2019 was to be the ‘year of blockchain, not Bitcoin,’ and some went as far to say that 2019 was, ultimately, a failed year for the new technology. Yet blockchain is still, fundamentally, at the forefront of our minds, and at the forefront of our industries, despite promises of its ultimate failure.
So, will 2020 be the year that blockchain becomes mainstream in the ‘regular’ world?
Mainstream corporate blockchains
The ‘corporate blockchain’ has risen more to the forefront of the industry recently, as major businesses have commenced their own blockchain projects. This means that it is no longer small startups adopting blockchain technology, but also larger corporations.
Does this mean that 2020 will be the year of the corporate blockchain? Potentially. Many predictions of 2020’s technology trends, including Gartner’s, include blockchain as a key player. In an ideal world, 2020 will be the year in which a variety of different organisations – including start-ups, major corporations, government and educational bodies – all make the move towards blockchain popularisation.
In fact, ‘practical blockchain’ applications are among Gartner’s top 10 predictions for 2020:
In their current state, Gartner calls blockchain projects ‘blockchain-inspired’ as many only use blockchain technology in some aspects. We should be moving towards ‘blockchain complete,’ which will involve platforms that are fully blockchain-backed, which will then lead us into the ‘enhanced blockchain’ era.
But the energy is there. In fact, Deloitte recently reported that 86% of executives believe that blockchain technology is scalable and will eventually achieve mainstream adoption. 53% viewed blockchain as critical and in their top five strategic priorities in the coming 24 months. That’s a massive 10% increase from 2018.
More C-level executives are taking interest in blockchain technology and its potential in advancing their business. Blockchain has comprehensive cost savings as well as time savings and this could and will change the way we do business.
Blockhead is building 2020 up to be blockchain’s year with STAMP. Find out about STAMP here.