Blockchain technology has become popular in the U.S. because of its smooth adoption and application. Its applications such as cryptocurrencies (such as Bitcoin Era) are gaining popularity in the financial institutions of the U.S. Blockchain, as a distributed digital ledger has various advantages such as keeping records of data and storing money-related transactional actions made between two parties. This is done in a secure, transparent as well as immutable manner.
Blockchain Technology in the Future 2020
Emergence Of Blockchain In The U.S.
- Satoshi Nakamoto released the whitepaper on Bitcoin in the year 2008. He described this as a “purely peer-to-peer version of electronic cash” which ran on the technology of Blockchain. This is when the technology was first introduced to the tech giants and technocrats of the US.
- It slowly developed into one of the most influential and ground-breaking innovations in the country. It further had the potential to impact almost all industries operating in financial, manufacturing, and even educational sectors.
- According to experts, blockchain technology is expected to be implemented in various industries. It is further expected that the future of blockchain will successfully revolutionize how traditional businesses function and are evaluated. In spite of the pros and cons of blockchain, its applications and ground-level adoption have been gradual and full of resistance.
Factors Driving the Surge of Growth In Blockchain In The U.S. By 2020
There are several trends and factors in the blockchain market that are expected to drive the surge of growth in the market in the U.S. by 2020.
- Rise In Number Of Blockchain Startups
A rampant increase in the number of blockchain startups has been seen in the U.S. due to the advancement of technology accessibility and technological education. However, not all startups are met with immediate success. Issues such as false starts and data orientation faults are expected to lead organizations to face failed innovations, unplanned decisions, as well as a complete refusal and denial of the technology. This pertains from the theory of diffusion of innovation which categorizes the end audience of blockchain technology into innovators, early adopters, late adopters and lastly, laggards.
Without a doubt, blockchain is expected to impact all businesses, however, a large chunk of them are paying close attention for others to set an example for successful integration of blockchain into their operations.
- Economic And Financial Setups Leading Blockchain Applications
Banking and finance organizations don’t need to incorporate drastic transformations to their functioning for adopting blockchain technology. After being successfully used for cryptocurrency such as Bitcoin, Etherum, etc, financial institutions have begun to consider blockchain adoption for traditional banking operations in a more planned and serious manner.
For instance, organizations such as ReiseBank AG of Germany successfully carried out instantaneous transactions between two of its clients on an international basis through the use of blockchain technology. The transactions were made in merely 20 seconds. As per recent reports and studies, a significant number of financial institutions in the US are predicted to employ blockchain technology as part of an in-production system or process by 2020.
The global blockchain technology market is expected to aid banks in reducing excessive bureaucracy, carry out transactions faster at cost-effective rates, as well as improve privacy. Additionally, blockchain is expected to be used to launch innovative and new types of cryptocurrencies which can be regulated or influenced by existing monetary policies. This will help banks reduce the competitive edge of a single cryptocurrency and help organizations achieve more control.
- Cryptocurrencies On The National Level Will Slowly Appear
Russia’s President Vladimir Putin has been the first person to propose to have “Crypto Rouble,” a national cryptocurrency for Russia. The U.S. is expected to follow suit. It is largely inevitable for governments to recognize the advantages of currencies derived from the blockchain. However, observing a rise in the popularity of Bitcoin, the U.S. government has expressed skepticism. According to reports, it is a worry to administrations that the currency can become tradeable and not be controlled by the government.
- Integration Of Blockchain In Governmental Setups
The concept and strategy of the distributed ledger are appealing to government authorities as they have to manage very large amounts of data. Presently, a large number of agencies have a separate database and very few things are centralized. The implementation of blockchain is expected to improve the efficiency and result-based revenue generation of such agencies.
- Growth Of Career Opportunities In Blockchain Technology
There is an apparent growth in the popularity of blockchain, resulting in a corresponding growth in demand for personnel trained in blockchain. However, the job market is experiencing a dearth of trained experts trained in the field. The U.S. market is expected to increase its demand for professionals in the coming years. There is a growth in the number of students enrolling in blockchain technology courses in order to gain recognition in blockchain startups as well as large organizations.
Blockchain in the US is expected to revolutionize business processes across various industry verticals, however, its seamless adoption still needs time and efforts. In spite of that, professionals expect to observe its growing significance in financial and public service sectors.