Blockchain is more than just the basis for cryptocurrencies such as bitcoin. You can use this innovation for other purposes as well. So let’s take a look at the main trends in blockchain technology.
Central bank digital currencies (CBDCs)
The blockchain industry is changing the traditional financial system. One of the latest trends in blockchain technology is the introduction of digital currencies by central banks of different countries. This trend implies that banks will create digital coins similar to fiat money.
According to the latest statistics, 87 countries have already shown interest in CBDC. This interest is influenced by the following factors: virtual money is more cost-effective than cash, CBDCs offer lower transaction fees, and digital currencies can promote financial inclusion.
NFT Boom
Non-fungible tokens, or NFTs, started to gain momentum in 2021. These tokens will also remain relevant in the future and among the popular trends in the blockchain industry. They have evolved into a means for artists to generate huge amounts of money at auctions by providing their digital artwork in exchange.
Among other things, this new trend in blockchain has resonated with the gaming and fashion industries. Consider, for example, that the Dolce & Gabbana brand set a record of $6 million for the sale of its exclusive nine-piece NFT collection.
Metaverse
Metaverse is supposed to be a virtual world that provides its users with unforgettable digital experiences. And, of course, this world cannot exist without blockchain technology. Therefore, the more popular the metaverse becomes, the more relevant blockchain technology remains.
Blockchain-as-a-Service (BaaS)
BaaS is one of the leading blockchain trends. Companies such as Microsoft and Amazon have already implemented it. Blockchain-as-a-service will act as a cloud service where users will be able to create digital products using the blockchain basics.
Hyperledger Cello is one of such BaaS projects. It is a platform consisting of tools and programs that facilitate the creation of digital products based on the blockchain.
Blockchain to improve social networks
By 2025, there will be about 4.4 billion social media users in the world. The use of blockchain in social networks will help solve internal problems such as privacy breaches, data control, or content authenticity. Therefore, this technology is the trend of the future in social media.
Blockchain in e-commerce
The e-commerce industry is actively involved in blockchain technologies. These innovations help to improve supply chain management and protect customer data. Another trend of blockchain technology in e-commerce is digital user identification.
An example of the latest developments in blockchain technology in e-commerce is the Fluz app. This is a platform that allows users to receive cash for purchases in their favorite stores. Blockchain helps this company to record gift card spending and the growth of its social networks.
Blockchain in real estate
Blockchain trends in real estate include various applications, from investor and tenant identification to asset and property management. Thanks to this innovation, companies can increase data availability and transparency, while improving the efficiency of workflows through automation.
Blockchain in FinTech
The financial sector is the industry most affected by blockchain technology. Recent trends include asset tokenization and the launch of digital currencies. But other well-known applications include data protection and the use of smart contracts.
Blockchain has every chance to revolutionize the traditional financial system. Transactions will not require intermediaries thanks to peer-to-peer networks, the speed of transfers will increase significantly, and the blockchain will ensure transparency of financial transactions.
Blockchain in healthcare
Data protection is crucial in healthcare. Therefore, blockchain technology is in great demand here. But the security of medical records is not the only blockchain trend in healthcare. This technology also helps to establish supply chains for medicines.
It is likely that blockchain will also be used to verify the educational credentials of healthcare professionals. So far, this practice has not become so widespread, but the American company ProCredEx has already launched such a service based on the R3 Corda blockchain protocol.