2020 will hit the road in a month, shifting the entire paradigm for the technology world (and the rest of the world, of course). Experts already had their say regarding 2021 trends in blockchain and related fields.
Blockchain Technology Trends 2021
Martha Bennet, Forrester’s VP and Principal Analyst, made three predictions for blockchain technology in 2021:
- 30% of projects globally will implement blockchain into production.
- China will make the fastest progress in adopting blockchain technology in its new digital infrastructure.
- Permissioned blockchains remain predominant in the long run.
Other influencers predictions:
4. Gartner predicts that blockchain continues to be more practical.
5. Blockchain technology also will be integrated into the gas and oil industry. And investment in blockchain in the electricity area is expected to grow to $3 billion by 2025.
6. The hottest trend is blockchains interoperability with traditional financial and banking institutions. As users already trust blockchain more than traditional banks, the latter rapidly adopt this emerging technology, and they’ll continue this trend in 2021:
- Commerzbank, Credit Suisse, and UBS executed the first transactions on the Deutsche Börse-HQLAx platform;
- Northern Trust is testing trading of fractional bonds for retail investors on the blockchain;
- BNY Mellon, MUFG, Credit Agricole joined Marco Polo’s trade finance platform;
- Santander has redeemed a bond worth $20 million that was issued on the blockchain;
- JP Morgan is using blockchain for automated margin payments;
- HSBC executed two blockchain letters of credit transactions between companies of the Gulf.
7. Blockchain is also expected to be at the cutting edge of digital transformation in 2021. It is being observed to establish transparency in varied sectors. Marketandmarket.com’s recent report states, that
8. North America continues to be the leader in blockchain market growth in 2021
- About 1/3 of projects globally will adopt blockchain technology.
- Permissioned blockchains remain predominant.
- Oil, gas, and other energy sectors will leverage blockchain technology even more rapidly than before, and receive more investments as well.
- Traditional institutions adopt blockchain to stay trusted and afloat.
Keeping it real – blockchain technology is still emerging, but it continues to snap at traditional tech stack heels, revolutionizing the entire world.