As Bitcoin & other cryptocurrencies are garnering attention in India, the focus has turned to the Blockchain. This tech is making inroads at a faster rate than before & is gaining a lot of attention on ways it can make firms more efficient & safe transactions. This led the firms to constantly reinvent the wheel to see how the tech can be applied optimally, coming up with novel & innovative methods to aid companies to minimize costs, improve processes, customer information tracking, security, ensure product safety & deal with counterfeiting & scams.
The pandemic has led to a massive change to e-platforms, making the tech more relevant to ensure transparent & safe transactions. As a result, this tech has to be one of the most significant innovations of the past decade, having a ripple effect on several vital sectors, from manufacturing to Fintech & education.
Stable Coins are Dominating the Crypto Space
Cryptocurrencies are possible because of blockchain tech. It's like Bitcoin that runs on top of its own blockchain platforms. Several cryptocurrency rates are subject to volatility than conventional asset rates. Though stable coins are in their starting stage & it is predicted that by 2019-20 blockchain stable coins will achieve their all-time high. This high rate of the stable coin will make them the 2nd most looked forward emerging trends in the sector.
Blockchain Expects to Change Social Networking
As per Statista, in 2019, there will be more than 27.7Bn social media users globally. The introduction of blockchain tech in social media will clear inherent issues related to notorious scandals, content relevance, privacy violations & data control. Hence, blockchain blending in the social media domain is another emerging trend.
Its implementation in the social platform will ensure that all the published information in the domain remains untraceable & can't be duplicated. Moreover, people will get to safe data more safely & maintain their ownership.
Expected Rise of Federate Blockchains
Federated Blockchain is one of the top-notch blockchain trends today. It's an upgraded form of basic blockchain model that makes it perfect for many particular cases. In 2021, experts noted that there might be an increase in federate blockchain usage as it offers private Blockchain. Unlike private Blockchain, controlled by a single organization, but in federated Blockchain, multiple authorities control the pre-selected nodes. This selected group from numerous nodes can validate the block to process the transactions.
Amazon & Microsoft Using Blockchain as a Service (BaaS)
This is a novel blockchain trend that is currently integrated with several organizations & start-ups. BaaS is a cloud-based service that enables people to create their own digital products by operating with Blockchain. Most of these e-products are smart apps or contracts that can work without any setup needs of the complete blockchain-based infrastructure. Amazon & Microsoft are a few of the known firms that create blockchain apps to offer BaaS.
Non-Fungible Tokens (NFT) to Revolutionize Digital Art & Assets
NFT are on the rise & quickly gaining fame across games, e-asset exchanges & blockchain networks. A single copy of a unique e-asset can be stored within an NFT & cannot be replicated. In the game, assets can be exchanged & digitized using NFTs. Digital rights management is another space that is set for disruption utilizing NFT.
Verifiable Credential (VC) & Self Sovereign Identity (SSI)
SSI offers verifiable, worldwide resolvable & privacy-preserving credentials that we manage & store from the security of our own devices & can show it to anyone, anywhere. It can be used for sectors that can be used for personal identification purposes such as loan, bank account, healthcare services, insurance & claim benefits.
Central Bank Digital Currency (CBDC)
CBDCs, a digital form of central bank money based on Blockchain, is a legal tender backed & developed by a central bank. Several CBDC pilot projects are going on across the globe. The Indian govt has released its National Blockchain Strategy in January 2021 & is also introducing a bill to release its own digital currency.