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Zoho 2020 Predictions: How Blockchain Will Move Beyond Being Known Only for Cryptocurrency

VMblog Predictions 2020 

Industry executives and experts share their predictions for 2020.  Read them in this 12th annual VMblog.com series exclusive.

By Raju Vegesna, Chief Evangelist at Zoho

How Blockchain Will Move Beyond Being Known Only for Cryptocurrency

In the minds of most consumers and the general public, blockchain is synonymous with cryptocurrency. In fact, most had never heard the term "blockchain" until Bitcoin made waves in the mid 2010s. This, however, is about to change.

In the coming years we should see blockchain move from a fringe technology used exclusively for cryptocurrency to one that plays a key role as an underlying technology in various business solutions. As blockchain continues to diversify and businesses see more and more use cases, adoption will grow rapidly, its reputation will improve, and the technology itself will get better.

Document signing, for example, is an area where the benefits of a decentralized, timestamped ledger outweigh the negatives. In this specific use case, the technology is fairly simple to understand, making blockchain adoption for businesses much more viable.

In the coming months and years, innovations in the blockchain space will advance the technology from buzzword status to something that will impact the lives of millions around the world. Three things we expect to see in the coming years include:

  • Entire countries adopting cryptocurrency. There are currently 14 countries considering developing official cryptocurrencies. In countries where the value of their national currency is subject and vulnerable to political and economic instability and corruption, cryptocurrency adoption is rising. For example Venezuela, who's economic woes have been well-documented, recently announced it will use the cryptocurrency Petro to pay the country's retirees and pensioners their Christmas bonuses. 
  • Blockchain as a Service. Large companies like Microsoft and Amazon are developing Blockchain as a Service [BaaS], a cloud-based service that allows users to create their own products using blockchain technology. And when tech players of this stature begin to invest time and resources into a particular technology, it's a relatively safe bet that growth will follow. Indeed, a recent forecast from Verified Market Research estimated that the global BaaS market is currently valued at $632.08 million, but will skyrocket to $94.28 billion by 2026. That's an impressive compound annual growth rate of 86.5% over the next seven years.
  • Blockchain in the medical industry. Healthcare companies, including one called Medicalchain, are embracing blockchain technology to assist patients in centralizing their medical records. The idea is to give patients the ability to share the most updated and comprehensive version of their record with every organization in their medical network, which in turn can improve the quality of care they receive. We expect the healthcare industry to continue to find uses for not only blockchain, but other developing technologies in the near future.

As it stands, Blockchain mainly remains under the stigma of cryptocurrencies such as Bitcoin, and more recently, Facebook's Libra, each of which carry their own set of controversies. Like any technology, only when it becomes consumable and easily understood by the masses will it truly hit the mainstream -- and that time is not far off.

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About the Author

Raju Vegesna

With 19 years of industry experience, Raju Vegesna is one of the foremost thought leaders in the Office 2.0 revolution. At Zoho, Raju is one of the key people responsible for developing the strategic direction of the entire Zoho Suite of 45+ applications.

Published Thursday, December 19, 2019 7:29 AM by David Marshall
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