{"id":502041,"date":"2021-07-14T06:48:26","date_gmt":"2021-07-14T05:48:26","guid":{"rendered":"https:\/\/ibsintelligence.com\/?p=502041"},"modified":"2021-09-21T12:11:35","modified_gmt":"2021-09-21T12:11:35","slug":"5-top-emerging-blockchain-technology-trends-to-follow-in-2021","status":"publish","type":"ibsi_news","link":"https:\/\/ibsintelligence.com\/ibsi-news\/5-top-emerging-blockchain-technology-trends-to-follow-in-2021\/","title":{"rendered":"5 Top emerging Blockchain technology trends to follow in 2021"},"content":{"rendered":"

\"Bitcoin,<\/a>As Bitcoin and other cryptocurrencies have been garnering attention in India, the focus has turned to blockchain. Blockchain in the country is making inroads at a swifter pace than before and is gaining a lot of curiosity on ways it can make companies more efficient and their transactions safe.<\/p>\n

This has led blockchain companies to constantly reinvent the wheel to see how technology can be applied optimally, coming up with new and innovative ways to help firms reduce costs, enhance processes, customer data tracking, and security, ensure product safety and deal with fraud and counterfeiting.<\/p>\n

Blockchain is being looked at by both big and small businesses to streamline their operations. The pandemic has led to a huge shift to digital platforms, making blockchain more relevant to ensure safe and transparent transactions. Though the technology is still in the nascent phase in India, its potential across the board is enormous.<\/p>\n

Here are the 5 top trends-<\/em><\/p>\n

BaaS \u2013 Blockchain-as-a-Service:\u00a0<\/strong>Blockchain-as-a-service (BaaS) is the third-party creation and management of cloud-based networks for companies in the business of building blockchain applications.\u00a0BaaS is based on the\u00a0software as a service (SaaS)\u00a0model and allows customers to leverage cloud-based solutions to build, host, and operate their own\u00a0blockchain\u00a0apps and related functions on the blockchain.\u00a0BaaS help the customers in a faster application development, low maintenance cost and fast adoption of Blockchain technologies.<\/p>\n

VC & SSI \u2013 Verifiable Credential & Self Sovereign Identity<\/strong>\u00a0(Universal Identity):\u00a0<\/strong>Self-Sovereign\u00a0Identity\u00a0(SSI)\u00a0offers verifiable, globally resolvable, and privacy-preserving credentials that we store and manage from the security of our own devices and can show it to anyone, anywhere. It can be used for industry that can be used for personal\u00a0identification purposes.\u00a0e.g.\u00a0claim benefits, bank account, loan, insurance, healthcare services etc.<\/p>\n

DeFi\u00a0\u2013 Decentralized Finance:<\/strong>\u00a0Decentralized finance (DeFi) is shifting from traditional centralized financial systems such as brokerages, exchanges, or banks, and instead utilizes smart contracts on blockchains.<\/p>\n

NFT \u2013\u00a0Non-Fungible\u00a0Tokens:<\/strong>\u00a0A NFT (non-fungible token) is a special cryptographically-generated token that uses blockchain technology to link with a unique digital asset that cannot be replicated.\u00a0NFT digital content represented as tokens\u00a0which ascribe provenance to uniquely distinguishable assets\u00a0by artist, gaming companies, content creators,\u00a0is\u00a0driving a new wave of crypto adoption.\u00a0One recent report by\u00a0market insights on NFTs, says that in 2020, NFT trading was worth over $250 million.<\/p>\n

CBDC \u2013 Central Bank Digital Currency:<\/strong>\u00a0A Central Bank Digital Currency (CBDCs) is a digital form of central bank money\u00a0based on Blockchain, which is\u00a0a\u00a0legal tender created and backed by a central bank. Many CBDC pilot projects are going on across the globe. The Indian government has released its National Blockchain Strategy in Jan 2021 and is also introducing a bill to launch its own digital currency.<\/p>\n

ALSO READ: Blockchain Technology in Financial Services Report 2020<\/a><\/strong><\/p>\n","protected":false},"author":16,"featured_media":502045,"parent":0,"template":"","categories":[11385,11396,11376],"tags":[15458,11868],"class_list":["post-502041","ibsi_news","type-ibsi_news","status-publish","has-post-thumbnail","hentry","category-blockchain","category-cryptocurrency","category-digital-banking","tag-15458","tag-america"],"acf":[],"yoast_head":"\n5 Top emerging Blockchain technology trends to follow in 2021<\/title>\n<meta name=\"description\" content=\"As Bitcoin and other cryptocurrencies have been garnering attention in India, the focus has turned to blockchain technology.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ibsintelligence.com\/ibsi-news\/5-top-emerging-blockchain-technology-trends-to-follow-in-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 Top emerging Blockchain technology trends to follow in 2021\" \/>\n<meta property=\"og:description\" content=\"IBS Intelligence (IBSi) is the world\u2019s only pure-play Financial Technology focused research, advisory, and fintech news analysis firm, with a 30-year track record and clients globally. 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