Also, it measures potential to create value in every industry, from finance, retail, manufacturing services and healthcare. The analysis predicts a tipping point in 2025  expects adoption of Blockchain technology on a large scale across the global economy. Tracking and tracing products and services – or their origin – emerged as a new priority for many corporate supply chains during the pandemic. Also, it offered the most significant economic potential, as per PwC.

Also Read: Mobile app development Company

Glimpse on Blockchain Could Boost UK Economy By £57bn By 2030

There are five main application areas of Blockchain and assessing their potential for generating value using economic analysis and industry research. The study points to a tipping point in 2025 expects adoption of Blockchain technology worldwide throughout the global economy.

Financial payments and services, including digital currency. And supporting financial inclusion through cross-border payments and remittances, £13 billion increased by 2030. Additionally, identity management includes personal IDs, professional credentials. Also, consists of certificates to help curb fraud and identity theft, £ 8 billion increase by 2030.

Also Read: iOS app development Company

The adoption of Blockchain in contracts and dispute resolution is £3.0 billion. And customer engagement increases by £1.8 billion by 2030. However, including the use of Blockchain in loyalty programs. Further expands its potential to a broader range of public and private industry sectors.

Blockchain‘s success will completely depend on an environment of supportive policy. A business ecosystem is assured to exploit the new opportunities opened up by technology and adopted across all industrial sectors.

Which Region is Expected To Benefit The Most

We can expect that Blockchain will boost the economy by $1.7 trillion by 2030 globally and on all continents. In terms of individual countries, Blockchain could have the highest net profit potential in China ($440 billion by 2030) and the US ($407 billion by 2030). Five other countries such as – Germany, Japan, Britain, India and France – expect to benefit more than $50 billion by 2030.

 PwC research  underlines the potential of Blockchain. It revealed nearly two-thirds of global business leaders (61%) ranked digital transformation of core operations and business processes among their top three priorities. However, as they rebuild from Covid-19.

The report warns that if Blockchain’s potential economic impact realizes, it must manage energy overhead. A leading mobile app development company noted, growing business and government action against climate change. It includes a commitment to Net Zero transformation, which means that organizations need to consider new models for consolidating and sharing infrastructure resources. Also, to reduce reliance on traditional data centres and overall technology-related energy consumption.

Public Administration Got The Biggest Improvement

The biggest beneficiaries of Blockchain technology will likely be the public administration, education and health care sectors in the UK. As per a dedicated Blockchain app development agency expect these sectors to earn £22 billion in profits by 2030. Moreover, taking advantage of Blockchain’s efficiencies will bring to the world of identities and credentials.

Meanwhile, there will be broader benefits for business services £15 billion, wholesale and retail £ 13 billion, and communications and media sectors £5.3 billion by 2030. They will benefit from using Blockchain to engage consumers and meet the demand for origin and traceability.

Final Verdict

Zazz‘s report looks at the GDP impact of Blockchain, which is the net added value of goods and services in an economy due to Blockchain technology. This study provides a scenario of Blockchain technology’s impact on the global economy in 2030. if the absorption and quality of available products and services develop as expected. In this report, we do not model the impact of Covid-19 separately.

However, given how Covid-19 has driven remote work and technology solutions across sectors. This blog is part of a series that examines the economic impact and practical use cases for new technologies including AI, Augmented & Virtual Reality, and Blockchain. So, if you want to stay updated with technologies, get in touch with us.

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Let’s see !!

The past few weeks have been inundated with news of COVID-19, with the consequences of this epidemic far beyond health concerns. Businesses in various sectors globally are suffering, but few have been as severely affected as the airline industry, where the predicted financial impact is enormous.

Blockchain Use Cases in The Aviation Industry

Aviation Identity Management

The identities of individuals can be faked and used to carry out fraudulent and terrorist activities. Blockchain solves this problem by validating identity with the help of biometrics. Once the identity is validated and stored on the Blockchain, it is almost impossible to change it because the network is so protected and decentralized. It will also eliminate the use of paper passports and human error in the screening process.

Airlines Security

Information privacy is significant for the industry as many people place their trust in sharing their personal details for better system functioning. Passenger records, as well as airline crew information, need to be secured as any accident can lead to dangerous outcomes and misuse of identity. According to the Blockchain app development services, this technology, together with the security wrapper, generates a secure medium to share this data reliably through the authorities.

Airlines Maintenance

Maintenance logs frequently organize between manufacturers, merchants, service providers, and airlines. It is time consuming and prone to errors if the entry is wrong at any point. Blockchain technology can eliminate the requirement for complex databases and paper binders and permit airlines to manage a single record of origin that will be immediately available to all authorized persons. With this, maintenance events are predefine, and this information will be made available in the aircraft maintenance log, which saves time, improves maintenance and ensures safety.

Loyalty Points

Points and loyalty schemes, when tokenized via Blockchain, can provide immediate value to users as they use instantly in real-time. Besides, these loyalty points can use as more widely through the partner community. Points that replace the role of currency will allow travellers to save time and make payments more easily.

How Will Blockchain Proves Beneficial For The Aviation Industry

The Blockchain for the aviation industry has many capabilities for applications. Due to its decentralized capabilities, the Blockchain’s feature of storing information on digital ledgers has made it popular with airlines. This shared ledger used by the MRO and OEM teams to keep flight records, maintenance status and other data.

Apart from that, blockchain technology will use for component registration. For example, data entry such as serial code, date of manufacture and the number of parts available for a specific component, that is store on the Blockchain. In the case of any part requirements, technical staff can easily search the information stored on the Blockchain quickly and take the necessary steps for repair and replacement. Apart from that, other data including but not limited to bookings, immigration, payments, airports, hotels, etc. can store on the Blockchain.

That is, the Blockchain can store all the information relating to any modification, repair or change on an aeroplane. This allows everyone on the network to easily access information. Moreover, it is one of the most distinguishing factors that make executing Blockchain unavoidable in the Airlines industry.

Provocation For Airlines in Adopting Blockchain

When considering blockchain adoption, airlines face three central calls. It is as follows:

Regulatory uncertainty. Aviation industry regulators have primarily adopted a wait-and-see approach to Blockchain, resulting in a significant delay. Engaging regulators at every stage of the blockchain journey can help ease the transition for all.

Consortium participation. Broad participation is required to create value with the Blockchain. However, building a blockchain consortium, or a group of companies collaborating to advance common goals for technology, is a complex undertaking. The consortium can define infrastructure development, use cases, set standards, and applications, and operate the blockchain network.

Technology is developing. Although airlines can produce on Blockchain, it remains a young technology that is increasing and poses unique challenges and risks. That means focusing on and adapting the airline’s architecture and project plans based on these changes.

Summary

In summing up Zazz‘s thinking, finally, the industry should consider how combining Blockchain with technologies such as predictive analytics, IoT, and robotics can create more significant synergies. Aviation is the second, the most regulated sector; and at the same time, which requires radical optimization! You have to introduce one of the best solutions that can save airlines millions of dollars and at the same time increase customer satisfaction levels.

For example, in industries where health and safety are of primary concern – such as aviation, pharmaceuticals, and food. However, some app development company in USA explain, the combination of Blockchain and IoT can increase quality assurance and proof of provenance throughout the supply chain.

As with any new technology, the potential for disruption is not always immediately apparent. Forward-looking aerospace using Blockchain and other digital technologies to rethink how they do business fundamentally will benefit the most. So, after reading the blog in full, are you still in a dilemma? Contact us; we will help you our best.

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You have consistently heard the word ‘Blockchain technology’ by the leading blockchain companies in Boston and worldwide over the last few years, probably about cryptocurrencies like Bitcoin. Blockchain seems preamble, albeit in a conceptual context, as there is no concrete definition that a layman can easily understand. Blockchain technology, how it operates, and its importance in the modern world are essential to understand.

To get the maximum benefit from this technology, you must distinguish the best blockchain development companies that can apply the latest technology & this perspective successfully into your business operations.

Industries Using Blockchain Development:

Since the launch of Bitcoin in 2008, the first decentralized peer-to-peer electronic cash system, blockchain technology, has significantly developed. Today, the advantages of the technology behind Bitcoin are being realized by innovators in different fields. 

Several industries and companies consider blockchain technology to complete essential elements of work faster than modern implementation steps. 

Let’s focus on the five big industries impacted by blockchain technology.

Banking Sector: 

Blockchain disrupts the commercial banking system by offering high security and low fees for a peer-to-peer payment service. This removes the need for a third party, Bitcoin from one to others, to create a transaction using crypto.

Cybersecurity:

The biggest threat to our digital world is cyberattacks. The Blockchain is a decentralized system suitable for environments involving high security. Without revealing private information to others, Blockchain offers a secure and open way to record transactions.

Supply Chain Management:

All the steps of a supply chain can track through blockchain technology. In other words, Blockchain’s use for supply chain management work helps you always collect the data needed and reel in the correct responses.

Healthcare:

Healthcare companies are another sector that deals with confidential personal details. In changing the way medical data and documents store and exchange, Blockchain can be significantly helpful.

Legal industry:

Blockchain technology aims to protect legal documents quickly and safely, checking records like wills held in the Blockchain. It will first validate and then store any adjustments/updates in the legal documents.

List Of Top 10 Blockchain Development Companies In Boston:

1. Zazz:

Zazz is a specialized blockchain development company in Boston that provides consumers worldwide with web creation, mobile device development, and IT consulting services of any complexity. They have a large team of IT experts who are highly trained. 

Moreover, Zazz guarantees the consistency, competence, and speedy execution of projects ranging from mid-sized portals to the creation of complex apps.

2. Appstudio:

Appstudio is the leading Blockchain app development with numerous clients worldwide that provide businesses and startups with full-cycle product development services. They develop, enhance, and scale software products across platforms that leverage innovative mobile, web, cloud, analytics, AI, and blockchain technology.

3. Chop Dawg: 

Chop Dawg has helped 350+ startups, first-time investors, rising enterprises, and non-profit organizations around the world with next-generation blockchain application development since 2009. Think collaborator, not agency, when it comes to partnering with Chop Dawg.

The team works with total accountability. Set-rate, pay-as-you-go, pricing is straightforward and equitable. They ensure to share detailed roadmaps for the project and achievable timelines with their clients prior.

4. Appschopper:

AppsChopper is a trustworthy Blockchain company in Boston, serving consumers worldwide as a top-notch mobile app development solutions. The organization has experts who are well-versed in creativity and technology.

AppsChopper, headquartered in Boston, is an innovative app design & development agency. To help your company expand, they are a team of creative mobile app professionals who develop beautiful strategies, engaging experience, safe code, and test it for functionality.

5. Algorand: 

Algorand simplifies your business functions by offering the most scalable Blockchain development services for businesses. Companies with their Blockchain Development Solutions increase data security, achieve high scalability, and maintain transparency in business processes. They offer Blockchain a platform that makes it possible to digitize and represent workflows safely, privately, and efficiently.

6. SoftVelopers: 

With more than 20 years of industry experience, SoftVelopers is an international software development business. The company has its headquarters in Boston, MA. The team of software developers currently has up to 250 experienced developers helping several companies in Blockchain development.

7. Proxet:

Proxet is a custom web, mobile, and app development company offering a wide variety of customers with personalized and optimized solutions. it has over 100 ventures in Healthcare, Marketing, Financial Services, Retail, Real Estate, Aerospace, Blockchain & Automobile verticals with more than ten years of experience developing complex solutions for enterprise-level companies, SMBs, and startups.

8. Alliedblock:  

AlliedBlock is an end-to-end development company for blockchain applications committed to bringing the latest blockchain technologies and insights to the world. They develop smart contracts and technologies for distributed ledgers.

They provide the company with blockchain integration and full product creation solutions. Their organization has top product development skills, providing you with an effective team to develop optimized blockchain products.

9. Boston SoftDesign: 

Boston SoftDesign is an authorized source of managed services. With its headquarters in the Greater-Boston area. A variety of well-known clients are a trusted IT partner that brings technological and professional knowledge to organizations.

The company offers enterprise remote IT management solutions, blockchain development, software development, strategic consulting, and more integrated services to help lift your enterprise.

10. Flipsidecrypto: 

For blockchain companies, Flipside Crypto offers business intelligence and behavioral modeling. They see blockchains as the world’s linking next-generation infrastructure and digital assets as the next generation. These innovations will use organizations to build a modern digital economy. The team helps shape the companies that establish the modern digital economy.

Closing Thoughts:

It is necessary to ensure that the affected industries stay current with the developments to stay ahead of the competition as new technologies. Blockchain is now the latest technology that, in the years to come, will affect many industries. Data security is what every organization is searching for, and in terms of recording and transmitting data, there is no safer choice than Blockchain.

Lets discuss with the leading Blockchain development company specialists if you intend to integrate blockchain technologies for your business venture. Take advantage of the tremendous benefits of the Blockchain and enjoy your data with added security.

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The advancement of Blockchain is rising rapidly due to new technologies and outstanding benefits. Businesses will genuinely thrive by offering blockchain applications in this field. Interpretation of Blockchain development will play a significant role in mapping the potential course of any entity.

Find out blockchain technology-

Blockchain technology is a system that stores transaction data, also identified as the block, of the public in a collection of databases, recognized as the “chain,” in a network linked by 

peer-to-peer nodes. Usually, this store defines Blockchain as a ‘digital ledger.’

Simply put, the digital ledger is like a Google spreadsheet exchanged between various computers on a network where transactional records keep based on actual transactions. 

Fascinating idea of Blockchain-

Most reputable businesses complain about network failures, security breaches, and significant capital investment. Hire Blockchain App developer is a solution to both of these issues. 

It comes with many advantages as it is a decentralized network that can help protect and handle data efficiently. Let’s go through the list to learn more about the top 10 Blockchain companies in the USA.

10 TopNotch USA based Blockchain app development companies-

1. Zazz– 

Zazz is the highest-ranked blockchain app development agency in the USA. It can offer you customized and advanced solutions. Their app development team has collaborated with many entrepreneurs, small and medium-sized companies with years of experience. 

Zazz employs specialized advanced technologies, Blockchain, app developers. The business has emerged as a one-stop destination for implementing blockchain technologies in governance, finance, healthcare, and capital markets.

2. Appstudio– 

Appstudio is a leading developer of mobile applications. They bring innovations to life by delivering industry-standard solutions to companies, from start-ups to multinationals. It is a leading provider of mobile app development & designing. They will help you integrate complex back-end technology to create seamless cross-channel customer experiences.

Appstudio has provided a range of personalised and high-quality blockchain app solutions. They have a community of professional and qualified Blockchain veterans who will shape and nurture your product.

3. SoluLab – 

SoluLab is one of the pioneering Blockchain companies in the USA. It offers full services to companies, entrepreneurs, developers, and transforms their ideas into an amazing tech product.

They help businesses to conquer the decentralized environment with top-notch Blockchain technology solutions. 

4. Altoros– 

Altoros helps companies by managing cloud and software solutions. Until now, the company is supporting a range of businesses to launch their blockchain journey. They allow you to understand how Blockchain works, function within a decentralized, collaborative, and stable environment, help speed up, improve existing workflows, gain accountability, and minimize costs by safely performing your business transactions.

5. Debut InfoTech– 

It is a full-service Blockchain development agency that utilizes Blockchain, A.I., IoT, and other cutting-edge technology to create innovative software applications that appeal to modern companies’ various needs. They have developed themselves as a significant competitor in Blockchain and mobile app growth, partnering with some of the top names throughout industries.

6. LeewayHertz– 

With 10 years of experience, Leeway Hertz is building over 100 enterprise-grade software solutions that are being used by millions of consumers across the globe. It is an established blockchain software company with a strong knowledge of A.I., IoT, and cloud services. 

7. Cyber Infrastructure Inc.– 

Cyber Infrastructure Inc. has a reputation for providing business-advanced solutions to its clients across a variety of fields. With an extensive experience of more than 14 years, the company is proud to offer its solutions to famous clients.

They provided various blockchain services such as Blockchain development applications from custom cryptocurrency and hash algorithms, Blockchain mining development services, Blockchain smart contract creation, blockchain wallets, and exchange applications.

8. Hyperlink InfoSystem– 

Hyperlink InfoSystem is a blockchain technology provider that helps businesses change the environment in this new age of innovation. They have a customer base distributed across various sectors.

At Hyperlink InfoSystem, they’re using Blockchain for a cost-effective application for you to make all the data available on the Blockchain. 

9. Espeo Software– 

Espeo is a software development company dedicated to the development, design, and testing of high-quality products. They know how to use Blockchain, the importance of time, deliver immediate results rapidly, and make the journey from their first interaction to implementation as short as possible. They evaluate, ask questions, propose the most appropriate solutions at each point of the project.

10. Consagous Technologies Pvt. Ltd.– 

Consagous Technologies is an I.T. service provider known for its strategic approach to designing, creating, and implementing end-to-end business applications and mobile applications. 

They deliver Enterprise Mobile App Development, B2B / B2C Solutions, ERP Solutions, 

e-commerce solutions, blockchain technologies, Internet of Things, Increased Reality, and Cloud Computing strategies.

Final Judgement-

The Blockchain is a powerful technology, and while everyone is continuously exploring it, few businesses have incorporated blockchains into their products. Blockchain technology is still under progress, and you can apply it in various ways to new and established companies.

If you want to create a blockchain app, please feel free to contact us. At Zazz, We support our clients with a wide range of tech services. The business comprises dedicated staff, product development, R&D, and technology consultancy services.

Zazz will help you achieve personalized solutions. Lets discuss your business plan and also an estimate of the cost of building the blockchain app.

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An operating model was defined, supported by a series of concepts and technologies that enable these objectives to be achieved. But the base that supports Bitcoin and the rest of cryptocurrencies has transcended its initial objective, and its application to other fields is revolutionizing the usual transactions of our day-to-day are going to be carried out. As an app developer, we are sharing some essential information about the blockchain history and its uses in every other Business.

History of Blockchain

Since the appearance of personal computers and later the Internet, a series of independent technologies have been developed that, adequately combined, will give rise to the origin of a model that solves the previous problem:

1. Public key cryptography
2. Blockchain or Blockchain
3. Peer-to-peer or P2P networks
4. Timestamping

In the 90s of the last century, different works appeared on decentralized solutions for making electronic payments that do not depend on the intervention of any central supervisory or regulatory entity. It is based on the use of Blockchain to record transactions on a peer-to-peer network. Then we will explain how the model works and is considered a significant step in the history of Blockchain.

• On January 3, 2009, Bitcoin came into operation with the first open-source program, that is, whose code is accessible to any programmer and therefore valid in design, and the first bitcoins are created. From here, the development of the node network and the use of Bitcoin to make payments without intermediating any entity or regulator grows to the current level of madness, with Bitcoin valued at more than $ 4,500. In parallel, other cryptocurrencies based on the same concept and with different objectives were appearing. There are currently over 1,000 cryptocurrencies that can be bought and sold.
• In 2013, a programmer involved in the development of Bitcoin called Vitalik Buterin proposed to incorporate the possibility of managing not only money transactions in bitcoins but also taking advantage of the model to run applications in distributed mode, again, which do not depend on a server. Or of an entity, to execute contracts in a decentralized way.
• The community did not accept his proposal, so in 2014 a group of developers decided to launch the Ethereum project for the development of a public, open-source, blockchain-based platform for the execution of Smart Contracts, The word has already appeared!
• It manages the execution of the Smart contracts as the uses of Blockchain, the compensation to the nodes that execute them and finance, of course, a token or cryptocurrency was issued, the Ether that, infected by the same enthusiasm, has triggered its price in recent months.
• In July 2015, after several prototypes, the first version of the Ethereum platform was launched with an evolution plan to provide it with all the expected functionalities.

And at this point, we find a pioneering cryptocurrency, Bitcoin, the star of many news; a technology, the Blockchain, which makes it possible to exchange money without the intervention of any entity. Its applications, Smart Contracts, that with the same scheme of cryptocurrencies, allow the execution of contracts without intermediaries that govern them.

What is The Role of Blockchain in Business Transformation?

Uses of Blockchain in Business

Smart Contracts

As we said in one of our previous posts, smart contracts allow us to make agreements automatically when certain conditions are met using Blockchain in 2020. These agreements may include stock transactions and real estate transactions. Since smart contracts are carried out automatically, there is no need for a broker to handle the transaction.

The use of Blockchain in Business requires automation. We have produced many Zazz mobile apps that offer features like issuing smart contracts. Smart contracts are the key to making it scalable and secure.

International Transactions with Blockchain

Thanks to cryptography, we can use Blockchain in monetary transactions using Blockchain in 2020. It makes it useful for international transactions. It enables payments to be made much faster, more accurately, and at less expense. Furthermore, banks would not be required to carry out transactions.

Supply Chain Management

Companies are now considering what this technology can do about improving transparency and efficiency in supply chains. From product origin to retail shelves, Blockchain can provide a transparent and immutable record that manufacturers can remember. This level of transparency provides an opportunity to find any inefficiencies that can lead to a host of improvements in the supply chain.

Retail Loyalty Programs

Blockchain is the perfect technology to make loyalty plans more efficient. Today they often rely on coupons that are easy to lose. Blockchain could allow retailers to create or use a digital currency that can be awarded to consumers with their purchases. Using Blockchain for this would mean that there is no chance of fraud or waste. It is one of the most sought out uses of Blockchain in businesses.

Commercial Contracts

The information secured in a contract using Blockchain cannot be changed in any way using the professional services of Blockchain in 2020. It could be handy for companies that have to deal with a large volume of contracts. Some examples of this are retailers and real estate agents.

We are a digital agency having the expertise to integrate blockchain technology in your Business. As a Blockchain Developer, we have devised the most cost-effective method to use this technology to provide maximum benefits to our clients.You can avail these benefits of blockchain technology by investing now, however, you need to hire a professional and expert agency. We guarantee best results and provide full-fledge services. Contact us now!

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With blockchain, faster and safer transactions can be made, automating operations and reducing costs with distributed registration technology. Potential opportunities are visible in a wide range of markets, providing features and benefits that have generated considerable interest in various industries, including the financial sector. Companies are seeking app developers to create innovative blockchain solutions for the management of processes.

What is Blockchain?

It is a database that lives on the internet, which is decentralized (without the need for intermediaries), and records can be written and consulted digitally. In a company, for example, these databases can include those responsible for production lines to record the information corresponding to their areas. Furthermore, they can coordinate any transaction between the firm and its workers.

In the transactional field, this technology works through cryptocurrencies, which allow the exchange of goods and services. An example of these digital currencies is Bitcoin, which has a market valued at over $ 180 billion. It is necessary to accept them as payment for goods and services through some blockchain platform or buy them directly from exchange houses with a bank account.

We know that blockchain is enabling business transformation and not only opens a new business model that changes the economic market, but it also allows improving the efficiency and optimization of companies. The dynamics of consumption changes, and technologies such as the blockchain provide the necessary digital trust between users and companies. In the coming years, the sectors that will undergo the most changes thanks to the use of blockchain in business are the healthcare, banking, insurance, legal, logistics, and agrotech sectors, among others. A blockchain development company, Zazz, highlights the benefits of using blockchain in the business world:

Blockchain is Enabling Business Transformation

Quick and Effective Steps:

The absence of intermediaries and the availability of available information allow the simplicity of any management. It helps companies to act immediately on any unforeseen event.

Real-time Monitoring:

It is possible to follow the course of a transaction and maintain control of the information at all times. It assumes that the capacity and reaction time to any change is immediate. As a Blockchain Developer, we have created many real-time monitoring systems using blockchain and IoT.

Security and Trust:

Blockchain technology uses a network of encoders and algorithms that prevent the modification of any data without all the parties involved in a transaction. In this way, the information is verified at all times and guarantees its security in blockchain in business.

Low-cost Technology:

This service allows the cost savings of intermediaries and can automate processes. Therefore, it makes it easier for companies to focus on improving the customer experience and operating efficiency. Its cost-effectiveness has maximized its reach and even startups are admitting that blockchain is enabling business transformation.

Universal System:

It is a key to blockchain business transformation as it provides maximum output. Technology enables business relationships to be established with any potential customer in the world, thanks to the possibility of linking electronic devices’ processes and transactions through technological infrastructures.

Blockchain technology (or blockchain) increasingly sounds like a profitable model for the business world. The transparency and security that Blockchain in Business Transformation raises allow forming digital databases with records on transactions, titles, certifications, or other files without the need of any intermediary. Globally, several high-caliber companies have given the go-ahead to this platform, giving them higher speed and security in the management and monitoring processes of their products. Even Forbes magazine included eleven blockchain companies in its latest edition of the 50 best financial technology firms globally, due to blockchain business transformation.

How Safe Is It?

The primary mechanism of blockchain technology is that it has a decentralized database; that is, it is not stored on a single server. It is distributed among the different nodes (users) that make up a network.

It allows each user of the platform to validate the information before it is stored, by automatically registering the exact date and time of any movement without the possibility of it being altered or modified. In this way, if any of the nodes were at risk of being hacked, the rest of the servers that are on the same network would cancel the action using blockchain in business.

Besides, users decide what to share on the platform, which is why he becomes the sole owner of his information. Therefore, it is essential not to forget the access password to a respective virtual wallet since if it were lost, there would be no way to recover it, and the information would be shielded in a cloud without access.

Goodbye To The Banks?

Despite the decentralization model proposed by the use of blockchain, in which there are no intermediaries such as banking institutions, this platform is only an alternative for global finance. Our experts say that this type of technology is not intended to replace banks but instead seeks to become a new tool to have access to more efficient services and faster processes. We know that blockchain business transformation is helping banks and other financial institutions.

Even the blockchain could resort to banking organizations and credit unions that promote the use of cryptocurrencies at a global level. In this way, withdrawing cryptocurrencies converted into cash from an ATM would be an increasingly real possibility.

A Model Tested by Large Companies

Some brands such as Microsoft, Porsche, Walmart, and FedEx have allied with different blockchain firms to optimize their supply chains, transactions, documents, automation methods, among other aspects.

In the case of Porsche, the German automaker partnered with blockchain company XAIN to develop automation testing at the doors of their vehicles. Also, it will seek to share information about routes, accidents, and other aspects of interest to its users through blockchain.

For its part, Microsoft created the CoCo Framework software, which seeks to support businesses of various sizes to take advantage of blockchain technology and thus increase their financial benefits. The American company Walmart will also bet on the use of this platform to monitor the security of its products in supply chains and will get help from Blockchain in Business Transformation.

We are the leading blockchain development company in the United States, having a talented team and a fantastic portfolio. We have catered multinationals and startups and have equal expertise to handle any size of the company. If you want to transform your business using blockchain digitally, talk to us now!

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It was in this year when the United States Congress and foreign central banks became interested in the benefits of blockchain and cryptocurrencies. Even China decided to bet on this technology billions of dollars.

Also, the world’s largest financial companies are building on the blockchain and the trend shows no signs of slowing down. Therefore, analysts and experts have said that 2020 will be a much more interesting year for the blockchain and here are some projections.

Central Bank of China will launch its cryptocurrency

China is one of the most active countries in blockchain technology, as well as in crypto space because that is where the largest cryptocurrency exchanges have been registered and also where mining is mostly carried out.

Huang Qifan, executive vice president of the China International Economic Exchange Center, confirmed that the People’s Bank of China (PBOC) will launch its digital currency called Electronic Payment in Digital Currency (DCEP).

Facebook Pound Launch

Facebook announced its plans to launch the digital currency in June 2020, but the attempt to popularize the cryptocurrency was obstructed by the skepticism of politicians and regulatory agencies worldwide.

The projection is that Libra will be launched next year in a jurisdiction and with limited scope, partners and functionality.

Stable coin paradises

The trend that has been observed in recent years of converting fiat, or fiat money; that is, assets that governments recognize as legal, in cryptocurrencies to operate exchanges in the virtual market will continue.

Therefore, we will see greater adoption of stable currencies, mostly backed by trust funds, and driven by stock market trading.

It is clear that blockchain adoption, despite the challenges it poses in terms of time and effort, will mean a real revolution in a multitude of operations and processes in a wide range of sectors, to trigger the demand for certain profiles and capabilities, and to force traditional companies to completely rethink their processes to take full advantage of the advantages offered by this promising technology.

Next, we analyze 10 trends that will dominate blockchain technology in 2020.

THE BLOCKCHAIN AS A SERVICE (BAAS) AND THE TECHNOLOGY GIANTS

The call, Blockchain as a Service or BaaS, will be one of the trends with the greatest projection 2020, especially for the interest that has aroused among various startups and, above all, large consolidated companies. BaaS is a cloud-based service that allows users to develop their digital products working with blockchain. These digital products can be smart contracts, decentralized applications (Dapps), or even services that do not require a blockchain-based infrastructure to function.

Microsoft and Amazon are just some of the companies that are already working on the development of a blockchain that allows them to start offering BaaS services and thus shape the future of blockchain applications.

THE FEDERATED BLOCKCHAIN RISES TO THE FORE

Blockchain networks can be classified as Private, public, federated or hybrid. The federated Blockchain term has been coined to designate one of the most promising trends that have emerged in the blockchain segment in recent times. It is an advanced form of the basic blockchain model, which makes it more suitable for many use cases.

In this type of blockchain, instead of a single organization, each preselected node in the blockchain can be managed by multiple authorities. In federated networks, it is this group of nodes that is responsible for validating the blocks so that transactions can continue to be processed. In 2020 it will increase the use of federated blockchain platforms thanks to the customization possibilities of blockchain networks that it enables.

INCREASED VISIBILITY OF STABLECOINS, OR STABLE CURRENCIES

Bitcoin is one of the most used examples to illustrate the volatility of cryptocurrencies. The concept of stable currencies, or stables, emerges from the need to guarantee some stability in the value associated with each currency. Today, stable coins are still in an incipient phase, they are expected to reach their historical highs throughout 2020.

The launch of Libra, the cryptocurrency of Facebook in 2020, will be a fundamental milestone for the adoption of stablecoins, despite the multitude of problems that the company is facing and the flight of partners that is occurring within of the organization created to manage this cryptocurrency.

BLOCKCHAIN SOLUTIONS TO TACKLE SOCIAL MEDIA PROBLEMS

In 2019, the number of social network users worldwide reached 2,770 million. The introduction of blockchain in social networks will allow curbing some of the problems that have raised the most controversy, including violations of privacy, data control, and relevance of the contents. Therefore, the incorporation of blockchain in the field of social networks will be another booming trend during 2020.

The implementation of blockchain ensures non-traceability and prevents duplication of all data published on social networks. Besides, it will allow its users to store data more securely, as well as guaranteeing their ownership.

Blockchain will also allow content creators to determine their relevance, rather than the owners of the platform. This way users can have more control over what they want to see. The difficult thing will be to convince social media platforms to voluntarily implement these solutions. If not, we will have to wait for future regulatory developments in this line, similar to what has happened with the GDPR at the European level.

INTEROPERABILITY AND BLOCKCHAIN NETWORKS

The interoperability concept referred to blockchain refers to the ability to share data and information between different systems and networks of blockchains. This function would allow visualizing and accessing the same data from different blockchain networks. Thus, for example, it would be possible to send data from an Ethereum blockchain to another specific blockchain network. Developing this interoperability poses many challenges, but it would offer great advantages.

ECONOMY AND FINANCE WILL DRIVE THE DEVELOPMENT OF BLOCKCHAIN APPLICATIONS

Contrary to what happens in other traditional businesses, in the banking and financial sectors the adoption of blockchain technology does not require major changes in terms of processes. After its successful application in the development of the cryptocurrency segment, numerous financial institutions have begun to seriously consider the possibility of implementing blockchain to improve their traditional operations.

According to a PWC report, 77% of financial institutions plan to adopt blockchain technology as part of some system or process in production throughout 2020.

Blockchain technology will allow banks to streamline bureaucratic processes, execute transactions faster at a lower cost and increase privacy levels. The consultant Gartner has estimated around $ 1 billion the value of the business that will be derived from the use of blockchain-based cryptocurrencies for banking.

Also, blockchain can be used to launch new cryptocurrencies regulated or influenced by monetary policies. In this way, banks intend to reduce the competitive advantage of independent cryptocurrencies and increase their level of control over their monetary policy.

INTEGRATION OF BLOCKCHAIN IN GOVERNMENT AGENCIES

The idea of distributed registration is also extremely attractive to government authorities that have to manage large volumes of data. Currently, each agency has its databases, which requires them to be constantly requesting information about their citizens. However, the implementation of blockchain technologies to increase efficiency in data management will improve the functioning of these agencies.

According to Gartner, more than 1 billion people will have some type of personal data stored on some platform or blockchain system, whether or not they are aware of them. Also, as governments have no choice but to recognize the advantages offered by blockchain-based currencies, national cryptocurrencies will begin to appear, digital money is the future and nothing can stop it.

IoT AND BLOCKCHAIN SHAKE HANDS

As new threats begin to emerge, security will become a priority in the IoT technology market. The complexity of the threats derives from the heterogeneous and distributed nature of the technology. There are already more than 26,000 million devices connected to the internet. Unauthorized access to the Internet of Things devices and networks will be much more frequent in 2020 and it will be the network operators who will have to start stopping the intruders.

The current centralized architecture of the Internet of Things is one of the main causes of the vulnerability of IoT networks. With billions of connected devices, and with millions more to come, the IoT is a perfect target for cybercrime. And that is why security will become an increasingly relevant factor.

The blockchain offers new hopes for IoT security, for different reasons. First, it is a public technology. Everyone who participates in the network of blockchain network nodes can view and validate all the blocks and transactions stored in it.

Also, it allows users to control their transactions using keys. Second, the blockchain network is decentralized, so there is no single authority that can approve transactions by eliminating the weakness of the Single Point of Failure (SPOF, or single point of failure). Third, perhaps the most important aspect: it is a secure technology – the database can only be expanded, previous records cannot be changed.

Many companies that work in IoT adopt blockchain technology for their business solutions. The International Data Corporation (IDC) estimates that 20% of IoT implementations are accompanied by some type of blockchain service.

BLOCKCHAIN WITH AI

The integration of artificial intelligence and blockchain technologies will allow for better developments. This integration will allow significant improvements in blockchain technology that will result in an adequate number of applications.

According to the International Data Corporation (IDC), global spending on AI will reach 57.6 billion dollars by 2020 and 51% of companies will embark on the transition to AI with blockchain integration.

Besides, blockchain can help make artificial intelligence more coherent and facilitate its understanding, as well as better understand the decision-making processes of machine learning algorithms, offering total traceability on these processes. Blockchain allows recording all the data and variables that influence the decisions made by machine learning algorithms.

On the other hand, artificial intelligence would increase the efficiency of blockchain processes far beyond what any conventional person or computer would be capable of. Just take a look at how blockchains are currently managed with current computers to understand the processing capacity that is needed even to perform the most basic tasks.

Examples of AI applications in Blockchain: Power of intelligent computing, creation of diverse databases, data protection, monetization of data, confidence in decision making by artificial intelligence systems.

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