By : Kirtika and Neelarya

Evolution of Blockchain Technology

The intensified trends of 2020 have changed the industries, business sectors in a phenomenal way. The work culture and process has shifted enormously adopting and experimenting a whole lot of advanced technologies. The COVID pandemic has accelerated the digital transaction and business transformation in many areas via the use of Blockchain technology or Distributed ledger technology (DLT). The global blockchain market is predicted to rise to $23.3 billion by 2023.

Advantages

Blockchain Technology mechanizes with proper benefits and features like decentralization, cost-effective, highly efficient, secured and transparent transactions. Faster, easy adoptability feature is creating a hype among the companies even start-ups in every sector to take the advantage of the blockchain technology.

Uses

One of the prime reasons being showcased a lot is the emergence of the Cryptocurrencies, which helped to gain a popularity of the Blockchain. 2020 has seen the rising demand of the cryptocurrency, due to the bubble created among the investors even though of its volatile price nature. BFSI sector is using the blockchain technology the most. APAC seized the opportunity with its fastest growing market.

Advancements

Enhancing the business field by bringing Blockchain technology as a Service for cloud computing, also incorporating with IoT and AI are the most extensive innovations for the near future. Tax regulation is expected to integrate with the introduction of mandatory user identification through know your customer (KYC) procedures.