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Top Blockchain Trends You Must Know In 2021


Blockchain is already upscaling the financial markets with its technological implementations. Be it Bitcoin or other crypto-fund management systems, have set some of the trending developments that are being utilized by businesses.
In 2021, Blockchain is predicted to grow much larger and cover a wide range of business domains apart from the financial market.
We list out the details for some of the trends that can be followed by blockchain technology in the coming times and make it a sought-after technology by businesses across domains.

Blockchain Impacting Industries Economic Growth

As more and more blockchain services are presented in the market they will boost the blockchain-based industries benefiting both the manufacturer and the consumer.
The solutions developed have majorly ranged across domains of healthcare, food safety, and Supply chain logistics. Big enterprises like Amazon, IBM too have significantly improved their services with the inclusion of blockchain technology.
Blockchain is capable of ensuring more transparency, security, and validation. Industries working on 3D printing, gemstone industry are also significantly benefitting from this technology.

Federal Architecture Blockchain Services

Under blockchain technology networks are classified as public, private and both of them bring their benefits for the utilization. Even implementing both of them for service is what is being incorporated at many recent blockchain developments.
The architecture lets you develop a federalized blockchain network, which instead of a single point of authorization allows multiple options to control the predefined blockchain node keeping blockchain characteristics intact.

Blockchain As A Service Model

Blockchain in its resourceful development trends can be stated that blockchain as a service or BaaS is a possibility that can well be bought into the practice.
As enterprises ranging from start-up to bigger companies are inclined towards using integrated blockchain-based services.
BaaS comes up as a cloud integration solution that allows the users to develop their products using blockchain technology.
Products developed can be applications, smart contracts, or crypto-based services. The benefit of using Baas would be that the enterprises won’t need to set up a full blockchain-based infrastructure, rather they can comfortably develop their solutions via BaaS.

The Cryptocurrencies Will Become More Secure And Valuable

With major cryptocurrency players already settling themselves in the market and Bitcoin being the highest acceptable amongst all. But the highly volatile nature of the currency stock management under Bitcoin makes it a lot unstable.
To counter Bitcoin drawbacks and provide investors with more stability and higher value, a leading innovation has taken place termed Stablecoin.
Stablecoins, currently are at an initial stage but, as per predictions by 2022, they very well can be mainstream crypto-currencies

Blockchain in Social Media And User Privacy

The most debated topic based on general public opinion and even political channels have shifted to how the breach of privacy and data mishandling by social media platforms is taking place, and not just the common user but, the higher government authorities are looking to find solutions to it.
Blockchain brings a more secure medium for storing data and maintaining privacy with a model where the user will have sole ownership of their data. It is already worked out, and soon in 2021, we can get some of the open-source-based modulations on the social media platforms.
With the blockchain-based SM applications, the transmission of data through it will remain undetected and duplicacy free.
The existing social media giants will have to put it up first for their users as everyone is critical of the privacy and data protection on SM channels.

Blockchain Interoperability

Under Blockchain, one of the leading trends that are picking speed is interoperability.
Blockchain interoperability is one of the most crucial trends, it will allow the sharing of data and other information across multiple blockchain systems and networks.
Developing an architecture to support interoperability is not an easy task but, it holds a significant value with enormous benefits for the users.

Blockchain Applications in Finance Capitals

As blockchain technology started its inflow in the financial markets with a crypto-based solution. It has somehow gained good momentum, and now the technology is utilized to develop the solutions to overtake the traditional financial architecture.
As per reports, about 75% of financial businesses are looking to adopt blockchain-based inclusions for their business operations by 2021.
Features like transaction cost-saving, higher confidentiality of the transactions, and reducing redundant losses are the benefits that the market is eager to benefit from by implementing blockchain.

Blockchain is already serving a hot cup of coffee for the technology experts, and the increasing demands by businesses to opt for its solutions will only boost its growth at an unprecedented rate.

There are already many trends under blockchain technology that are taking place. The above-listed trend will give a fair idea as to what all this technology is capable of developing and how your business can benefit from it.
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Blockchain in retail banking Retail banks deal with individual customers by providing them with basic banking services like savings and transactional accounts, mortgages, loans, card payments, overdrafts, etc. this entire process of giving, taking and transferring money from one account to another and vice-versa comprise a lengthy process. It includes lots of paperwork and involves third party interference. Since blockchain technology introduces a decentralized ledger, it stores a bank’s or financial sector’s complete transaction history across multiple controlled-access computers replicating a breadcrumb trail of banking activity that is impossible to edit, delete or update. Blockchain in retail banking reimagines many of the core workflows in finance and banking, from records keeping and cybersecurity to currency, debt and equity management. And banks have only begun waking up to its potential. 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When it comes to borrowing loans, loan syndication activities take a 21 days journey from loan application to loan disbursement. However, this particular process can immensely benefit from blockchain. With blockchain, loan activities are safer, quicker, as well as traceable, again reducing admin overheads, third-party approvals, data duplication and instances of human error. With smart contract blockchain, core pieces of a contract are also visible, irreversible and indisputable. But that’s not the end! Blockchain offers many more unlocked benefits to the entire retail industry. Blockchain in retail industry When it comes to the application of blockchain in the retail industry, there is a need to accurately reflect the different steps in the supply chain and the transfers of ownership and product transformations at each stage. Quicker in transaction Blockchain reduces the time taken to complete a process, thus making it much faster and easier. When placing an order under a blockchain-based platform, the ability to make payments is quicker and there is not any delay either. The supplier or distributor or vendor receives the payments immediately as soon as the transaction is made. This allows them to verify and confirm the order placed with transparency. The order is sent out for delivery and it also reaches the customer at the right time and place. Logistics also become much more efficient with the use of blockchain as the decentralised network encourages effective peer to peer connection. The supplier can make connections with local logistics easily when the demands are higher. If there is any replacement to be made or refunds, with the help of blockchain, the time period of waiting to get these refunds is also faster. No central authority In retail and eCommerce, there is too much involvement of third party entities in every operation that takes place. Any process starting right from the order placement till delivering to the customers’ end is composed of many central authorities like banks, legal systems, etc. The important operation where third party involvement influences the customer the most is during the payment gateway. This is because when payments are made through a third party bank organisation, a particular charge is levied on the customer for using the banking services. This discomfort is solved when payments are made through blockchain because there is a direct connection between peers. Hence, there is no extra price imposed on the customer as there is no involvement by any other party other than the parties involved in the transaction. Trust among users Blockchain operates on a decentralised network allowing all data stored to be visible and available to everyone involved in the operation. This creates an environment where there is no malpractice or miscommunication. 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This allows the information to be accessible anywhere and anytime which further allows the owners to track their products or service. Since blockchain operates in a decentralized network, if a change has to be made, the complete network system has to be changed. Hence, this is a way of creating a strong network between the owner and the manufacturer. With blockchain, inventory management is also efficient due to real-time data storage. It also helps to make smarter decisions. Laserfiche is an organization that provides records management edition (RME) to manage digital records for the ecommerce and retail sector. With such services, there is an open transparency in digital records stored in inventory for retail sectors. This will help retailers to manage their shelves based on reliable real-time data. Also, Provenance - another blockchain-based organization that aims to create an open transparent digital record of every inventory item for the retailers. 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