You should know that the entire monetary system has been affected due to the advancement in technology and at the same time, the technology is evolving at a very fast pace. Gone are those days when some dollar bills were the only way to make any type of payment. And if you are thinking that it is the digital payment only that is making the news out there then you haven’t checked the modern trends yet. You should know that modern day technological advancements like blockchain has given birth to cryptocurrency and such technological evolutions are surely leading the world out there.
Even if you keep tabs on only the highlighted part of the technology, still you will be aware about blockchain as it has slowly become one of the hottest topics of debate among tech freaks. You should also know that in the future, blockchain will become the base of the modern day technology that we will be using. There are surely many technological solutions out there and most of them will be using the power of blockchain. This is one of the most important reasons why blockchain is being viewed as a springboard for other technologies that are already existing or about to enter the market.
It doesn’t matter which type of business you are running or how big your business is, there will come a point in your life where you will have to use blockchain technology. There were many businesses in the past that resisted the use of cloud but when the year 2020 came, everyone realized how important cloud has become for every business out there. Well, this happens will almost all the technological solutions out there and this is why we are saying the same thing about blockchain as well.
If you are thinking that blockchain is all about cryptocurrency then you are completely wrong as cryptocurrency is just one of the parts of blockchain technology that has made blockchain technology famous. This will be like thinking cloud computing is all about just storing your files on Google Drive then accessing, editing, and sharing them from any corner of the world. There is no doubt in the fact that blockchain technology is going to grow in the future as well as there have been many studies conducted regarding the growth of blockchain and all of them have shown positive results till now.
This is why, in this blog post, we will look at top blockchain technology trends for 2021
The rise in non-traditional financial institutions
You must have seen that more and more companies out there are trying their best to use blockchain technology in order to only deal in cryptocurrency and this is one of the main reasons why non-traditional financial institutions will rise in the year 2021. There are many different types of options out there like non bank lenders, cryptocurrency based banks, and even bank fully decentralized financial services that will make a gigantic move in the year 2021 and you just can’t miss it if you are trying to keep tabs on blockchain technology.
You should know that after the arrival of the deadly virus in the year 2020, more and more people have started using online payment and this is one of the main reasons why we are going to see the rise mentioned in the above paragraph. The shift to online payment has almost given a boost to online payment and this will further help blockchain concepts like cryptocurrency to rise. There used to be a time when everyone out there was limited to cash payment but now, even developing nations like India are promoting cashless transactions. And you should know that such activities have given a rise to concepts like blockchain in the modern era.
An enlarged DeFi world
If you keep tabs on the technological world and the financial world then you must be aware of the fact that fully decentralized financial services or what is more popularly known as the DeFi world is already going through a phase of boosted growth. And the more you will explore about it, the more speed you will find out in the rise of this approach. There are many firms out there that have already explored the benefits of decentralized financial services and this is the main reason why they have already started using it without any second thoughts.
You will be completely surprised to know that recently, the overall value of crypto currency has passed over one billion dollars and this measurement has been given by Defi Pulse and the more surprising part is it has even touched the mark of 10 billion dollars as well. This means that this trend will keep on rising in the future as well and this is why keeping tabs on it is highly crucial for each and every type of firm out there.
You should know that even the firms out there are liking the idea of online payment and if it is in form like cryptocurrency then firms are more reluctant towards using it. This is one of the main reasons why soon, we will witness each and every firm out there getting rid of the traditional payment as soon as possible.
Social and political use
You might be thinking that concepts like blockchain are limited to cryptocurrency or their application is limited to only the financial sector but that is not the case. You will be completely surprised to know that blockchain is even being used for social and political purposes and that too in a very precise way. Over time, experts and brilliant researchers from the field have tried their best to evolve blockchain tech and implement it in many different cases.
This is one of the main reasons why the brilliant minds out there experimenting with blockchain technology are even trying to use it for supply management, digital rights management, and even identity theft. In the future, you will see blockchain rising as one of the strongest layers of defense. And with the rising cases of cyberattacks all around the world, there is no denial in the fact that most of the firms out there will be using the power of blockchain without any second thoughts.
COVID 19 has accelerated blockchain transition
There is no denial in the fact that the arrival of the new virus has changed many things around us. There are many businesses that have been shut down forever, countries are going through an economical slow down and most of the industries are witnessing a slow growth rate. It’s true that most of the things happening in the world due to the arrival of the virus has turned out to be full of negativity for sure but you should also know that the arrival of the new virus has also accelerated the blockchain transition. If the virus and the lockdown wouldn’t have been there, the blockchain transition would have taken more time.
You should know that the arrival of the pandemic has caused more realistic and programmatic approaches like blockchain to focus on the day to day activities instead of only looking at the smaller picture. In addition to this, the number of firms participating in networks has also increased after the arrival of the deadly pandemic and this has further fueled the growth of the blockchain transition. At the current pace, blockchain will not take much time in order to become a new normal for every firm out there, regardless of their size and industry.
Corporate will need to accelerate digital transformation
There used to be a time when switching to a digital platform was only an option for most of the firms out there but that is not the case now. In the modern era, if you are not taking advantage of the digital platform then you are never going to survive in any industry. It doesn’t matter whether you are running a small business or a store on the corner, you will need to make sure that you are present online as people will be searching about your business on the online platform without any second thoughts.
Well, you should also know that the powerful blockchain technology is very likely to have the most transformative and dramatic changes in the way business functions and this is one of the most important reasons why all the firms out there will need to make a digital switch. With the arrival of the pandemic, the number of firms shifting to the digital platform has increased and this number will keep on increasing in the future as well.
With time, you will only see modern day advanced and powerful technologies like blockchain gaining more popularity in the market and soon technologies like blockchain will become a new normal for everyone out there. If you are looking forward to gaining a competitive edge in your industry then instead of being rigid, you will need to start using modern day technological solutions like blockchain without any second thoughts.
Saurabh Gupta is currently working as a senior content writer at MyQBHost, a QuickBooks on the cloud and the two things which matter the most to him is technology and writing. Cloud computing, Artificial intelligence and cybersecurity is what he loves the most.