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Blockchain trends in 2021: Expect the unexpected

The year 2020 has almost come to an end. It has been a historically tough year for many. Several events happened that were not included nor expected in 2020 blockchain trends. Especially, the COVID-19 pandemic not only intensified trends that were already underway but also generated new trends.

Let us look at the top trends we may expect for the blockchain and cryptocurrency landscape to watch out for 2021 and beyond? So, how will the landscape look like for blockchain technology in the years to come?



1 Global blockchain market size will exponentially grow

As a result the global blockchain market size is expected to expand from USD 3.0 billion in 2020 to USD 39.7 billion by 2025, at an effective Compound Annual Growth Rate (CAGR) of 67.3% during 2020–2025.

2. Covid-19 will further accelerate blockchain transition

That is because most are ignoring key features such as tokenization, smart contracts, and decentralized consensus. Next to that, the pandemic has caused more realistic and pragmatic approaches to blockchain initiatives specifically focused on the day-to-day business “to continue their growth path”. Blockchain projects with clear benefits are expected to do that next year at an even faster pace. There has also been an uptick in the number of companies interested in participating in networks that specifically help to address some of the supply chain issues that the pandemic has put forward. 

3. Long-term strategic projects will be put on hold

Volatility and uncertainty sparked by COVID-19 have led many corporate to pull back from some of their more long-term DLT-related projects for the time being. These long-term strategic projects, in particular those requiring changes to the market structure or regulatory changes, are mostly working to extend timetables now. Budgets for purely experimental and R&D projects – run in isolation from the business- are becoming harder to obtain and have been cut this year. And, this will cause an even larger number of these projects to be put on hold.

4. Transportation of Covid-19 vaccines

The development of Covid-19 vaccines was hopefully the first step towards defeating the virus, but governments around the world are facing a huge task in distributing it to their populations. With limited supply and the need to be kept in refrigerated conditions, this is a great example of a problem for which blockchain provides a solution.

Over the next year, we are likely to see blockchain used to track vaccines from the point of manufacture to the patient. At every step of the journey, it can be used to create a permanent and non-falsifiable record of where each batch was at any given time. To do this at the speed required for vaccination to be effective across the entire world means processes must be developed for demand forecasting, supply chain management, and authentication.

5. Globally, 30% of projects will make it into production

It is forecasted that a growing number of blockchain-based projects will switch to the production stage. This number doesn’t just reflect the more realistic approach to projects and the increasing maturity of the technology but also the pandemic-induced acceleration and initiation of projects that may bring measurable benefit within a short timescale.

Societal benefits are perhaps the ultimate crown jewels for decentralized public Blockchains but one thing we can be sure of- these benefits won’t make it into the top 2021 trends. Governments are slow to change and social media networks’ business models don’t currently support authenticating news sources. Let’s hope these use cases start materializing in 2022 and the full promise of decentralized public Blockchains is achieved.

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Email at:- sales@blockchaindevelopment.io

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