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2019 was an important year for the adoption of Blockchain

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Among one of the most talked about digital technologies, blockchain fever is affecting the world like never before. Open book technology is affecting commercial sectors throughout the industry, thanks to its immutability and solid rock-like appearance. The very basic decentralized feature of blockchain is to find favor among a large number of stakeholders from all walks of life. Unlike cryptocurrencies, which still attracts some opposition from government and federal agencies, the utility of blockchain is accepted by everyone.

Adoption and uses of blockchain

Not only for commercial purposes, but blockchain technology is also widely used in many government and public welfare schemes. Projects related to administration, the provision of better medical services, the monitoring of court cases and the improvement of the overall operational efficiency of the system increasingly use blockchain technology. This explains the widespread adoption of extended blockchain equally among public and private participants worldwide.

National stage

Some countries took the lead in adopting blockchain technology. These countries include Switzerland, Japan, Estonia and Malta. Some other countries, such as Sweden, France and Germany, accelerated the pace only in 2019 when it comes to blockchain adoption. In fact, all of Europe has witnessed an open and global attitude towards blockchain technology in 2019, and more and more governments are realizing the game-changing potential of this distributed open technology.

Some of the economic superpowers such as the United States, China, United Kingdom, India, etc., have intensified their efforts as these countries attempt to integrate blockchain into many of their operations. Specifically, the main change we have witnessed in 2019 is the regulations adopted by many countries regarding the use of blockchain for different projects and operating procedures. It is worth mentioning here the regulatory efforts of the European Commission, which provides a clear and transparent idea about blockchain applications in different scenarios.

It is not that all regulations are positive for blockchain adoption, but at least these regulations provide a clear picture of the use and application of open accounting technology. It is also important to keep in mind that different regulatory bodies have a different view on blockchain and tokens (consider the contrasting approach adopted by the US SEC and the UK FCA on tokens), which means that there are differences in operations when it comes to the different applications of blockchain technology.

Commercial applications

In the commercial space, we have witnessed the enormous growth of blockchain. The various blockchain-related projects have emerged from their experimental regime and began to generate real-world profits for organizations. The use of Ethereum has accelerated the pace and all interested parties involved in the process claim their advantage in the realization of the decentralized financial movement. Along with technology, platforms that offer smart contracts are also maturing in their approach and product innovations. Sylo, for example, has made huge profits and today is considered the popular dApp with an enviable growth rate.

One of the best known Indian conglomerates, Mahindra has begun using blockchain in its agricultural export business. The well-known automaker Audi is moving forward with the integration of blockchain in its financial and supply chain operations. Blockchain has further expanded its operational dominance in the financial sector, with almost all major banks and commercial organizations that use the open book in one way or another.

Game industry and blockchain

Particularly in the gaming industry, the blockchain application deserves special attention. Gods Unchained, an immutable game based on blockchain technology, has raised $ 15 million from its trade a card for more than 146 ETH earlier this year. We have also witnessed the launch of Enjin's software development kit (SDK) for the world's leading game engine, The Unity. This clearly indicates that we are heading towards the era of realizing the full blockchain potential in the gaming industry.

Technology giants and blockchain

Technology giants such as Facebook, WhatsApp, Microsoft, Google, IBM, etc., have been based on their blockchain competition and have developed new applications to further integrate the open book into their system. In fact, we also witness the efforts aimed at using blockchain technology to clean up space debris thanks to the alarm generated by the deterioration of space conditions by many environmental agencies and activists.

conclusion

In summary, blockchain technology has spread its wings beyond its traditional application areas this year. 2019 has boosted blockchain adoption, and technology continues to be approved by most government and commercial organizations. It is expected that next year it will show the results along the same lines, with experts predicting the highest blockchain adoption rate in 2020.

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