{"id":8153,"date":"2020-02-14T20:45:42","date_gmt":"2020-02-14T18:45:42","guid":{"rendered":"https:\/\/forklog.media\/?p=8153"},"modified":"2020-02-17T21:21:10","modified_gmt":"2020-02-17T19:21:10","slug":"what-to-expect-from-blockchain-industry-in-2020-a-researchers-take","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/what-to-expect-from-blockchain-industry-in-2020-a-researchers-take\/","title":{"rendered":"What to Expect From Blockchain Industry in 2020: A Researchers\u2019 Take"},"content":{"rendered":"

For many crypto investors and rookie traders, 2019 was a year of much despair and uncertainty. The year started with a sharp drop in Bitcoin\u2019s price, followed by a lengthy period of stagnation. The ICO fever, the once sacred cow of crypto, has all but died down. Several new blockchain projects popped up but ultimately offered no meaningful real-world use cases, neither they pushed the level of mass adoption.<\/span><\/p>\n

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But while some professed the dark age of blockchain technology, the actual industry analysts <\/span>noted<\/span><\/a> that blockchain, as a technology, was only now emerging from its fledgling state.\u00a0<\/span><\/p>\n

These sentiments were voiced in the annual <\/span>report<\/span><\/a> recently issued by R3, the consortium of global financial institutions focused on researching blockchain tech. Many other analysts and research facilities across the industry, like <\/span>Deutsche Bank<\/span><\/a> or <\/span>Deloitte<\/span><\/a>, echoed and reinforced these ideas, as well as offered some predictions for the general direction where the industry is going. In this feature, forklog.media sums up the global blockchain trends for 2020 as seen by the researchers.<\/span><\/p>\n

Blockchain Tech Will Emerge From the \u201cTrenches of Deployment\u201d<\/span><\/h2>\n

The grand takeaway from R3\u2019s 2020 report is the optimistic notion that the industry was not <\/span>stagnating<\/span><\/a> in 2019 but rather was hard at work to deliver on the projects started in 2017\u201318.<\/span><\/p>\n

\u201cIt is primarily delivery, not disillusionment, that\u2019s the reason for the apparent slow-down in blockchain\/distributed ledger technology (DLT) activity. Those companies who were selling in 2017 (and for whom early engagements proved successful) have been busy building in 2018\/19, and we\u2019ll see the results in 2020, in terms of business value driven to end-users,\u201d <\/i><\/b>states the R3 report.<\/span><\/i><\/p><\/blockquote>\n

Richard Brown <\/span>said<\/span><\/a> in his Forbes article, hinting at enterprise blockchain developers:\u00a0<\/span><\/p>\n

\u201c2019 was the year of build-out, deployment, and testing. And, as we enter 2020, the hard work is about to pay off.\u201d<\/i><\/b>\u00a0<\/span><\/p><\/blockquote>\n

Deloitte <\/span>research<\/span><\/a> also registers the industry\u2019s gradual maturation:<\/span><\/p>\n

\u201cThe question for executives is no longer, ‘Will blockchain work?’ but, ‘How can we make blockchain work for us?\u201d<\/i><\/b><\/p><\/blockquote>\n

UX Improvements Will Be Key for Mass Adoption<\/span><\/h2>\n

R3 report slammed public blockchains for being too complex to accommodate businesses and unable to solve privacy concerns. It further explained that public blockchains are by design not fit to be enterprise solutions, as their in-built censorship resistance is inherently at odds with enterprise privacy requirements.<\/span><\/p>\n

\u201cBlockchain platforms continue to launch retroactive fixes that add significant complexity in an attempt to reverse engineer privacy controls into their transaction mechanisms when what the market really demands is elegance and simplicity,\u201d <\/i><\/b>R3 report suggests.<\/span><\/i><\/p><\/blockquote>\n

UX woes in public blockchains have always been a <\/span>known<\/span><\/a> issue. Yet developers of public blockchains suggest that public blockchains have other tangibles advantages, which will be universally recognized at some point.<\/span><\/p>\n

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8. Public blockchains have a genuine competitive advantage over both centralized servers and consortium chains in credibly signaling neutrality. Right now it seems like benefits like this might not be worth the costs of public chains, but that's just the public chains of today…<\/p>\n

— vitalik.eth (@VitalikButerin) December 10, 2018<\/a><\/p><\/blockquote>\n