5 Top Emerging Blockchain Technology Trends To Follow In 2021
Blockchain technology is one of the greatest innovations of the past few decades that has shown positive results in every sector. Whether it is to store data securely, record data, make transactions, cryptocurrency, and whatnot- Blockchain has been a reliable, decentralized platform that has provided great opportunities within innovations and career options for Blockchain experts. Stated precisely, Blockchain has the potential to completely transform the movement of information through the supply chain and several online services we use. As a result, the emerging Blockchain app development services and technology trends in 2021 have a rippled effect in every sector, from manufacturing to Fintech and education.
Let us look at 5 top Blockchain technology trends that business decision-makers will wish to be heedful of in 2021.
1. Blockchain-as-a-service(BaaS)
A rising star in the business world, Blockchain-as-a-service is third-party creation and management of cloud-based networks for building blockchain apps, smart contracts, and other functions. It installs and maintains networks for blockchain app development service companies. Technologies which further helps businesses develop and support blockchain apps. The capability to resolve complex issues around transparency, efficiency, and cost have recently led to a significant increase in BaaS traction. Today, BaaS is a prominent name in sectors such as finance, supply chain, and telecommunications that give companies exposure to distributed ledger technology. IBM, Microsoft, Oracle are some of the largest tech companies that have dedicated their divisions to the integration and evangelism of BaaS. The amalgamation of cloud services with BaaS can be exceptionally valuable for many companies. Among the top Blockchain technology trends in 2021, BaaS is making waves across an array of industries. Its personalized flexibility allows businesses to combat points by tailoring integration. Organizations are embracing BaaS as it offers them the opportunity to build decentralised apps and smart contracts. Undoubtedly, BaaS is a promising service that gives your business an edge over your competitors by making your business future-ready and can help you take the next big tech leap.
2. Blockchain Meeting IoT
In recent years, the combination of blockchain and IoT have been the most searched keywords. So, it is no bombshell that these two fields have the potential to empower each other significantly. IoT devices are often susceptible to security breaches. Blockchain technology comes to its rescue as a righteous tool that guarantees data safety during encryption techniques. Peer-to-peer contact without intermediaries is cheery on the top! Dramatically, the 2020 Covid-19 crisis has pushed the companies towards a speedier IoT adoption leaving the security and data reliability concerns o the sideline. Security and data reliability are likely to catch up to it in the year 2021. Among the top IoT service providers that addresses paramount IoT scalability and challenges, Blockchain technology is at its peak. It is a game-changer! Bestowing a means for data storing and sharing by communities is often looked up to as IoT data security. The amalgamation of Blockchain and IoT can reveal many business opportunities. Its unique way of sharing information in a reliable and traceable manner gives IoT an edge. Many banking and financial institutions have opted for Blockchain technology to guard their operations. Due to the capability to confirm data protection, this power couple can facilitate numerous end-to-end solution opportunities throughout 2021. So, stay on the lookout for that!
3. Blockchain Annexing Social Media
The most significant and influencing platform- Social Media, is taking over everybody's mind. It has become an indispensable part of our lives. According to statistics, in 2021, there were 4.48 billion people actively using social media worldwide. Over the years, Blockchain will supposedly take over social media. The amalgamation of Blockchain with social media will be able to solve problems related to privacy violations, notorious scandals, data control, and content relevance. Prominent over-the-top media services like Netflix, Hulu will adopt Blockchain technology to record and securely store customers' data. Hence, this couple- Blockchain and social media domain is another emerging Blockchain technology trend in 2021. Businesses will be able to create a reliable and quickly assembled platform for the users. With the introduction of Blockchain technology in social media, content streaming over the internet will become secure and user-friendly. It safeguards the published data in the social networking domain from data breaches and makes sure that it remains untraceable and inimitable, even after its deletion. Moreover, users will be granted the opportunity to store their data securely and maintain their ownership. Blockchain makes sure that the power of content lies in the hands of the creators instead of platform owners- thus ensuring more security to the users.
4. Non-Fungible-Tokens: The Soaring Star
NFT or Non-Fungible-Token has become the soaring star of trending blockchain technology in 2021. With a unique digital asset that cannot be replicated, NFT is an exceptional cryptographically generated token that uses Blockchain technology to unite with a distinctive digital asset. They have become the hottest blockchain development presenting a new opportunity to build a new form of digital commerce. NFTs are driving a new wave of crypto adoption where digital content is represented as tokens ascribing provenance to distinguishable assets by artists, gaming companies, and content creators. Recent market research states that in 2021 NFT trading volume hit 10 billion. Non-fungible-tokens hold great potential for enterprises in storing and verifying variegated digital assets. The prime cause behind the rise of NFT is that it can be in possession of a single owner and is priced at exorbitant rates.
5. Decentralized Finance(Defi)
Decentralized Finance od Defi refers to the shifting of traditional centralized systems like brokerage, banks, exchanges, and instead utilizing smart contracts on the blockchain. Defi is an umbrella term for offering financial products to the general public on a decentralized network. It creates a free space for anyone and everyone to open it. With peer-to-peer protocols developed on decentralized technology that does not require any access rights for lending, borrowing, or trading, Defi applications are built using Ethrum networks. The trending Blockchain technology in 2021- Defi is offering humans a plethora of opportunities to bring about a robust and transparent financial system that no individual can control.
After having a thorough understanding of these top emerging Blockchain technology trends, we can conclude that the year 2021 will be an ice-breaker for this technology in various sectors of industries. Lower transaction costs, protection from cyber-attacks, the option of erratic rules, unbreachable confidentiality are the major add ons of blockchain technology. Thus, there exists no denial in the fact that it will empower many industry verticals differently.
