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Five Main Trends in Blockchain

Blockchain is going into all areas of life, although financial organizations remain the key driver. We have analyzed the main events for 2019 and formulated five key blockchain trends in the technology development at the turn of decades.
be-in-the-loop - Five Main Trends in Blockchain

Blockchain is going into all areas of life, although financial organizations remain the key driver. We have analyzed the main events for 2019 and formulated five key blockchain trends in the technology development at the turn of decades.

Blockchain is adopted by the state

If we have been able to observe the experience of relatively small countries over the past couple of years, at the turn of the decade new large players are joining the race.

be-in-the-loop - Five Main Trends in Blockchain

Central banks of dozens of countries are exploring the technology possibilities, and China is preparing to be the first to issue cryptoyuan. The growing role of China is the independent and important geopolitical and geoeconomic blockchain trend of 2020. With the rapid penetration of technology into business and everyday life, blockchain and knowledge about digital transformation are becoming a tool of the “soft power” of international diplomacy. Applying blockchain solutions in voting remains one of the key trends in the technology development.

be-in-the-loop - Five Main Trends in Blockchain

Banks are to drive financial evolution

2019 was the year of public transformations and the struggle against internal problems for public blockchain projects. Competition in the public blockchain market will only grow, so in 2020 those projects that manage to overcome internal contradictions will be able to find their place in new areas of technology application – such as the decentralized finance ecosystem (DeFi) and functional compatibility protocols of various blockchains. While the struggle of regulators with private initiatives is only escalating, traditional financial institutions are massively launching pilot projects and joining existing platforms. In addition to their own experiments, banks continue to buy promising fintech companies.

Blockchain leaks into the real sector

results of the pilot projects of the past years seem to be satisfactory, and the time comes for mass implementation of the blockchain for supply and accounting chains. This can give a new impetus to the development of economical manufacturing and the implementation of the UN goals in the field of sustainable development. The projects are also launched by the largest electric grid companies and industry associations.

Probably, 2020 will be the year of experiments, and the expert and full-scale operation of the blockchain in the electric power industry should be expected no earlier than 2021.

be-in-the-loop - Five Main Trends in Blockchain

Technology becomes massive, ecosystems being formed

The willingness of the business to invest and buy stimulates the creation of technological solutions, and the blockchain from complex technology for geeks reaches a sufficient level of maturity to turn into an understandable constructor with clear instructions. It seems that we are witnessing the beginning of the blockchain commoditization process, which will lead to a more intensive transformation of business processes in companies.

In addition, in 2019, specialized industry-specific blockchain associations, as well as ecosystems, including various professional organizations, were actively developed.

Investments: There is less money left, but optimism still persists

The volume of venture investments in blockchain companies by the end of 2019 decreased by more than half compared to 2018, however, it is too early to predict a further drop — blockchain companies become unicorns, a term to denote a private company worth over $ 1 billion, new specialized funds appear.

Although ICOs remain the main way to attract financing, the amount of borrowed funds has decreased almost six times as much by the end of the year and is likely to continue to decline.

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