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.
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”.
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)”.
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