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What is the future of blockchain technology?

Blockchain and digital assets, their trends, market analysis, future outlook

Nihil Goyal

Bitcoin, Dogecoin, Non-Fungible Tokens (NFTs), Stablecoins, and more, we are surrounded by digital assets today. Their rise in popularity is so rapid that almost anyone with the means is willing to participate.

And unlike most of us believe, blockchain technology is not just limited to the creation of these assets. In fact, it is a market-disrupting technology with a much broader range of use cases.

Read: Blockchain Moves To The Next Generation As Bitcoin Loses Momentum (September 10, 2021)

Blockchain technology is being used to drive innovation in various industries such as finance, healthcare, entertainment, and even world government.

Blockchain debuted in the 90s, but didn’t gain mainstream acceptance until Bitcoin came along in 2009. Since then its development and popularity have been off the charts.

Someone, somewhere, is constantly creating blockchain solutions that drive innovation and disrupt traditional business models. This happens in virtually every industry and in most jurisdictions around the world.

This is according to a recent study conducted by a market research firm, which reveals that the global cryptocurrency market is worth $1.3 billion in 2021 and is expected to become a $2.8 billion market by the end of 2028. We can further infer from the fact that

Read: Cryptocurrencies: Serious Threats.Blockchain: A Revolution Underway (July 6, 2021)

And this is just cryptocurrency. Meanwhile, the global blockchain market is currently worth over $10 billion and is expected to grow at a staggering compound annual growth rate (CAGR) of 85.9% over the next decade.

The growing number of merchants accepting cryptocurrencies and growing interest in blockchain among financial institutions are some of the main drivers of this surge.

And as some countries like Ukraine and El Salvador legalize cryptocurrencies, more and more businesses and investors are betting on blockchain-driven solutions.

Moreover, these advances are slowly creating competition, forcing market players to improve their services to remain competitive.

Research and innovation have become key indicators of growth, and they are also creating new and exciting possibilities.

Read: Bitcoin lure: greed makes even the smartest take risks (February 24, 2021)

A good example of this is DeFi (decentralized finance). It has emerged as one of the most popular blockchain-based financial technologies as it reduces the control banks have over financial services and money.

Using tokens and smart contracts can completely eliminate the need for third parties in financial transactions. This is beneficial for consumers as they do not have to pay service charges to banks or other financial companies. Plus, it allows you to keep your money in a secure digital wallet (completely under your control) instead of keeping it in a bank. .

As blockchain becomes more popular in the future, its use cases will increase. Some possibilities that are already beginning to materialize include using smart contracts to ensure that content creators are properly paid for their work, regardless of the number of resales or reuses.

Even brands and advertising companies are using blockchain solutions to distinguish between bots and real people, and get greater results from their marketing campaigns.

Read: The Future of Blockchain Technology in 2022 (January 7, 2022)

Taken together, blockchain will be as important to next-generation Internet applications as public clouds, microservices architectures, and DevOps are to today’s Internet applications.

Hence, going forward, companies and users around the world should consider the impact of blockchain as they prepare for the future.

(Nikhil Goyal is the founder of Beyond Imagination Technologies. He has been involved in several significant projects including a manufacturing project in Bhutan before starting his blockchain venture)