7 Future Trends of Blockchain Technology That Will Impact Business In 2021

You will not find a single person on this planet who has not heard about Blockchain. It is one of the most talked-about technologies in the last few years.

Though we have not heard about it much after the Covid-19 pandemic hit, continuous development has been made in the area. Many industries and sectors adopt this fantastic technology for various purposes, such as Blockchain for mobile security, transparency of processes, and many more.

If we have to discuss Blockchain in simple terms, it is just a decentralized database that is highly secured and standardized. Blockchain technology has carved a niche by allowing the stakeholders to access documents most securely from any given location. Here, data is secured by encryption, and any stakeholder can make changes when there is a need for it.

The main highlight of blockchain technology is its decentralized module. Here, data security is ensured by cryptography rather than the person in charge of data. Here, each timestamp and value is recorded without fail in the file securely. As a result, all stakeholders can see all transactions, and changes can be seen along with the name of the stakeholder who made them.

Blockchain app developers are in demand due to this technology’s unparalleled store, record, and edit manufacturing, healthcare, and other sectors.

We will discuss some of the future trends of Blockchain that will rule in the upcoming years. Stay tuned!

1. Blockchain as-a-service

We know how the as-a-service model functions. Software-as-a-service and other such distribution models have helped industries and businesses to adopt the technology rapidly to serve objectives and goals. Cloud computing, IoT, Artificial Intelligence are some of the examples of it.

The next big thing is Blockchain. You will be surprised to know that Amazon, IBM, and Microsoft are developing tools and platforms to leverage the immense potential of blockchain technology.

Blockchain is not just limited to storing and recording data. The advanced blockchain implementations have much more to offer to businesses. For example, the Ethereum network allows businesses to create Smart Contracts that can be executed automatically when all the conditions written in the contract are met. So, for example, once a project is over, you can automatically receive the project’s payment from an escrow system if it is written in the smart contract.

Soon such cloud-based, as-a-service platforms will help organizations use Blockchain to simplify their business processes and operations and make them more efficient.

2. Hybrid Blockchains

Another future trend that we will see soon is hybrid Blockchain. It is the concept that uses the most suitable part of the public and private blockchain solutions. Moreover, it is a highly secure technology as it operates within a closed ecosystem. Hence, data and documents are highly secure and safe in the network.

Another reason why hybrid blockchains will get famous is the cost. Here, transaction costs will be much lower compared to other core blockchains. The main reason is the influential nodes that simplify the whole process by quickly verifying transactions. Also, as it is a secured network, it offers additional security from hackers trying to breach the network. All you need to do is to hire a blockchain app development company to use this feature.

3. Content Streaming will be more secure with Blockchain

Another trend worth discussing is content streaming. Experts predict that it will be the most emerging blockchain trend that will grab the attention shortly.

With Blockchain, content streaming applications such as Netflix can store user data more securely and easy to access.

When video, music, and other content streaming companies choose blockchain technology, it will allow third-party services or individuals to read and write on the particular Blockchain. Also, the new concept called smart contract technology can help video streaming companies to store and share their video content under a highly encrypted and highly secure system.

4. Economy and Finance Based Applications

If you assume that you might need to change the whole process and system of your financial or banking company to incorporate blockchain technology for mobile app security or other purposes, it is not valid.

A report by PWC states that 77% of financial institutions will adopt blockchain technology by the end of 2021. After incorporating cryptocurrency, it is an obvious step if you ask me.

The amazing benefits of blockchain technology are not easy to ignore. For example, you can make quick and secure financial transactions with Blockchain compared to your traditional banking technology. In addition, you can get rid of excessive bureaucracy, and at the same time, reduce the costs of your operations and processes.

In addition to that, experts also believe that the banking and financial sectors will use Blockchain to launch new cryptocurrencies to regulate or influence monetary policies.

5. Blockchain for Government Agencies

Though initially, most governments have shown hesitations to accept Blockchain, the scene is changing rapidly. Blockchain experts believe that government agencies will also use blockchain technology for administration and other uses.

When managing and administrating large amounts of data, a distributed secure ledger can help government agencies.

Government bodies have their separate database for information and data of their citizens that must be stored, shared, and managed accurately and securely. Incorporating Blockchain can help them to manage their database effectively and productively.

6. Blockchain Combines with IoT

It is obvious. The Internet of Things market is growing, and when integrated with Blockchain, it will become more robust, secure, and safe to achieve objectives. As of now, internet-connected devices crossed more than 25 billion across the globe.

The main thing is security here. With the number of internet-connected devices increasing, security is also a new concern. Unfortunately, hackers are also becoming more advanced and innovative to breach even advanced security systems.

With blockchain technology, you can address the security issue effectively. You can stop intruders from interpreting the operations.

When you have Blockchain integrated with the IoT, all stakeholders can store, record, and edit the transactions. Also, as it is a decentralized network, no single person will have the authority to change the transactions. No one can approve a transaction or delete any transaction from the ledger, eliminating the possibility of any system errors.

Also, no stakeholders can alter or delete any previous records, offering superior security to the database.

We have already seen Blockchain for mobile security and how effective it is. Similarly, we have seen how IoT in healthcare and mobile app development can make superior and secure processes. Similarly, IoT in Blockchain will help companies to push things for superior outcomes.

7. Transformation in financial services

When blockchain technology was launched, financial companies were the first to adopt it. Well, they have a valid reason for that. For years, financial companies and banks have suffered from the inefficiency of their traditional, proven methods of managing their assets. Also, they have seen how their supply chains are getting complex and inefficient to deal with newer challenges and expectations.

Then came Blockchain that promised to offer brilliant solutions to financial institutions and banks. They understand that Blockchain is the right technology that has the correct answers to their queries and challenges. This is the reason major financial brands such as JP Morgan Chase have developed their blockchain platform. On the other hand, Bank of America, UBS, and Morgan Stanley have developed their blockchain teams.

A CB report published earlier this year has revealed that blockchain-enabled decentralized ledgers can help banks and financial institutions make faster payments and lower fees.

Another report by Deloitte stated that when you have a banking infrastructure powered by Blockchain, you can bring more efficiency in the processes, lower down costs, and open up new revenue opportunities.

We will see blockchain technology ruling the financial world very soon as there is immense potential to give a paradigm shift to the financial sector.

Blockchain will help to realize Environmental, Social, and Governance goals (ESG)

There is much to do to achieve environmental, social, and governance goals. Neglecting these prime issues might not be in favor of humanity. Experts believe that Blockchain might help in realizing environmental, social, and governance goals. Blockchain will help investors to make applications that are more environmentally conscientious and socially responsible. It will help to address overall sustainable development goals.

Enterprises and businesses take many steps to develop blockchain applications that work in this direction. For example, Context Labs have used data on the emissions to improve air quality. In addition, your other businesses use data to offer more environment-friendly applications that help reduce their units’ carbon footprint.

Conclusion

Blockchain will play a massive role in making systems more secure, robust, and efficient in the upcoming years. All these recent blockchain technology trends will surely make the upcoming time more enjoyable. Many industries, private and public, will adopt blockchain technology to achieve their organizational goals. Apart from Blockchain for mobile security and technologies, Blockchain will serve a lead role in changing the face of different industry verticals.

If you want to make a blockchain application, hire blockchain mobile app development company with a proven track record. There are many prominent companies you can find on the internet offering valuable and high-quality blockchain development services.