Few technologies have attracted more buzz and controversy than blockchain. The past year proved to transformative and booming with new trends and inventions in the blockchain world. Blockchain has taken over many industries and will likely continue to transform additional industries in the future.
Unfortunately, blockchain is not widely understood. Many people know it as the technology powering cryptocurrencies such as bitcoin, however, this is far from the only application. Many Americans don’t realize the potential of blockchain and how it can help them, their business, or even society at large. Let’s take a deeper look into what blockchain is and what the future may hold.
What is Blockchain?
According to Investopedia, A blockchain is a distributed database that is shared among the nodes of a computer network. It works as an immutable record of transactions that do not require to rely on an external authority to validate the authenticity and integrity of the data. We can store any kind of information in the blocks. Why is this technology completely disruptive? It has the ability to guarantee the fidelity and security of a record of data and generates trust without the need for a trusted third party. It has the potential to solve many problems around online trust and security.
Blockchain in 2021
According to Yahoo! Finance, the Global Blockchain Market is estimated to be $5.3B in 2021 and reach $34B by 2026. Blockchain has emerged as one of the most advanced virtual technologies in the world, with increased used across numerous industries including technology, finance, automotive and aerospace.
Blockchain in 2022
Blockchain is an emerging technology, so there are mixed predictions about its potential.
Green Block Initiatives
A fierce debate around the environmental impacts of blockchain continues to grow. A recent study from Cambridge University found that mining bitcoin, perhaps the best known blockchain-backed digital currency, now consumes more energy per year than the entire nation of Argentina. A different study estimates that bitcoin’s carbon emissions are on track to equal that of the entire city of London. For this reason, we are likely to see attempts to “greenify” blockchain in 2022.
Facilitating the Distribution of Vaccines
Blockchain has the ability to offer a unique path forward for the pharmaceutical industry as the pandemic continues into 2022. Unfortunately, counterfeit vaccines are being created and sold which is a dangerous threat to Americans. Blockchain technology could help authenticate vaccine shipments and trace distribution to ensure they are arriving at their intended locations. There are other issues in the supply chain that vaccines could play a role in as well, such as ensuring that they are stored at the correct temperature. Blockchain has the ability to unify reciting of vaccination rates and efficacy across a single platform.
Creation of National Cryptocurrencies
In a few short years, cryptocurrencies have grown from digital novelties to disruptive trillion-dollar technologies. Although initially governments of many nations expressed skepticism in regard to the application of cryptocurrencies, governments all over the world are starting to recognize the advantages go blockchain-derived currencies.
Nations such as Ecuador, Tunisia, Senegal, Singapore and Chine have issued their own cryptocurrencies. Other countries such as Estonia, Japan, Palestine, Russia and Sweden are not far behind as they are looking to launch their own national cryptocurrencies in years to come.
As a result, the world’s largest economies could force the hands of smaller nations building momentum in the future. It is forecasted that the Blockchain technology market shall accumulate as high as $20 billion in revenue by 2022.
Expansion of NFTs
NFTs have gained significant traction in the last year. The explosive growth of NFTs in 2021 is likely just a preview for what’s to come in 2022. Experts are predicting the rise of “virtual worlds,” which play a crucial role in helping NFTs expand their market dominance. We are likely to see many more NFTs dropped across blockchain networks like Ehereum, BSC, Solana, and more.
Blockchain in the Future
The adoption of blockchain technology solutions has achieved massive popularity in recent years. There are numerous applications for businesses including payments, exchanges, smart contracts, digital identity and more. As blockchain applications continue to grow, it has the potential to create numerous new opportunities across many different industries. According to an insight report conducted by Gartner, by 2026, the business value added by blockchain will grow to just over $360 billion, then by 2030 grow to more than $3.1 trillion. Blockchain technology has the ability to fundamentally change how we live and work in the future.
Exemplar Blockchain Experts
Exemplar Companies blockchain and decentralized finance experts can assist in the following areas
- Smart contract auditing and formal verification services: To ensure there are no code vulnerabilities and its hack proof.
- CeFi (Centralized) crypto services currently outnumber DeFi due to true consumer protection and insurance – Exemplar can be a domain expert of CeFi services, however as DeFi tech matures, can aid existing CeFi companies/services and new projects to replicate CeFi processes in a decentralized fashion.
- Successful DeFi apps need expertise in traditional banking and financial institutions to aid developers to replicate functionalities (i.e. compliance processes, collateralized lending design and risk management, financial modeling, fund management fiat/multi-currency etc.)
- Design public policy, education, and legal advocacy for DeFi
- Provide professional/expert review of DeFi Lending Platform designs – how are they collateralized, risk of run-on’s give them rating like bonds etc.
- Promote DeFi passive income opportunities such as yield farming and lending and help clients with tax strategy from such income. And using these opportunities as a safe low risk on-ramp to get into crypto.
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