Blockchain growth is on a constant rise over the past decade and luckily not being under shadowed by the pioneering Bitcoin and Ethereum platforms.
The concept of decentralization is set to see increased adoption in the market as more opportunities are launched over the platform. The technology has seen various phase shifts over the years.
We have witnessed chips accommodate billions of transistors over mere centimeters. And this is not the end there are small devices to harness a plethora of processes and computational power. All of it to make life more convenient than ever.
Distributed ledger technology, Artificial Intelligence, and cognitive computing are said to spearhead the upcoming generation of technological and blockchain growth.
The most influential technology of the decade
The blockchain influence will not only limit itself to the technological world, but the very concept of blockchains will be introduced to our routines. We will be purchasing, working, communicating, and doing way much more over blockchains.
The safe, secure, and fast transfer of information offered by the blockchain concept is what makes it more reliable. It is in turn more trustworthy than what any mainstream platform has to offer.
Blockchain and crypto were introduced so that the people, once again, are able to gain control of what is rightfully theirs, with no fear of intrusion. The users have their own choice of revealing their identity along with their personal information.
Once any information enters the blockchain, it cannot be altered unless another block is allowed on the network if more than half of the network’s nodes accept this new information.
Major blockchain growth factors
While around one-third of the world’s businesses are said to have accepted blockchain solutions already, the blockchain market is anticipated to hit the $20 billion mark in under two years. Such stats only prove the increasing adoption of blockchain technology.
Businesses are looking to adopt the technology sooner than ever so that they, too, can benefit from the cost-efficient, scalable, and secure solutions offered by the blockchain growth.
Blockchains also offer very quick transactions over its network, which are very important for a large number of businesses.
Issues to tackle
Despite the ongoing blockchain growth, technology may still have legal loopholes that were not kept in mind during its development. The technology may also suffer from a lack of legal frameworks, laws, rules, and regulations.
It is important for the blockchain network to perhaps be revamped, with all of these legal frameworks instilled, so that the technology may be introduced to everyday life. The permissionless blockchains can be used by perpetrators to carry out illegal activities over the network.
These activities can include money-laundering, buying and selling of illegal goods, and much more.
Blockchain growth in 2020
While the law experts mull things over, some solutions have already been discussed to tackle these problems faced by blockchains.
One such proposed solution involves a combination of permissioned and permissionless blockchains. Here certain transactions will require a legal party to intervene.
The scalability of blockchain technology through the cross-chain concept will allow a complete adoption of blockchain solutions. Introducing an internet of blockchains, similar to the Internet of Things (IoT), will make blockchains more useful than ever.