2020 has been all about staying safe, yet connected; sharing resources, yet functioning independently. This year has witnessed a growth in the rate of innovative solutions emerging from existing technologies. People have been making use of available resources and creating something different out of it. This has also resulted in the optimum utilization of those resources. Organizations are becoming more open to the idea of adopting technologically advanced solutions to give their enterprise a competitive edge. A very recent update featured a piece of news about blockchain technology’s ability to be deployed in the food industry, where customers will get access to details like how the particular food item was produced, its environmental footprint, and its quality. Moreover, it will be as easy as scanning a barcode or a QR code on our phones. This is such an interesting and exemplary application of blockchain which wasn’t thought of previously.
Why are blockchain solutions such a buzz? It is because blockchain technology is a decentralized, distributed, public ledger that allows verification without having to be dependent on third parties. Blockchain uses protected cryptography to secure these ledgers.
Despite the economic crisis faced by the world, there are blockchain companies raising funding every other day to further develop and enhance their solutions and offerings. Why do you think that is? What is so different in the adoption of blockchain solutions five years ago, and what will be trending in the rest of this year? We present to you Top 5 Blockchain Solutions in 2020.
1. Cybersecurity – Ever since the world has moved to work remotely, the number of cybercrimes has also gone up. The systems have become more vulnerable, that hackers can take advantage of. The conundrum of cybercrimes can be tackled with the implementation of blockchain technology. Blockchain solutions can give these systems the smartness to make security decisions without having to rely on the central authority. Blockchain can also give these systems and devices the ability to protect the exchange by having no central authority that controls the network, making the staging of an attack tougher.
2. Cross Border Payments – The payments across borders without blockchain solutions are quite lengthy, time-consuming, and heavy on paperwork, with the involvement of multiple entities. Since blockchain is a pragmatic universal ledger present within a distributed network, it is accessible to everyone present within the network. This means every node has a complete copy of the database and any changes or modifications will require validation of each node. This makes cross border direct transactions easier and free from manipulation.
3. Cryptocurrency Trading – Cryptocurrency has become a synonym for blockchain solutions. Cryptocurrency trading has gained much popularity in recent times and is expected to grow even further. A number of cryptocurrencies including BTC, Ethereum, Ripple, Tether, Litecoin, etc. have emerged to hold the ground in the crypto trading world. Because of its diligent and renovative nature, crypto trading has been less affected by the economic downturn, as compared to stock trading.
4. Smart Contracts – Traditional contracts are dependent on diligence carried out by humans about the fulfillment of conditions before the execution of the agreement. But that is not the case with smart contracts. Smart contracts are based on codes and uploaded within the blockchain network. The blockchain technology validates the agreement by using the cryptographic code to verify conditions and performs the execution without involving the third party and avoiding any collision. Many insurance and banking agencies are making use of smart contracts.
5. Supply Chain Blockchain – The complexity of the supply chain network because of multiple stakeholders involved and relying on several external intermediaries makes it unappealing. Blockchain solutions can be adopted to detangle these processes and improve the supply chain ecosystem. Times like today’s demand auditability and transparency within the supply chain network. Blockchain has emerged as a strong contender for bringing in efficiency and cost-effectiveness in procurement, logistics, manufacturing, and several other processes of the supply chain. For example – Komgo is catalyzing global trade to transact in a secure and digitized way making trade simple across industries.
Blockchain solutions are moving up the ladder not just for businesses, but for overall societal benefit. UNICEF is collaborating with Bounties Network to launch an action token project at ETHDenver to simulate individual contributions in accruing digital acknowledgment and improving communities. And 2020 is geared up to experience more of such projects and solutions based on and around blockchain.