Blockchain technology itself has become a revolutionary breakthrough in many industries and especially among financial institutions. Although the adoption and use of the technology will require some time and effort, the blockchain can bring a considerable number of advantages to a traditional business. According to many experts, almost all markets that use a significant amount of daily operations will be able to get the maximum benefit from this promising technology.
What does the future of the high-tech look like?
To roughly imagine the level of influence of this technology in everyday life, it is best to consider the prospect for the next 10 years. Currently, companies are striving to create the maximum level of security and provide instant data processing speed. Therefore, it will be most rational to look at those types of businesses that are already ready to apply the innovation from a revolutionary technology. Secure advanced technology is one of the conditions of industries’ growth, credibility, and survival. AI in finance has the greatest potential. Implementing AI and machine learning lead to improvements to routine processes like making credit decisions and minimizing risks.
Using digital ledger for large tech companies
Perhaps the most promising area of technology development in 2020 is the implementation of Blockchain as a Service (BaaS). Put merely, BaaS is a universal cloud service that offers startups and existing businesses to create their own digital products based on blockchain.
If it comes to financial transactions, then it can be:
- Smart contracts.
- Decentralized applications.
- Other types of services that require detailed configuration of the process infrastructure based on the Blockchain.
Applying the technology in online casinos
Using cryptocurrency to deposit funds on the Bitcoin gambling sites is one of the main trends in 2020. Please note that players can now reload their accounts using Bitcoin or Ethereum and manage their finances with a high level of security. As a result, the user can be entirely sure that the data on financial transactions or personal information will not be available to third parties. Moreover, the deposit operation will be carried out without any interruptions.
Active development of Federated blockchain market
Today, experts classify blockchain technology as three main groups:
- Federated (Hybrid).
The most relevant and promising area is Federated blockchain. This is a modernized form of the standard blockchain model, which has more precise settings depending on the scope of use.
Using the high-tech to solve problems of social networks
The number of social networks users is only increasing annually. In 2019, more than 2.77 billion users around the world were active participants in the most popular social platforms. However, along with an increase in the number of users, developers began to face problems that were associated with violation of confidentiality, copyright and fake news.
One way or another, the owners of social networks have come to the conclusion that the use of blockchain will become one of the main trends that will be actively introduced in 2020. Using this technology can ensure that data published on social networks exclude tracking or duplication, including after its deletion. On the other hand, followers will be able to witness a higher level of security of personal data.
Unhindered use of digital ledger in financial markets
Unlike most traditional businesses, financial companies and the banking industry were among the first to see the incredible benefits of using blockchain. The point is that a financial institution does not need to radically change the bulk of the processes to use the technology.
Having received very positive reviews about the use of blockchain in the sale or exchange of crypto, even conservative banking institutions began to think about introducing the technology into everyday activities. Using blockchain for financial companies will allow:
- Provide faster international transaction speeds.
- Improve the security of financial and personal data.
- Reduce the level of bureaucracy and so on.
Using revolutionary technology for data identification and electronic key management
Blockchain technology can also be used for faster identification of a user. This applies to such parameters as adulthood, the presence of a driver’s license or the right to own a particular cryptographic key. For the blockchain technology, each person can be represented as an asset that has specific data. The safe storage of such information, and instant processing of the verification process, demonstrate significant prospects for the development of the blockchain in this field.
Integration of the distributed ledger with artificial intelligence
Like blockchain, AI has become a real breakthrough and continues to amaze the world with its prospects and application possibilities. Combining these two areas, experts plan to improve the blockchain technology using appropriate applications. The use of artificial intelligence will help make blockchain simpler and more understandable, especially when it comes to machine learning.