Education, Diversification Key for Blockchain's Future

What does the future hold for Blockchain in 2020?

Raju Vegnesa, chief evangelist at Zoho Corp., the business software provider, offered his thoughts on what the New Year may hold for blockchain, starting with a need for education to help business people understand the technology and its use cases.

"Education will drive blockchain success in the next decade," he started topping his list of predictions. "Unfortunately, the public's understanding of blockchain's value is fairly basic and the technology is often misunderstood. What's more, blockchain carries a bad reputation stemming from its association with cryptocurrency used to purchase illegal goods online. With better education, users and businesses will feel more comfortable with blockchain and vendors will start incorporating the technology into more services and applications."

Once business people from CEOs to developers and IT professionals have a better understanding of blockchain, it will open the way to greater adoption, which leads to Vegnesa's second prediction:

"Diversification will actualize in the blockchain space. The coming year/years should see blockchain move from a fringe technology used exclusively for cryptocurrency to playing a key role as an underlying technology in various business solutions. As blockchain continues to diversify and businesses see more and more use cases, hopefully, adoption will grow rapidly, its reputation will improve, and the technology itself will get better."

As nations embrace cryptocurrency, blockchain will have a role to play since that is where its roots are, Vegnesa predicts.

"Currently, there are 14 countries considering developing official cryptocurrencies. In countries where the value of their national currency is subject/vulnerable to political and economic instability and corruption, crypto adoption is rising. Venezuela, for instance, just announced it will be using the cryptocurrency Petro to pay the country's retirees and pensioners their Christmas bonuses."