With the pandemic changing the global dynamic and how countries collaborate and work across borders, it is rational to analyze blockchain’s future in 2021 and beyond. Blockchain has been a vital part in influencing the massive digital transformation that was required to accommodate the swift surge in remote work due to the Coronavirus.
Over the past few years, blockchain technology has been acknowledged as the technology of the future, and rightly so. It is even more imperative now to explore blockchain today and the predictions for the future if you are considering this career field. The following trends reflect some of the noteworthy developments that are shaping the blockchain industry right now and can shed light on what to expect.
Governance and Blockchain Applications will Rise
One of the leading trends that could make headlines in 2021 is the incorporation of blockchain in government agencies. It is reported that the Government of Japan’s Finance Minister recognized blockchain technology as a powerful tool in fighting against the perils of the global pandemic. Other countries are following suit. Authorities in Columbia have also assured support of the popular cryptocurrency and blockchain-based payment systems. Paving the way for further advancements, China is planning to rollout a completely virtual cryptocurrency. It goes without saying, this will have a major impact on worldwide economics and political affairs.
While governmental bodies are altering course from their past stance on the future of blockchain and its prevalence as a tool for change, we cannot overlook how blockchain technologies infiltrate individuals’ everyday lives. These blurred lines force businesses of all sizes to stay abreast on the latest knowledge in blockchain as it plays a role as a soft force in international business, diplomacy, and politics. More relevant than ever, this past year has witnessed the impact of blockchain in voting systems and how it will continue to be one of the notable trends in the coming years.
Increased Blockchain in Retail
Large-scale growth in the retail sector is anticipated to facilitate more efficient supply chain and inventory management. Beginning in 2016 with the cooperation of IBM and Walmart, the first step was taken bringing together blockchain and retail conglomerates. This trend will continue to gain speed as more efficacy is achieved tracking and delivering the high demand of online purchases and distribution of key supplies.
DeFi (Decentralized Finance) & Permissioned Blockchains
Leaders in industry have been open to the projections of public blockchains in enterprise. However, the addition of DeFi has a high probability of directing the focus away from public blockchains towards permissioned blockchains.
Blockchain will Direct Social and Political Objectives
The function of blockchain in social and political activities may be a new trend for the future of blockchain. Blockchain has been recognized in the transformation of supply chain management, decrease of identity theft, and digital rights management. These directives will impact social and political spheres.
Traditional Banking and Financial Institutions Embrace Blockchain
2021 is seeing the intermingling of blockchains with conventional financial and banking institutions. Users are displaying more trust in blockchain versus the traditional banking system. Consequently, we are seeing a shift in this sector, where traditional banks are increasingly implementing blockchain as a measure to attract and maintain their customers’ trust and loyalty.
Staying abreast of the trends in blockchain is incredibly advantageous to those students interested in pursuing a career in this field. With advancements in technology and the impact of the pandemic, students have a greater opportunity to get in on the innovative fervor and become the driver for change.
2021 clearly demonstrates blockchain’s stronghold in the technology sphere and how its potential could shape the future. This is an important queue. Earning your Master in Blockchain Management will be a career investment that has bright prospects and high demand.