Blockchain is already widely used, allowing firms to develop extremely efficient procedures and innovative financial models.
“Spending on blockchain solutions will continue to expand in the coming years, reaching about 19 billion US dollars by 2024,” according to Statista. In the future years, new technological advances are also expected to boost the capabilities of blockchain and promote its use across sectors.
Below is an overview of the seven important blockchain themes that will influence the next decade and enable organizations to increase efficiency, establish trust, and reduce friction.
7 Major Trends That Will Shape Blockchain in the Future
1. Blockchain as a Service (BaaS)
Blockchain as a Service (BaaS) is at the top of the list of blockchain trends and prospects. Businesses may utilize BaaS to design, deploy, and utilize Blockchain applications by gaining access to cloud-based services and solutions. It is comparable in many aspects to popular cloud computing paradigms such as SaaS, PaaS, and IaaS.
Businesses of all sizes may use BaaS solutions to automate, scale, and protect their business operations since they do not have to invest large sums of money upfront in creating and operating infrastructure with high-end security solutions.
A New Era of Opportunities for a Digital Identity Provider.
2. Rise of NFT
NFTs are non-fungible tokens for the uninformed. Because they are non-fungible, each NFT has a separate value. “An NFT is a unique digital identity that cannot be duplicated, replaced, or subdivided, stored in a blockchain, and used to authenticate authenticity and ownership,” according to Merriam Webster.
NFTs had a significant increase in interest in 2020, but their popularity expanded much more in 2021.
3. Stablecoins are Gaining Traction
Stablecoins are cryptocurrencies with a twist. As a result, unlike bitcoins, Ethereum, and hundreds of other cryptocurrencies, stablecoins are far more stable than other popular classes of cryptocurrency.
Stablecoins are already gaining popularity among investors because they provide the best of both worlds: the unrivaled safety and security of blockchain and cryptocurrency transactions, as well as the volatility-free values seen in fiat currencies.
As a result, we expect stablecoin acceptance to increase in the next years. However, given the magnitude of its $130 billion market and possible influence on the larger financial system, regulators are keeping a watch on stablecoins.
4. Blockchain for Government
Government agencies throughout the world are already utilizing blockchain and related tools and technology to foster more trust and openness with companies and citizens. As we see it, its use across many government institutions will only increase in the future.
The simplicity with which distributed ledger technology tackles legacy pain points are one of the primary reasons for its rising acceptance in government institutions, and it goes on to deliver the following benefits:
- The mechanisms have gained newfound trust and openness.
- Data from the government, citizens, and businesses are significantly safer and more secure.
- Numerous redundant procedures are automated.
- Significant cost savings are linked with accountability management.
- Significantly reduced the possibility of corruption and misuse.
5. Blockchain in Retail
The covid-19 epidemic presented the worldwide retail business with new hurdles. Retailers worldwide strained to keep their items on shelves, storefronts running, supply chains flowing, and staff and customers safe, from the major brands to small-town enterprises.
As the retail industry prepares to reopen, it must figure out how to deal with the new normal. And, as we see it, blockchain can be a huge assistance. More blockchain solutions are projected to be designed, developed, and used by the sector to simplify and boost sales with blockchain monitoring, enhance food safety with a transparent supply chain, improve retailer-supplier connections, and strengthen customer trust in merchants.
Some of the world’s most prominent businesses are already making extensive use of blockchain’s transformational powers.
6. Environment-Friendly Blockchain
Some parts of blockchain are not about innovation, sustainability, dependability, or security; rather, they are about the detrimental influence blockchain technology has on the world. So, the main issue with blockchain is that it uses a lot of energy and emits a lot of carbon dioxide.
Creators and inventors, on the other hand, are stepping up efforts to limit blockchain’s energy usage and carbon emissions. And this is one of the most significant blockchain technology future trends. One key approach to do this is to switch to more energy-efficient models, such as those that build consensus through ‘proof-of-stake’ instead of ‘proof-of-work.’
To enhance the energy efficiency, Ethereum wants to transition to a POS mechanism soon. As a result, we can expect to see many more platforms and enterprises taking the same path or inventing innovative techniques to remove the energy waste that is frequently connected with blockchain.
7. Blockchain and IoT Integration
The thought of Blockchain and IoT collaborating may raise eyebrows. Still, as we see it, the possibilities in this arena are limitless. To begin, organizations may use blockchain to record the vast number of interactions and transactions that occur between things or machines.
Because blockchain is recognized for its automation, encryption, and immutability, it may even assist IoT participants in dealing with a variety of other concerns, most notably security and scalability. As a result, this is a significant Blockchain future trend that is anticipated to propel the shared and immutable ledger technology to new heights.
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Wrapping up
Blockchain technology is fantastic, but at iStudio Technologies, we strive to provide solutions that our clients genuinely require. As a result, we take a technology-agnostic approach to addressing our customers’ most pressing business concerns.
We want our clients to achieve their business objectives. We will employ blockchain technologies if they will help them develop and remain ahead of the curve. If not, we will offer and build an alternative solution that better matches their business requirements.
