Covid-19 has completely changed the way we live, work and interact with each other. An ever increasing number of daily activities are occurring online, further accelerating the digitalization of all sectors. In this specific situation, fostering and maintaining trust between numerous parties turns out to be more important. Blockchain is a key to strengthening trust in this digital environment. This trend is proven by ever-growing global investment in blockchain solutions, which is expected to reach at US$15.9 billion in 2023, ten times more than the $1.5 billion invested in 2018. In 2021, blockchain will play a more vital role in various important sectors. Let’s have a look at blockchain trends for the year 2021.
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Blockchain Technology Trends In 2021-
1. Covid-19 Will Accelerate Blockchain Transition-
We can see a reorientation of many blockchain projects. Specialists predict that about 90% of blockchain projects will need replacement within a year. This is due to most ignoring features like smart contracts, tokenization and decentralised consensus. Next to that, the pandemic has made more realistic and practical approaches to blockchain initiatives especially focused around the daily business “to continue their growth path”. Blockchain projects with clear advantages are expected to do that next year more rapidly. Also, there has been an uptick in the number of organizations interested in participating in networks that explicitly help to address some of the supply chain issues that the pandemic has put forward.
2. Cryptocurrencies May Reach New Heights-
Cryptocurrencies are the most popular known application of blockchain. Money in the form of Cryptography can have a compensatory just as a production role. 2020 has demonstrated to be a decent year for all crypto markets and assumptions are for 2021 to be an even superior year for Bitcoin and other cryptos. These digital currencies have become the dominant point as researchers search for another place of refuge resources, driven by the COVID-19 pandemic.
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