The Hottest Future Trends of Blockchain Technology That You Must Adopt Now
Blockchain is considered as one of the emerging and most talked about technology. This powerful technology is now allowing businesses as well as aspiring investors to improve every aspect of their business activity, overtaking their conventional accommodations by addressing the digital challenges every day.
Since the establishment of blockchain technology in 2008, it has unanticipatedly evolved while impacting digital marketing & every individual’s life. Today, Blockchain is one of the emerging technology. It has brought a revolutionary change, especially in the tech industry. This powerful technology is allowing businesses as well as aspiring investors to quantitatively improve every aspect of business activity. The blockchain is aggressively overtaking its contemporaries and stands out differently.
Now, blockchain is not only becoming a practical business technology. It is a rather serious business solution for many businesses, industries, and private individuals alike. From mitigating the risk of financial transactions digitally to bringing versatility to the supply chain, blockchain technology is gaining new momentum and development by addressing digital challenges every day.
Before we dive straight into the latest blockchain trends, let’s first look at some surprising facts, figures, and statistics showing enlargement across multiple platforms and industries.
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Blockchain: The Facts, Figures, and Statistics for 2021 & Beyond
- The market size of Blockchain is expected to grow at an impeccable CAGR of 67.3% (compound annual growth rate) to US$ 39.7 billion by 2025.
- According to Crypto.com (Most Popular Crypto Exchange), the number of total crypto users has surpassed 221 million users as of the end of June
- The blockchain solutions will reach up to $11.7 billion worldwide by 2022
- Surprisingly, the involvement of blockchain can minimize 30 percent of the bank’s infrastructure and other costs
- Using blockchain, financial institutions can save around $12 billion every year
- The infusion of blockchain in healthcare will unexpectedly rise above $5.61 billion in the upcoming year
- The FBI alone owns around 1.5 percent of the worlds total bitcoins
- On average, 650 million transactions have been performed by crypto users globally
- More than 230 countries have gracefully adopted blockchain technology. Out of which, the countries like Vietnam, India, Pakistan, etc. are considered as the fastest crypto adopters
- Both Blockchain and IoT (Internet of Things) will be worth around $1,463.2 billion by 2027
If you look closely, the blockchain is slowly and steadily becoming a solid foundation. It still has immense potential to transform global e-commerce, politics, sports, and more.
Having said that, let us now discover some of the mind-blowing future trends of blockchain technology that will shape the future for good.
The Emerging Blockchain Technology Trends for the Year 2021-2022
According to Aviva Litten (Vice President and Distinguished Analyst) at Gartner:
“Blockchain has a solid and bright future in the digital space. It is estimated that more than 30 percent of customers around the world conduct day-to-day social and economic activities. Blockchain will be the most productive and functional technology in the future.”
As we have almost entered the third quarter of 2021. It is time to think a step ahead and find out what the new blockchain is bringing. Here is a list of the biggest blockchain technology future trends for 2022-2023.
The Rise of NFTs
To be honest, 2021 has only been a year dedicated to NFTs. Since the introduction of NFTs, this concept has caught the attention of many. Crypto investors, celebrities, artists to name a few. Released in 2017, NFTs are non-fungible tokens. It can be used to efficiently sell, buy and collect. But it cannot be repeated. Since the NFT market is growing rapidly. Users have every right to convert their unique digital assets into NFTs. In addition, NFT will smartly track owner information related to land, vehicle, and real estate.
BAAS (Blockchain-as-a-service)
This is one of the interesting trends. Which is allowing businesses to get feature-rich applications and professional support while running hassle-free. Amazon Web Services is a great example. Those who have recently availed BAAS providers. Including Oracle, IBM, Microsoft, and more. In the future, Blockchain-as-a-Service will help businesses test Distributed Ledger Technology (DTL). And will allow them to deploy similar in-house and capital costs with no risk.
Facilitation of Distribution, Tracking, and Controlling of Vaccines
Since the government has failed to develop, manage and distribute COVID-19 vaccines to its population. Therefore blockchain will provide a perfect solution to systematically track the number of vaccines. Currently, IBM is leading the field with some pharmaceutical companies launching a pilot-based project. The aim of the project is to deploy as many blockchain solutions as possible. In the coming years, only then can we expect to predict on a large scale. When pilot projects prove successful.
The Rise of Stablecoins
While Bitcoin and Ether are still the most beneficial cryptocurrencies but being volatile is a major drawback. Due to this, stablecoins are gaining momentum with the frequent jump or fall in price. Just like crypto, stablecoins are the fiat currencies that are easier and faster to transfer that can even benefit both digital as well as real assets. In the future, stablecoins will become the next big cryptocurrency trend that will strengthen the crypto space for good.
Blockchain Fulfilling Environmental, Social, and Governance Objectives
Another drastic blockchain trend that we see in 2022 is achieving the countries environmental, social, and governance goals effortlessly. Blockchain will provide a state-of-the-art solution for leading commercial electricity and energy producers to run recycling programs without any interruption. Along with this, supply chain management will be simplified by adopting blockchain technology. Possibly reducing carbon emissions and addressing climate change issues. To make life easier for our future generations.
The Use of Defi apps Will Change Traditional Finance
In the current scenario, Defi or Decentralized finance is revolutionizing the conventional way of exchanging products or services. Defi seems like a movement that will give millions of people easy access to alternative savings, lending & borrowing, staking, affordable insurance, and a lot more. Defi has the right potential to make digital markets available for different people across different countries.
KEY TAKEAWAYS
No matter whether it’s 2020 or 2025, blockchain technology is still and will go to be the next big trend. As we are living in the virtual age, it has become imperative for every business, big or small, to grow with the passage of time while adopting blockchain.
Therefore, embark on the innovative blockchain journey to uncomplicate complicated things!
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