Blockchain technology has taken the world by storm. Once a technological experiment, blockchain has truly revolutionized the IT landscape with its ever-increasing presence across various sectors. Businesses across the globe are now adopting blockchain to stay relevant to the current technology scenario and stay ahead of the competition. 2021 is all set to witness greater adoption of blockchain technology. Here are the top Blockchain Trends that will be dominant this year.
We could all agree that 2020 was a challenging year due to the pandemic raging throughout the planet. Stagnant economic growth, higher unemployment rate, and cash crisis were a few of the negative impacts the world has to face due to the pandemic. However, the crisis also pushed some industries to the fore. Online shopping, OTT content consumption, and telemedicine services got a significant boost.
The year 2020 also gave a push to a broader adaptation of blockchain technology and gave a realistic approach to blockchain initiatives. So what will be the landscape of blockchain technology in 2021? Here are the top trends.
Blockchain market size destined to grow exponentially
It’s a no-brainer! Given the popularity of blockchain technology, its market size is destined to grow exponentially in 2021 and beyond. With a CAGR of 68%, the market size will expand to 30 billion dollars by 2025. It won’t be a surprise to see blockchain technology being implemented in wider business processes, attracting significant investment and, therefore, growth. The Forrester company also expects that 30% of Blockchain projects will definitely go into production during 2021.
Private Blockchains to rise in popularity
Blockchain has been a major disrupter in nearly every industry. There has been wide adoption of corporate blockchain processes, but 2021 will see private blockchains rise in popularity. The primary reason is that private blockchain solutions offer companies greater efficiency, reliability, transparency, and security opportunities.
Increased adoption of Blockchain-as-a-Service
The central idea behind blockchain technology is decentralization. It inculcates trust in any process it integrates with. The technology has also paved the way to build new tools and create fully decentralized and encrypted applications. This exciting application will result in the increased adoption of blockchain as a service. Blockchain-as-a-Service allows the use of cloud-based solutions to build, host, and use blockchain smart apps, contracts, and functions on blockchain infrastructure.
Cryptocurrencies will expand their presence
One of the very first adoptions of blockchain technology was cryptocurrencies. No one can deny the unprecedented rise of these decentralized currencies. Although the cryptocurrency market fluctuates widely, the previous year had witnessed significant investments in the crypto market. Despite the volatility, the trend seems to continue in 2021. Cryptocurrencies are slowly making their way to become digital gold, and with the kind of traction they are gaining, it’s no surprise that the market will continue booming in 2021 and beyond.
Final Thoughts
Blockchain technology has no doubt transformed the technological landscape. Going by the strong trend, it’s not hard to predict that blockchain will revolutionize how the world works as an entity. In 2021 more and more companies will leverage blockchain technology, secure personal information, customize access to it, tokenize any kind of assets, and boost its performance and revenue.
