5 Top Emerging Trends in Blockchain Technology

Article about 5 Top Emerging Trends in Blockchain Technology

Published by

Aug 3, 2021

Blockchain is being looked at by both big and small businesses to smooth their operations. The pandemic has led to a huge move  to digital platforms, making blockchain more relevant to ensure secure and  transparent transactions. Though the technology is still in the evolving  phase in India, its potential across the board is enormous.

Baas - Blockchain-as-a-Service

VC & SSI – Verifiable Credential & Self Sovereign Identity

DeFi – Decentralized Finance

NFT – Non-Fungible Tokens

CBDC – Central Bank Digital Currency

Blockchain-as-a-Service :

Blockchain-as-a-Service is established on the SaaS model.  BaaS is a Middleman Creation of Cloud based Network for companies in the business of constructing blockchain applications.

VC & SSI – Verifiable Credential & Self Sovereign Identity

Self-sovereign Identity is used for personal identification purposes such as bank account , loan , healthcare services etc.SSI Provides resolvable and privacy measuring, scalable credentials that we store and mange from our own devices and can show it to anyone and anywhere

DeFi – Decentralized Finance

Is a blockchain based form of finance sector without any central financial intermediators like brokerage , exchange and instead of that defi is based on smart contracts on blockchain. Everything is run on smart contract basics. 

Non-Fungible Token :

Unit of data is stored in a Digital ledger . It is called a blockchain. The digital assets are not interchangeable. It can be used to represent things such as images , video , audio and all kinds of digital medium. 

CBDC – Central Bank Digital Currency

Is a digital form of central bank based on blockchain. The CDBC is a ledger tender created and backed by a central bank.  The Indian government has released its National Blockchain Strategy in Jan 2021 and is also introducing a bill to launch its own digital currency.

There are a lot of innovations in blockchain technology day by day . by knowing this potential of blockchain technology every industry adapts blockchain development for their business growth.

There are several blockchain development company and enterprise blockchain solutions providers, who can provide complete solutions for every industries to entirely move into digital via blockchain technology. Bitdeal is one among them, where blockchain development is more prioritized solution. The firm seems to have a good portfolio of rejuvenating the industries with blockchain technology.

Articles authored by alex jaxon

Published: Sep 8, 2021