Block-chain development and trends that will follow | EyeT Innovations
Blockchain is a distributed, immutable ledger that makes recording transactions and tracking assets in a business network much easier. A tangible asset (a house, a car, or cash land) can be intangible (intellectual property, patents, copyrights, branding). In a blockchain network, practically anything of significance can be tracked and exchanged, minimising risk and cutting costs for all parties involved. ”
A blockchain network can be public, allowing anyone to participate, proprietary, allowing only one organisation to govern the network, permissions, requiring users to receive an invitation or permission to join, or created and operated by a group of organisations.
· The global blockchain industry will expand at an exponential rate.
What was not expected was the meteoric rise in the adoption of blockchain technologies this year. Businesses from a wide variety of businesses have demonstrated an increasing intention to use this technology to develop their business processes. The pandemic of COVID-19 has driven digital transformation in many countries, especially through the use of blockchain or distributed ledger technologies.
· Covid-19 will hasten the adoption of blockchain technology.
The multiple blockchain ventures will reorient themselves. Within a year, experts expect that 90% of blockchain ventures would need to be replaced.
· Long-term strategic initiatives will be postponed.
COVID-19’s instability and ambiguity have forced many companies to cancel some of their longer-term DLT-related ventures for the time being. These long-term strategic ventures, especially those involving a business structure or regulatory adjustments, are currently operating on extended timelines. Budgets for pure research and development programmes
· Corporate digital transformations must be accelerated.
For companies, a digital transformation is no longer an option; it is a necessity for survival. Because of the added pressure that the COVID-19 pandemic has put on day-to-day business, corporations must speed up their digital transformation phase to emerge stronger than before.
· Around the world, 30% of projects will go into development.
An increasing number of blockchain-based ventures are expected to pass to the development level. This statistic represents not only a more pragmatic approach to projects and the maturation of technologies but also the pandemic-induced acceleration and initiation of projects that could have “measurable gain in a short timeframe.”
· China is expected to make the most progress.
In terms of geographic leadership, China currently leads the global blockchain game and will continue to do so in 2021. Blockchain is pushing China to a level that is currently out of scope for most major business players. The state-backed Blockchain-Based Service Network, China’s “modern infrastructure” national effort, aims to integrate blockchain into the country’s digital infrastructure.
· The banking and financial services industry continues to dominate the economy.
The financial industry has been struck especially hard by the COVID-19 pandemic, out of all the sectors affected. Falling earnings and thinner margins have pushed banks to adjust to satisfy their customers’ demands more often in an increasingly digital environment.
· Cryptocurrencies have the potential to reach new heights.
Both crypto markets had a strong year in 2020, and 2021 is expected to be much bigger for Bitcoin and other cryptocurrencies. As a result of the COVID-19 pandemic, investors are looking for new haven investments, and cryptocurrencies have taken centre stage.
· Economy and finance will lead Blockchain development.
The banking and finance companies, unlike most conventional firms, do not need to make drastic changes to their operations to implement blockchain technology. Financial companies are strongly exploring blockchain use for conventional banking activities after it was successfully applied for cryptocurrencies.
· Blockchain integration with Govt. Entities
The distributed ledger concept is also appealing to government agencies that are responsible for managing vast amounts of data. Since each department now lacks its database, they must actively request information about residents from one another. The use of blockchain technology for efficient data storage, on the other hand, would increase the efficiency of those organisations.
· AI-powered Blockchain
The combination of AI (Artificial Intelligence) and blockchain technologies would result in a more optimistic outcome. In a sufficient number of implementations, this integration would demonstrate a degree of advancement in blockchain technology.
· Blockchain experts will see high demand
Blockchain is a modern invention, and only a small percentage of people are knowledgeable about it. As blockchain technology becomes a more mainstream and commonly used technology, it provides opportunities for many people to acquire expertise and experience in the field.
contact us : www.eyetglobal.com
