Blockchain Technology: 2020

By The Intersect Group

Blockchain, the secured, encrypted, decentralized digital ledger used to record transactions, is not mainstream yet – but it’s getting there, slowly. Investments this year by the likes of FedEx, IBM, Mastercard and Walmart – even Facebook has its own blockchain technology, Libra – could lead to more universal adoption in the years to come.

Blockchain as a Service (BaaS) Providers

You may have heard of, worked on, or be considering blockchain, and, if so, you’ve likely heard of these key players and offerings:

Each are at different levels of sophistication. Some are focused on Ethereum, the decentralized computing platform and cryptocurrency, while others only support the Hyperledger Fabric, the distributed ledger platform delivering confidentiality, resiliency, flexibility, and scalability.

As BaaS consumption continues to grow, there will likely be new players on the scene in 2020 and beyond. And, the current providers will continue to expand their blockchain solutions and offerings.

The Future of Blockchain 

The goal of blockchain is to allow digital information to be recorded and distributed, but not edited. Here’s one of many challenges facing the blockchain technology stack: when successful, blockchains may grow too big to handle – even for the most resourceful systems and computers. Efforts are currently being made to compress the entire blockchain to a constant size, no matter how many transactions are added.

As more use cases are added, blockchain technology will continue to sophisticate and evolve to make it more applicable for mainstream consumption. In a lot of ways still, blockchain technology is in its early infancy.

Blockchain Technology 2020: TBD.

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