The year 2020 demonstrates to becoming the Worse Economic Downturn since the Global Financial Crisis in 2009.
But hey, it isn’t as bad as it looked for the crypto world.
According to Mike Novogratz, a Bitcoin bull explained how the COVID-19 crisis took the world by surprise, “the revolution of cryptocurrency.”
Bitcoin, BAT, Litecoin, and Ethereum, do these names sound familiar? Well, these are some of the widely-chosen coins’ people can invest in 2021.
During the mid-month of March, when the world was grappling with the crisis, the Bitcoin price was lower than $4,000. Strikingly, the price of Bitcoin now stands at a staggering $26736.30.
Perhaps, you might be wondering why all the talks about cryptocurrency, right?
Blockchain is the underlying technology that underpins the cryptocurrency – Bitcoin. Besides Bitcoin, you will find many other cryptocurrencies having their version of blockchain or distributed ledger system.
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Blockchain technology: moving toward a new era
Despite the rising trend, not everybody believed in technology. However, now it seems the term “blockchain” is the talk of the town. From having a close relation in cryptocurrency and its rising trend in the finance sector, blockchain technology has become hard to ignore.
According to Statista, worldwide spending on blockchain solutions is predicted to rise to $15.9 billion by 2023 from $1.5 billion in 2018.
“The COVID-19 – a blessing in disguise for people looking to invest in blockchain technology.”
Based on expert predictions, below are the topmost blockchain predictions of 2021.
Banking and financial sector to dominate the market
With falling profits and economic slump the financial sector amongst all other industries took a bad hit due to the COVID-19 crisis. Therefore, to bridge the gap and meet the needs of the customers, the financial sector was forced to adopt blockchain technology. Not only will the technology help streamline their processes but also modernize the way they operate.
This will further enable contactless transactions and have restructured financial services. In the upcoming years, the financial and banking sector is expected to show extensive growth in blockchain.
As a result, the blockchain sector is expected to hold one of the largest market sizes in the foreseeable future.
Increased demand for blockchain experts
As the blockchain gains momentum despite the pandemic, it looks like the technology is here to stay. As a result, the demand for blockchain skills will rise. A look at the industry reveals the blockchain industry to be the least affected amid the global pandemic. The technology is also heralded to be a rescuer of the serious economic hit. For instance, China was the first country to encounter the crisis but this country did see some of the most serious development in the blockchain sector. Thus, leading to the development of government boards and the blockchain network which specifically runs on the underlying technology.
Blockchain market to expand globally
With the rise of cryptocurrency, blockchain is now undoubtedly proven to be one of the technologies that promise a bright future. The economic impact caused due to the pandemic has highlighted the need for experts in the field.
Businesses worldwide have shown interest to adopt blockchain, thus improving business processes.
As mentioned earlier, the blockchain market is expected to rise to $39.7 billion by 2025.
Integration of blockchain and Internet of Things (IoT)
Blockchain and IoT when connected promises multiple advantages.
A study by Aftrex Market Research mentions, by 2026 the global market for both blockchain when combined with IoT predicts to reach $254.31 billion. Some of the advantages include lower operational costs, accelerated data change, increase the efficiency of supply chains, improved security, and streamlined accounting.
With limited talent in the field, blockchain professionals remain to be in huge demand worldwide. As major employers look forward to adopting blockchain, individuals with exceptional skills will continue to soar even post-pandemic.
Aren’t these recent predictions reassuring?