As we launch in the brand new year- 2020 of the brand new decade, it deserves some exciting introspection to see what it has in store for us. The evolution of the crypto sphere in the last decade can’t be ignored, and the same evolution lays the foundation of the promising New Year. In this article, we will see what is in store for blockchain and crypto in 2020.
Granter Hyper Cycle- A good lens to form perspective for 2020:
Looking at 2019, Granter points at ‘trough of disillusionment.’ As per Granter last year, the crypto sphere has a reality check on its potential, real facts, public response and pace-matching with the mass adoption and of the blockchain technology. The concept revealed that a sense of maturity is still needed to make use of the full potential of blockchain technology fully.
In 2019, many companies and industries were still toying with the potential of the technology, whereas only a few real-world use cases surfaced. This experimentation era leads to the shut-down of many start-ups.
Farewell to small scale proof-of-concept:
The experience has stream-lined the perspectives, expectations, and approaches towards business in the crypto sphere. The inclination has now shifted from experimentation to more practical, useful ambitions. This inclination, as per Granter Hyper Cycle, will design the crypto sphere in 2020, which will lead to a completely scalable blockchain domain in the next three years. The pragmatic approach will pay a good farewell to the small scale proof-of-concept style of work.
What does 2020 have in store for the crypto and blockchain industry?
In 2020, as discussed above, an inclination towards operational real-world use cases should be expected. The main areas of focus for the new year, as per market predictions, are- development flexibility, interconnectivity, and operational domain.
- 2020 the year of crypto-and-blockchain-realism:
The blockchain technology, its implementation, user-interaction are expected to have a more realistic approach. This will lead to strategic development backed by strong research and awareness. The blockchain projects can be expected to burst the bubble of ideal experimentation la-la land.
A shift from R&D-type exploratory proof-of-concept (PoCs) and inclination towards the end-to-end process can be expected. Implementation of the blockchain technology will improve massively. This can lead to a stronger bond between traditional industries and blockchain technology.
Also, the debate between the public and private blockchain will only get further stirred up. It will stay like that for a while and will eventually settle-down. There will be more completion between the several blockchain platforms leading to the adoption of hybrid blockchain solutions.
- The Finance industry’s and blockchain adoption’s rodeo:
Market analysts predict that the finance industry will keep leading the blockchain adoption. With the expected fine-tuning of the blockchain industry, the blockchain industry will take over many sectors of society. It is anticipated that especially the banking and the finance industry will surpass the past reluctance towards the blockchain industry and will rather start embracing it. Reports suggest that the new year 2020 will see the blockchain technology to become an integral part of the in-production process of many finance institutes.
The advantages of blockchain technology such as transparency, time-stamped transactions, security for both the users and the institutes, the privacy of the users, inexpensive cross-border transfers, almost instant transactions, etc will be celebrated on a grander scale in the new year by the finance industries.
- An open-minded approach can be expected from the non-financial sectors:
Good things take time. This saying will stand true when it comes to an acceptance of the crypto and the blockchain technology from the non-financial companies. As opposed to past strong repulsion, the non-financial industries are expected to reconsider their take on the blockchain technology and the cryptocurrency. The New Year will pose the question of how the new technology can be used constructively in their businesses rather than just seeing it as a pure element of disruption.
With the advancements and the use-case maturity of the blockchain technology, it is very likely that it will find a fit in the non-financial industries in this new decade. The advantages of blockchain technology such as transparency, time-stamped transactions, security for both the users and the institutes, privacy of the users, inexpensive cross-border transfers, almost instant transactions, etc. can be an attractive hooking point for such industries to start embracing the blockchain technology.
- Red flag for the start-ups:
2020 is expected to be a challenging time for start-ups to gain support. It will not be as easy as it was in the last few years. This will raise a question on their survival. Only those start-ups will see the light at the end of the tunnel, which will offer unique, real-world solutions. As the inclination will tilt towards pragmatism, so only those start-ups will survive, which will prove their mettle.
In the past, the success-formula was repeated by many start-ups. One solution was offered in many versions. This new year onwards, this practice will take a shocking halt, and original creative ideas will be expected.
- The 2500 active tokens are expected to diminish to 1000:
The token market will spin in 2020, and many tokens will get delisted from the market. Reports suggest that there are around 2500 tokens currently active in the market, but as we will walk through the next twelve months, this number is expected to be distilled to mere 1000 active tokens.
The reason is simple- thorough professionalism. The elevated levels of KYC and AML processes, background checks of companies, checking of the purpose and the relevance of the token in the market, the platforms on which they will be offered, etc.; all of such considerations will tighten the entry of any new token and will decrease the number of the current inactive tokens.
Blockchain’s journey from beginning
Overall, we will get to see the blockchain industry to become more mature and evolved in this New Year and the coming years. The blockchain industry is expected to earn trust from governments from all over the world. The question is just not limited to 2020, but the future of the blockchain technology and crypto industry can lead to many interesting developments such as a whole new internet of blockchains in the next few years. Blockchain and the crypto industry has come a long way from the initial obscure cloudy formation years. As of now, its development is in a highly active stage where it is producing amazing results and is still expecting many beautiful possibilities.