In just five years, Blockchain has gone from fringe technology to finding itself in the middle of nearly every conversation about how companies and industries will operate in the future. According to one study, over 80% of executives at large enterprises expect Blockchain to be integrated into their company’s systems by 2020. In just a few short years, Blockchain will have permeated business operations in virtually every industry on the planet, and that’s why it’s time to start preparing your business now, so you can reap the benefits in 2022 and beyond.
1) Asset’s tokenization
The first trend on our list is tokenization. Also referred to as digitization, tokenization refers to taking a piece of an asset and representing it digitally on a blockchain. It makes sense to start with real estate, given that it’s one of the most liquid assets that can be traded on exchanges. Many believe that blockchain technology has enormous potential for real estate markets. What’s more, some countries have even begun piloting projects using blockchain technology to transform their housing sectors.
2) Progress in Innovation
The demand for blockchain developers is increasing by double digits each year. Many businesses are becoming more receptive to its potential use cases, with several industries showing a promising increase of interest. The Blockchain’s impact is expected to grow exponentially over the next five years and beyond, and recent innovations have made it easier than ever to start incorporating distributed ledger technology into existing business processes.
3) BAAS(Blockchain-as-a-service)
What Is It and How Do You Use It? While Blockchain has been around for almost a decade, it’s still far from widespread adoption. However, there are signs that its use is growing, particularly in one area—the BaaS (Blockchain-as-service) market. BaaS is simply a cloud computing service based on blockchain technology that facilitates a decentralized platform for applications to run on. Here’s everything you need to know about BaaS and how to use it.
Which industries will be extensively adopting Blockchain in 2021-22?
One of 2018’s hottest technologies was blockchain technology. Although many people associate it with cryptocurrency, there is much more to Blockchain than digital currencies. Blockchain will impact almost every industry, and your business will benefit by becoming familiar with its applications and impact on your drive. Several sectors likely to experience significant changes due to Blockchain over the next two years include healthcare, automotive and manufacturing, finance, insurance, retailing, and e-commerce.
Also Read Blockchain: The Game-changer To Radically Transform Your Business [White Paper/PDF]
→ Food industry
This year, more and more establishments have adopted blockchain technology to ensure food safety and quality. Food supply chains are just one aspect of society that can benefit from using blockchain-based systems. The technology is commonly used to verify data, including financial transactions, and has other applications.
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→ Digital advertising: This year, major companies and government agencies have already begun to test out blockchain-based systems. For example, a group of global advertising platforms collaborates on developing standards for how Blockchain can be used within digital advertising. An increasing number of companies will begin adopting blockchain technology to track and measure ad exposure.
→ Logistics and transportation industry
In a 2017 survey, over 90% of top logistics executives stated that blockchain technology was somewhat critical to their business. This was primarily due to increased supply chain management efficiency and cybersecurity concerns. Logistics and transportation companies will continue using blockchain technology as supply chains become more sophisticated and secure. Experts predict that by 2025, 20% of worldwide GDP will be stored on blockchains.
