If you haven’t noticed yet, 2019 was the year for blockchain and crypto to move forward on multiple fronts. So much progress was made during 2019, in fact, that we are now looking forward to a long list advancements for blockchain and crypto in 2020. Perhaps more than any other year to date. Whether you are interested in the promises that blockchain technology brings to the table, or the widespread acceptance of digital currencies, there is a lot to be excited about in the coming year.
More governmental acceptance of blockchain technology and digital assets
One of the first things that we will likely see is greater use of blockchain technology by governments around the world. Not only will countries around the world be following China’s digital currency concept but legislation is also beginning to accept and validate digital assets. In both cases, 2020 looks like the year for systemic uses for blockchain, unlike anything we have ever seen. As those government bodies which have adopted blockchain tech further test and develop systems for its use, the rest of the world stands poised to follow suit.
Libra may finally see the light of day
Facebook’s Libra will try and prove itself in 2020. Despite its earlier push to take the world economic systems by storm, promising to push spending power into the hands of billions across the globe, Libra will have to show policymakers what its all about before being taken off the leash.
Blockchain usage becoming for fluid
There is a growing push from blockchain users to be able to use multiple blockchains simultaneously in an interconnected way. With tens of thousands of blockchains both in development and use, the need for a blockchain lingua franca is becoming a real thing. Looking at what PagaSys and Linux did with Hyperledger in 2019, it is now clear that interoperability across blockchains is more possible than ever.
Widespread acceptance of the lightning network
The lightning network is yet another exciting technology to watch in 2020. The lightning network is built atop the Bitcoin blockchain and provides transactions at, well, lighting speed. And it does so at low cost. Given the success that the lightning network showed in 2019, it is clear that many new channels and nodes will be created to further develop this technology.
Actors in virtually every industry dealing in blockchain and crypto in 2020 are set to change the digital asset and blockchain space forever. The stage, as they say, has been set, and we are now on the verge of some truly amazing things. Lower cost and faster cryptocurrency exchanges are certainly welcome, as are more convenient payment systems which will be facilitated by stablecoins, worldwide. Blockchain technology will automate various portions of public life and information will become more accessible and easier to reach. The list of possible improvements is ever-growing, and we are quite excited to see what will happen next.