The 5 Biggest Blockchain And Distributed Ledger Trends Everyone Should Be Watching In 2020

The 5 Biggest Blockchain
And Distributed Ledger
Trends Everyone Should Be
Watching In 2020

© 2019 Bernard Marr, Bernard Marr & Co. All rights reserved
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IntroductionIntroduction
While it’s true that the media hype over blockchain, bitcoins, and distributed ledgers has
died down, organizations continued to invest in research, development, and
deployment of these technologies throughout 2019. This year will almost certainly be no
different - Gartner analysts have once again highlighted blockchain as one of their top
10 technology trends for the coming year.
You might also be interested in my video on using blockchain for business:
https://www.youtube.com/watch?v=L8jq5IiJ7CQ&t=14s
The 5 Biggest Blockchain And Distributed Ledger
Watching In 2020

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IntroductionIntroduction
Don’t fall into the trap of thinking that blockchain and distributed ledger technology is
yesterday’s news. In fact, it’s still very much in its infancy – only a relatively small number
of organizations have achieved a sufficient level of maturity in their digital operations
that they are in a position to successfully leverage it. The future of blockchain is very
much intertwined with other emerging and nascent technologies like AI and IoT. These
are some of the issues I have considered in my predictions for 2020, which you can read
below:
The 5 Biggest Blockchain And Distributed Ledger
Watching In 2020

Financial services still the early adopters but
others will follow
With blockchain's debut on the world stage taking the form of digital cryptocurrency
Bitcoin, its not surprising that finance was the first sector of industry to take an interest,
and has been buzzing with innovation and breakthroughs ever since. This activity hasn't
been limited to the idea of virtual currencies – blockchain can be used to build fraud-
resistant clearing and settlement systems, smart contracts (digital contracts which execute
themselves when conditions are met), and greatly speed up digital transactions.
IBM – which says it is has helped launch more successful blockchain initiatives that any
other company – sees investment in blockchain technology by financial services
organizations increasing throughout 2020, but it certainly won’t stop there. And Gartner
has predicted that by 2020 more than $1 billion of value will have been derived by banks
from the use of blockchain-based technology.

Financial services still the early adopters but
others will follow
But it certainly won’t stop there. Blockchain technology has undeniable value for any area
of industry that requires that records of transactions are kept secure, and that activity can
be carried out in a traceable way. Current initiatives include tracking the provenance of
agricultural products and livestock it moves "from farm to fork," and even ensuring the
provenance of diamonds and other precious stones can be proven.

Facebook launches its digital currency
Facebook plans to unleash its own cryptocurrency on the world early in 2020, and
although many of the details are still under wraps, it's already generating a lot of
excitement – and also concern.
There have been a lot of cryptocurrencies in the past – well over 1,000 have launched
since Bitcoin arrived in 2009, with the vast majority quickly sinking without trace. But none
have been launched with the backing of an organization the size of Facebook- a factor
which could mean that the implications of this particular coin go far beyond anything we
have seen yet.
It’s certainly been a rocky road – late this year Mastercard and Visa both announced they
are withdrawing their support due to uncertainty over regulatory issues. This would be
enough to kill most commercial ventures - however Facebook (a company with a value of
$550 bn – more than either of the credit card giants) is pressing ahead regardless.

Facebook launches its digital currency
While technically a cryptocurrency (a method of payment which relies on computer
encryption to guarantee the integrity of the network), Facebook’s Libra works differently
to Bitcoin and the majority of other digital currencies. Its blockchain network will be
centralized – under the authority of the association responsible for running it – and not a
distributed, “trustless” system, as championed by the cryptocurrency pioneers. But if it
takes off, it could be the first virtual currency to live up to the promise of disrupting the
existing, currency-based global monetary system.

Blockchain and AI integration continues
to gather pace
One of the problems when it comes to integrating artificial intelligence (AI) into people’s
lives is that due to the volume of data that drives its decisions, AI can be very complex and
difficult to understand. Many people think that blockchain could be an antidote to this,
due to its ability to make decision-making traceable and ensure that the decisions are
based on verified and provable information.
The benefits go both ways – as well as blockchain increasing the usefulness of AI, AI can
be put to work to make blockchains more secure, and blockchain-based tools easier to
operate and user-friendly.

Blockchain and AI integration continues
to gather pace
By combining these breakthrough technologies, companies can make predictions more
quickly and accurately, cut waste generated by production processes, streamline supply
chains, and more quickly match their products and services to new markets. With the
value of this technological partnership becoming more apparent, its highly likely we will
continue to see an increase in this type of innovation throughout 2020, and the
appearance of the first combined blockchain and AI platforms from cloud service
providers.

Blockchain technology securing the
Internet of Things
It’s an unavoidable fact that the more connected devices we use to share and process data
in our personal lives and in business, the more opportunities there are for attackers to
hijack that data – or for it simply to be lost or misplaced. As industry moves increasingly
towards digital transformation and more and more work involves machine-to-machine
communication, it becomes increasingly important that information is stored and
recorded in a trustworthy, tamper-proof manner.

Blockchain technology securing the
Internet of Things
Blockchain and other forms of distributed ledger, of course, provide a solution to this that
is as close to perfect as it’s currently possible to get. Every transaction of information is
permanently recorded in a way that is transparent to all parties – an essential factor when
organizations rely on machinery, tools, and software from many different suppliers. This
means that when things go wrong, its comparatively simple to understand where a
breakdown in communications, or even a breach by a malicious third-party, caused a
problem.
According to Gartner’s research, a majority (75%) of organizations that have adopted IoT
technology either have already integrated blockchain, or are planning on doing so during
2020.

Other jurisdictions follow Wyoming’s lead
This year, the state of Wyoming became the first in the US to clear a legal framework
designed to allow blockchain innovation to flourish, while providing the regulatory
oversight needed to protect against the potential pitfalls.
When the first cryptocurrencies emerged, and anonymous, digital transfers of value
between anyone in the world became possible for the first time, regulators and central
banks were quick to draw attention to their obvious potential in money laundering and
other nefarious financial activity.
So far, it’s these concerns that have largely kept digital currencies out of mainstream use –
the US Securities and Exchange Commission (SEC) has consistently rejected applications to
establish publicly-traded cryptocurrency-based financial instruments.

Other jurisdictions follow Wyoming’s lead
The decision by Wyoming legislators doesn’t change this. However, the decision to issue
13 laws designed to provide a legal framework for blockchain and digital currencies is a
signal that, in some locales at least, there’s a belief that regulation should be an enabler
rather than a blocker of technological innovation. During 2020 we can expect lawmakers
in other states, and around the world, to be keeping a close eye on Wyoming, and
perhaps even following in its steps.

© 2017 Bernard Marr , Bernard Marr & Co. All rights reserved
Bernard Marr is an internationally best-selling author, popular keynote speaker, futurist, and a
strategic business & technology advisor to governments and companies. He helps
organisations improve their business performance, use data more intelligently, and
understand the implications of new technologies such as artificial intelligence, big data,
blockchains, and the Internet of Things.
LinkedIn has ranked Bernard as one of the world’s top 5 business influencers. He is a frequent
contributor to the World Economic Forum and writes a regular column for Forbes. Every day
Bernard actively engages his 1.5 million social media followers and shares content that
reaches millions of readers.
Visit The
Website
© 2017 Bernard Marr , Bernard Marr & Co. All rights reserved
Bernard Marr is an internationally best-selling author, popular keynote speaker, futurist, and a
strategic business & technology advisor to governments and companies. He helps
organisations improve their business performance, use data more intelligently, and
understand the implications of new technologies such as artificial intelligence, big data,
blockchains, and the Internet of Things.
LinkedIn has ranked Bernard as one of the world’s top 5 business influencers. He is a frequent
contributor to the World Economic Forum and writes a regular column for Forbes. Every day
Bernard actively engages his 1.5 million social media followers and shares content that
reaches millions of readers.
Visit The
Website

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The 5 Biggest Blockchain And Distributed Ledger Trends Everyone Should Be Watching In 2020

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The 5 Biggest Blockchain And Distributed Ledger Trends Everyone Should Be Watching In 2020