With the usher of the New Year 2021, it promises a new age wave for many industries in particular, and blockchain is no different. With several studies and forecasts, the blockchain industry in 2021 offers varied promising benefits and ways more than one. The past year was a year of disruption marked with a number of challenges, making it difficult for the boats to sail. Despite the challenges, this pandemic has attained the right push it needs and is creating waves across places.
In this blog, let us focus on the latest trend in the sphere of blockchain and how they are different from the rest.
Global blockchain market size is bound to grow:
Although this was not one of the assumptions made, however, the blockchain industry is going to explode this year. Businesses around the world are seeing a growing interest to adopt the technology and further enhancing the business procedure.
With the pandemic accelerating the digital transformation in areas, global blockchain marks the list too. Hence, the market size is expected to expand from USD 3.0 Billion to USD 39.7 billion by 2025, growing at a rate of 67.3% during these four years.
Utilization of digital health credentials:
The pandemic has largely accelerated the popularity of digital health credentials allowing individuals proof of health status. This proof is offered to employers at the workplace, for travel, or even for recreational activities.
The industry is working towards initiating individuals’ control over managing their health and personal data. Thereby, we can say that Covid 19 has successfully contributed to creating an incentive for the testing providers to all work together and curate the digital infrastructure required to support the credentials. Feel free to contact blockchain development service providers and explore its potential benefits.
AI and Automation
AI and automation are helpful to unlock further value while being integrated with reliable data offered by blockchain. For example, several business modules can recommend products to be recalled from the store shelves due to expiration.
The digital record presents attractive insights into the framework behind AI and thus reduces the distrust and mystery. Several business modules can pair the two prominent technologies, AI and automation, to leverage business solutions’ efficiency. This will be highly beneficial in attaining transparent and secured data.
Through the passage of time, the timeline and costs to achieve a positive ROI have fallen as blockchain slowly became integrated with distinctive solutions. As a result, enterprises are largely benefitted from choices and specific present in the networks around them. Improved flexibility through hybrid cloud and the greater ability to meet demand has been successful for organizations to view value.
A shortage of staple food during the pandemic has leveraged the need for an increased supply chain visibility and resilience.
Improved Vaccine Distribution:
With the Covid vaccines slowly rolling out, the process is becoming challenging. The technology can be largely beneficial in such a sector and help offer an accurate inventory reflection, further optimizing vaccine allocation. It can further help in maintaining cold chains while aiding to combat fraudulent activities. Simultaneously, it can also bring an improved trust and efficiency to the distribution and supply of vaccines.
The vaccine distributors tend to look for technologies such as crypto anchors, which helps to mitigate the underlying problem. It does so by tying a digital identifier to an object, which is extremely difficult to clone and transfer to another. Get in touch with the right developer for blockchain app development services and curate professional application for your business.
Accelerating Inventory Digitization:
This is being benefitted through tokenization, which can also be referred to as representing the physical assets and digitally. This will offer an additional sense of security, with the next evolution being completely a digitized inventory. These inventories help increase the source of supply chains by logging the working capital while offering an increased understanding of the liquid assets. As a result, this can be beneficial in helping them make informed decisions.
The assets can limit the number of paperwork required by economic participation and effectively address the liquidity concern. With organizations on their way to increase efficiency and eliminate costs, the New Year will witness more efforts to integrate the tokens.
The past year has been a challenging one; however, technologies like these help keep the boat sailing amidst all difficulties. The challenges have delivered clarity, helping efficient vaccine distribution, supply chain management, and more. Thus, as predicted before, the technology’s impact is on the soar and is expected to grow more in years to come. It is ideal to get in touch with a professional blockchain development company and discover its potential.
Blockchain in 2021: Accessibility, Authenticity, and Artificial Intelligence (AI)