Predicting the Direction of Blockchain Development for 2020

Asia Blockchain Review
January 10, 2020

Blockchain has been in the spotlight for the past few years, but it was considered more of a buzzword than a solution to truly drive businesses. With the arrival of 2020, this may finally be the year when blockchain technology sees more adoption and use cases among major organizations.

Acknowledging Blockchain Technology

According to the World Economic Forum (WEF), in 2019, large players like Facebook demonstrated an interest in blockchain adoption, while others have been hard at consortium building with projects such as Tradelens, INATBA, Libra and Food Trust.

In 2020, the WEF “expect[s] to see a similar collaborative approach from the public sector as 2020 progresses, and in fact, the Forum has already seen an increased willingness on the part of public sector agencies to share learnings and challenges,” citing examples such as its “Central Banks Digital Currency project, which has brought together more than 45 Central Banks to explore parameters for successful deployment of a CBDC”.

Driving Social Changes with Decentralized Technology in 2020

The WEF revealed that apart from technological solutions, communities also rely on policies that will ensure social changes. For example, payments startup Celo proved that by taking into account social and cultural issues, it can greatly enhance the user experience. AZA Group, which operates in Africa, also used its understanding of frontier markets to combine with technology to provide viable solutions.

For 2020, the WEF said it expects to “see increased experimentation with hybrid blockchain models, both in the financial sector (for example, decentralized finance or DeFi and “synthetic” CBDCs) and the public sector (increased use of smart contracts)”.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Malaysia’s Economic Battle Is Just Getting Started
    ASIA BLOCKCHAIN REVIEW decided to catch up with George Koshy, for his perspective on Malaysia's Gove...

    June 5, 2020

    UnionBank’s i2i Platform Continues To Expand
    The i2i of Union Bank of the Philippines’ fintech arm UBX, posted more transactions in the first qua...

    June 3, 2020

    SAP Malaysia’s MD Lays Out His Vision
    It's always a great privilege to talk to C-level executives, Asia Blockchain Review recently caught ...

    June 3, 2020

    Oracle Malaysia’s MD On Blockchain’s Potential
    We sat down with Fitri Abdullah, Managing Director of Oracle Malaysia, for his thoughts on Blockchai...

    June 2, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us