and AI
Here is the most awaited integration in the technology sector i.e., Blockchain and Artificial Intelligence (AI). With the implementation of Blockchain and AI, the transactions will be carried out easily and quickly. For blockchain developers, this integration will be amazing as it will come out with better options. Also, the efficiency of the blockchain will be improved with the execution of AI. For instance, data monetization, diverse data sets, smart computing power and a lot more can be done with ease.
2. Launch of Facebook’s Libra
Libra, a blockchain digital currency launched by a social media company, namely, Facebook. The currency hasn’t been launched yet because of the restraints coming from the regulators of the U.S. and Europe both. Nevertheless, they are into developing this digital currency and it is predicted that it is all set to launch in one jurisdiction. Along with some limited scope and functionalities, Libra will be launched which will completely transform the blockchain industry in the near future to take it into another level.
3. China will launch the Central Bank Digital Currency (CBDC)
China is one of the active leaders in blockchain and cryptocurrency. The president of China Xi Jinping announced that Blockchain is the future of the upcoming technology and China will continue to actively participate in it. Obviously, then it led to extensive research work and investments in blockchain technology. Operating already on a large scale, China will pursue its Digital Currency or Electronic Payment (DC or EP), which will finally commence in the upcoming years. Therefore, there will be immense growth in the blockchain technology, specifically in China.
4. Experienced Experts will be required
Undeniably, the popularity of Blockchain technology is rapidly increasing and so is the demand for experienced experts and engineers. This year, there will be a huge demand for blockchain developers to make some enormous improvements and features in this technology. As the demand for Blockchain technology is on the top of the ladder in the present scenario, so, the requirement of the high-end blockchain developers is extremely urgent.
5. Lightning Network Adoption Implementation
For instant bitcoin transactions and payments, the Lightning Network will be implemented. The benefit of implementing this lightning network is that it will enhance the speed of the off-chain data along with the advantage of low charges as fees. With the help of this layer 2 networks, there will be an increased demand for applications, channels, and nodes as well. Broadly speaking, the development of the bitcoin ecosystem will continue to grow, especially with the utilization of tools like Exonum and RSK.
Overall 2020 would be a critical year for the development of blockchain technology along with the development in cryptocurrencies. So, watch out on these trends and predictions to keep up with the protocols of blockchain and other digital assets.