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Trends Driving the Blockchain Industry

By CIOReview | Wednesday, July 22, 2020

Several trends have cropped up in the blockchain market that has facilitated better connectivity and usage of blockchain.

Fremont, CA: While the financial sector continues to grapple with the technological wave, cryptocurrency, and the related fast-growing popularity has replaced the traditional methods of transactions. This has caused the emergence of blockchain, which caters to all kinds of transactional needs; and provides a safe and secure platform to carry out deals.

 A blockchain facilitates the transfer of digital assets or currency, which has played an important role in furthering the usage of cryptocurrency and bitcoin exchanges. It is constantly developed and driven to make transactions as easy and seamless as possible. Here are some of the trends that are driving the blockchain industry.

Enterprise Tech Companies- The main use of blockchain, when invented, was to decentralize finances and to depart from the traditional way of handling monetary data. However, several companies and firms are in the midst of developing their own blockchain tools to roll out its benefits as service.

Decentralization of Finance- Decentralised Finance, also known as DeFi, a monetary system built solely to aid blockchain, includes digital assets, protocols, and applications. This financial software has transformed loans, exchanges, and insurances; and is a trend that caught on early on.

Stablecoin- As cryptocurrencies hit the market, a need for stable-value digital currencies was realized. Stablecin or Tether is one of the most commonly used cryptocurrencies across the world, by proving to be an intermediary between US dollars and cryptocurrencies. It eliminates problems arising from varied currencies.

A Blockchain Network- Blockchain is being mobilized, as different variations of it have begun popping up. This has paved the way for the interconnection of blockchain and its interoperability. Unlike banking and allied financial institutions, blockchain does not have the trouble of not acclimating or interacting with each other.

Internet of Things and Blockchain- The surge in internet-connected devices has increased ten-fold in the latest years. However, there persists a need for safe and secure networking or communicating with each other. Blockchain simply resolves this and houses immense potential to interconnect things, for the world to run seamlessly.

With an establishment as a foundational technology, blockchain has found utility in every industry and sphere.  

See also: Top IoT Companies