The ongoing global pandemic came as quite an unpleasant surprise for several companies, both large and small, all over the world. While things still seem to appear quite unpredictable, there is a definite shift across industries of business operations from the physical space to the digital one. A number of organizations are now adopting blockchain technology for their businesses, and incorporating it in customized ways. Based on the numerous benefits of blockchain technology, it looks like it is here to stay for the long run.
The following are the latest blockchain trends to watch out for in 2021:
- The demand for the global blockchain market is expected to grow:
Studies show that the worldwide blockchain market size is forecast to extend from USD 3.0 billion in 2020 to USD 39.7 billion by 2025. Though blockchain technology has always been on the path for growth, the global pandemic has definitely assisted in speedening up the process. With the entire world learning more about the countless opportunities offered by digitization, it comes as no shock that blockchain technology is suddenly in a lot of demand in the global market.
- The number of companies using blockchain technology for business advantage will increase:
It is a common notion that blockchain technology is all about cryptocurrency. But what many have failed to notice is that it has transformed into something that is quite different. Businesses across industries are now making use of the technology for the purpose of improving blockchain efficiency, customer engagement, merchandise security, and much more. As more and more brands are now learning about these latest features, it is predictable that the number of companies using blockchain for their own business needs will increase.
- Blockchain technology will evolve to become more appealing for personal use than ever before:
Blockchain technology is spreading around the world at present, not majorly for its bitcoin related usage but for personal shopping usage. Authlik offers a Mobile Vault, powered by blockchain technology, which allows its users to manage past purchases on a digital platform. The vault makes it easier for customers to keep track of their valuable purchases, and also to securely store documents related to their transactions. Moreover, they can keep a steady connection with their favourite brands and be the first to know about the latest offers and benefits as well. With the help of blockchain technology, consumers are also able to scan product QR codes and ensure the authenticity of their purchases. For such reasons, it is clear that the widespread personal use of blockchain technology will soon become the new normal in the near future.
- The demand for business transparency amongst customers will be met using blockchain technology:
As the competition for businesses across industries rises, the need to stand out from the crowd is increasing as well.
The downside of such competition is that several brands are adopting unethical, environmentally damaging, and even illegal methods to cut down costs and to make higher profits. However, customers, these days are becoming more aware of their purchases and may refuse to buy certain products unless they receive confirmation about the ethical implications of the brands selling them. When a few brands make such matters ambiguous and even suspicious, it tends to damage the reputation of the entire industry, as evidenced by the diamond industry. Fortunately, brands can now make use of blockchain technology for making their ethical motives absolutely transparent for customers. Customers can easily use their smartphones to gather relevant information about each product in the market in this manner. Such a system will improve the relationship between brands and their customers significantly.
Based on the predictions, it is safe to say that blockchain technology will continue to be a positive influence in the global market not only in 2021 but in the upcoming years as well.