2020 was the year of transformation in businesses due to the COVID-19 pandemic. Many businesses adopted new and improved technologies to sustain the business in these challenging times and most of these businesses will also retain the new procedures and technologies. In the year 2021, we will see a boom for technologies like Blockchain as they are serving the needs of businesses of the 21st century and Blockchain Community India is the first Blockchain technology based community. Here are the few trends which will see a tremendous adoption from different business houses:
1. Accelerate Digital Transformation: Adopting digital technologies has become vital in the COVID era and many organizations are going digital. Blockchain technology has become the choice of most of these organizations as it provides a holistic transformation of the business and in 2021 weâ€™ll see many organizations taking up the process of digitization through Blockchain technology.
2. Building Transparent Systems: One of the important aspects of Blockchain-based storage systems is that all the data is accessible to every person and anyone can use it. This will give organizations a more transparent system. Many new-age startups are using these technologies as they want to build a healthy work culture in the organization. These transparent systems prevent any fraudulent activities and give everyone a sense of ownership.
3. Increase in the private blockchain: Another pattern we'll notice is that individual blockchains will develop to be the essential supporter of the blockchain market extension and should hold the major market size in 2021. Enterprise blockchain choices are produced and tweaked depending on your corporate's business prerequisites. Individual blockchain gives more opportunities to corporates concerning utilizing the blockchain advancements for business-to-business use examples. They give more effectiveness, protection, reliability, and transparency, and while wellbeing is provided to an individual blockchain using private keys that are known uniquely to approved people in the business.
4. supply chains adopt Blockchain: The sector which has seen tremendous growth in terms of blockchain is the company adopting blockchain in the supply chain functioning. The supply chain is very complex in nature and one of the reasons being limited systems to track all the activities and unnecessary paperwork. But, blockchain solves these problems as it provides a system that is effective, time and cost efficent as well as easy to use.
5. Growth of non-traditional financial institutions: Another pattern we'll see through 2021, and set off by COVID-19, is that the addition in the measure of unconventional monetary organizations. They'll be set off by a rising number of corporates also the additional clients which are moving more into the online blockchain-based style of exchanges and financial administrations. These classes currently have more non-bank decisions gave by foundations which range from non-bank lenders, to cryptographic money set up banks to totally decentralized monetary (DEFI) suppliers choices.
From all the above observations we can say that blockchain technology is booming and it has more potential to grow in different sectors. The financial sector has already been effective in using blockchain and in 2021 we'll see many diverse sectors adopting it. The rise of blockchain technology will only make the global business atmosphere stronger and many small players will be able to compete.