Being one of the biggest breakthroughs of the past decade, blockchain technology has entered all walks of life: from manufacturing to fintech. It also has been among the most talked-about technologies of recent years with the global market size predicted to expand from $3 billion in 2020 to $39.7 billion in 2025.
Though technology is still in the process of evolving and its possibilities are actively being explored, it undoubtedly has already transformed many areas of business.
Distinguishing between actual blockchain-based applications and the hype surrounding them is one of the biggest challenges around blockchain. In this article, we will discuss real future trends of Blockchain technology to stay aware of. But, first of all, what’s Blockchain?
What is Blockchain Technology?
Blockchain is a powerful technology that enables secure data sharing and access between multiple parties. It’s based on a mix of super-advanced cryptography and built-in incentives to remove the need for a centrally controlling third party and distribute power across all participants within its ecosystem. One of the key benefits of such a system for users and enterprises is gaining much more control and transparency over how their data is used. Now, let’s see what are the new trends in Blockchain.