6 Ways Blockchain will Supercharge 2020 and Beyond
From banking to transport and logistics, automotive manufacturing and even agriculture, blockchain is making its mark and corporations the world over are taking notice of the transformational power of this technology. With new fangled advancements like 5G, AI, Cloud and IoT being described as the new confluence, industries will be transformed in how they operate and rules will be reimagined in this regard as well.
The Cognitive Age
The cognitive nature of processes, for example in supply chains, will leverage on predictive analytics, automation technologies and autonomous optimization; this is where blockchain will play a part in making this visionary ideal a reality. Speaking to an industry publication, Arun Ghosh, US Blockchain Leader at KPMG, believes business leaders will leverage on blockchain for unprecedented levels of innovation, disrupt the market, drive new revenue models and retain market share, whilst also advancing strategies, systems and processes. Moving forward, Ghosh feels blockchain will be adopted in a ubiquitous manner as establishments embed blockchain in their overall digital strategy and investment-related activities.
#1 MPC to Drive Crypto Assets Adoption
Multiparty computation technology (MPC) will help crypto asset adoption as it will enable secure yet highly available wallet infrastructure for high-frequency traders and asset managers that require instant access to their funds.
#2 Growth will be Fueled by the Public Sector
Ghosh feels that governments the world over will be in a race to integrate crypto into the existing framework of financial institutions. There has always been chatter about central bank digital currencies (CBDC) and how they could become commonplace in future payment systems and cross-border transactions too.
#3 Scalability will be Driven by Interoperability
There are commentators who believe that there will be a shift from private-permissioned to interoperable blockchain implementations. Perhaps a hybrid system of public and private systems could evolve and revolve into new ecosystems and trade networks as well. Essentially, it will drive accountability, reliability and traceability across disparate spheres.
#4 A Rethink of Trust via Blockchain-Enabled AI
Data models will be protected in a more secure manner with highly evolved models of machine learning and AI-related investments, while the convergence of AI and blockchain will lead to more efficient scalability too. Trusted authentication for data models, inputs and decision engines will offer automation at a different level.
#5 Sustainability Is The Name Of The Game
One would be surprised that climate change could soon be managed with the use of blockchain to manage a convergence of decentralized, transparent data models that can be transferred via IoT to monitor and report on carbon emissions and rising sea levels across continents and regulators.
#6 The Rise Of Zero-knowledge Cryptography
When it comes to self-sovereignty, the rapid evolutionary nature of zero-knowledge systems will herald a new age of advanced data privacy use cases and how digital identities are created. Without exposing underlying information, participants will be able to control and verify or provide authentic proof of their data, identity and other intricate details in a highly secure manner.
Source: Asian Blockchain Reviews