Blockchain technology is on the rise in recent years. Branching out from cryptocurrency, blockchain has seen multiple ups and downs in the past years.
Regardless of the fact that the popularity and value of blockchain took a nosedive in the past year, this year will definitely some really important developments in this field.
Emerging Blockchain Trends for 2021
Here are a few important trends that will influence the blockchain industry in 2021
1. More Security
One of the key problem areas with blockchain is the ambiguity as transactions cannot be attributed to a single entity or a server. This year will see more regulations and security implementations in the field of blockchain technology. A lot of blockchain consulting services have also come up that help organizations develop secure, digital-fraud free blockchain solutions.
2. Fintech and Blockchain
Recently, a lot of start-ups have emerged in the fintech market that dabbles with blockchain and banking. And since blockchain is an open platform that cannot be regulated by a single entity, many start-ups are looking to maximize economic inclusivity of communities by banking the ‘unbankable’ through blockchain and cryptocurrency. Along with this, blockchain trading platforms like the ICE-based Bakkt have also paved the way for mainstream blockchain trading.
3. Combining Blockchain with IoT
It is indeed the Internet of Things era. Hence, there is no surprise that blockchain is eventually leading towards amalgamating with IoT. Developers are looking to optimize IoT devices through blockchain with digital transactions being faster and more secure, developing platforms by seeking blockchain consulting from well-established blockchain consulting companies. It is a matter of time as to how blockchain companies will dabble with said IoT devices.
4. More Investment Opportunities
With the developments in Blockchain, the technology has attracted major players such as Walmart and Amazon. Companies, big and small, are now looking to invest in this technology and even develop custom platforms based on the same. With a lot of solutions moving towards ‘Security tokens’ for blockchain trading and the development of ‘smart contracts,’ investing in blockchain has become much simpler. Tokenization has led the way to more investment opportunities in blockchain.
5. Rise in Government Research on Blockchain
Blockchain is now receiving a lot of attention from government entities, both positive and negative. However, there are a few government entities that are looking to integrate blockchain to develop better, more secure systems of governance. With countries like China building incentive-based blockchain development programs and having blockchain learning guides in place, Estonia’s e-governance initiatives, and Dubai’s efforts to become a paperless government, blockchain could soon become mainstream in governance solutions through proper blockchain advisory.
6. One Blockchain vs. Multiple
There have been debates among blockchain enthusiasts when it comes to the utility and scalability of blockchain solutions. Many argue that one blockchain solution for every task is the way to go, while others believe that each blockchain solution is different and has different purposes. Hence, multiple blockchains are required for their utility in different fields. That is why a lot of blockchain development consulting companies and blockchain developers are researching this technology, developing a specific blockchain to tackle specific problems.
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6 Blockchain Tech Trends to Check Out Before Seeking Blockchain Consulting in 2021 was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.