Blockchain is one of the securest ways of recording information. This technology makes it almost impossible to hack or trick the system. It is the digital record of transactions that is replicated and distributed across the network of participants in the blockchain.
Every computer system within the network serves as a block and stores several transactions. Each participant’s transaction record is updated when a new transaction takes place in the blockchain. In this article, we are going to share the biggest blockchain of 2021. So without further delay, let’s get to the details.
The Hype around Blockchain Technology:
People have tried creating digital currency in the past. However, it never worked. Stuck in the traditional financial systems, we find it hard to trust a new technology with our finances. However, the launch of Bitcoin has resolved this issue. This cryptocurrency relies on a specific type of database also referred to as a blockchain.
This cryptocurrency is run by people who use it. No one is in charge of changing entries. That’s what makes Bitcoin the most popular cryptocurrencies. Since it is based on blockchain technology Bitcoin is widely trusted and is the most commonly used cryptocurrency.
The Latest Blockchain Technology Trends:
Blockchain technology is constantly evolving. Its applications are not limited to financial services. It is widely used to track the movement of data between parties. It finds its application in provenance, logistics, and supply chain. In the recent time, blockchain technology has been used for:
- Distribution Of COVID-19 Vaccination:
With the development of vaccine for COVID-19, we are moving in the right direction to eliminate Coronavirus. However, its distribution is one of the challenges that need to be addressed. Two of the issues faced by the government in distributing the COVID-19 vaccine include a limited supply and the need to keep the protein refrigerated.
Integration of blockchain technology has sped up the distribution process. It has also made it easier to track vaccine from the point of production to when it reaches the consumer. It has made it possible to track every batch at any given time.
The incorporation of this technology will further improve the distribution and tracking process over the coming months.
- Non-Fungible Tokens or NFTs:
NFT is currently one of the hottest topics discussed across every platform. NFT is short for Non-fungible tokens. These are the digital assets stored on a blockchain. They could be anything from a code to a contract, an image, or a video.
NFTs are becoming immensely popular with time. Being unique, they hold value. This blockchain-based trend has provided hardworking individuals an opportunity to earn a lot of money.
Recently, the artist Grimes has sold her artwork in the form of NFT and made $6.6 million. Similarly, NBA made $230 million against baseball video sales.
- The Blockchain Service:
Blockchain is also being distributed as a service. In the past, the distribution-as-a-service model has led to quicker adoption of the latest technologies such as artificial intelligence, cloud computing, and the Internet of Things (IoT). The same is predicted for blockchain technology. This technology is expected to make it to the list of companies that develop tools and platforms for organizations to use without initially investing in skills or infrastructure.
- A Highly Demanded Skill:
Blockchain is becoming one of the highly negotiable skills with time. Just like any other new technology, there is a shortage of professionals who can work with blockchain. If you are good with technology, you should learn how to use, maintain and implement blockchain solutions. It will be one of the most sought-after skills in the coming years.
Cryptocurrencies are known for their crazy peaks and valleys. Keeping up with the cryptocurrency craze is not everyone’s cup of tea. Investors evaluate a potential investment opportunity in terms of profitability and long-term stability.
The concept of stablecoins has provided investors a haven from the uncertainty caused by the rapid rise and fall in the cryptocurrency development values. USDCoin, Tether, and TrueUSD maintain stability by linking their values to real-world currencies.
- Hybrid Blockchain:
Hybrid blockchain uses the suitable parts of public and private blockchain solutions. This solution is confined to a close ecosystem which ensures the security of every piece of information shared.
The cost of transaction is fairly low and the network is immune to privacy breaches. Hybrid blockchain makes it impossible for hackers to access information within the blockchain.
The above-discussed trends indicate that blockchain technology is set to rule the IT industry in a matter of months. The reason behind the popularity of this technology is lower transaction costs and protection against cyber-attacks. It is operated in a closed ecosystem to maintain the confidentiality of the network. With so many uses, blockchain technology will find its applications in sectors beyond financial services.