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3 Blockbuster Blockchain Trends in 2021

2021 is the year enterprise blockchain begins its long climb out of the ‘trough of disillusionment. The climb will be slower than the recent stellar rise in Bitcoin’s price, but it will move forward nonetheless, surely and steadily.

Trend 1: Maturation of Cryptocurrencies and Central Bank Digital Currencies

As it turns out, Bitcoin’s stellar appreciation is not inconsequential to the growth of enterprise (permissioned) blockchain. Bitcoin is now endorsed by mainstream investors like Stanley Druckenmiller and Paul Tudor Jones and is a growing piece of MicroStrategy’s corporate balance sheet, courtesy of CEO Michael Saylor.

Large mainstream bitcoin holdings should fuel innovation in Decentralized Finance applications where bitcoin can be used to collateralize loans, borrowings, and other financial instruments, rather than just sit around as a stored (digital-gold-like) value.



Trend 2: Truth in Supply Chain – driven in part by Environmental, Social, Governance (ESG) goals

We are seeing several promising supply-chain-related use cases that support ESG goals. ESG criteria are used to help investors determine if a company is environmentally conscientious, socially responsible, and governed ethically. These criteria are data-driven and the richer and more reliable the data, the more trustworthy are the ESG criteria.

Hence the use of blockchain to record and audit authenticated provenance data that leverage the Gartner model for Truth Assessment – see how to Detect Fakes in a Zero-Trust World Using Artificial Intelligence and Blockchain referenced.

Trend 3: Blockchain Middleware Abstraction Layers

Enterprise adoption of blockchain technology is difficult today. There are too many decisions an enterprise has to make – they have to pick a blockchain platform, a smart contract development environment, tools to develop decentralized applications, figure out how they will interoperate across blockchain platforms, integrate with legacy systems, and communicate with other blockchain network participants when data standards are generally scarce. These are just some of the thorny decisions an enterprise must make around still-immature blockchain technology, where skills are scarce, rewards are not entirely clear, and governance by the task force or consortia is at best difficult and at worst a failure.

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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