The predictions about blockchain technology for 2021 might bullish. However, many factors will have to fit together for everything to work well.
One of the objectives of blockchain technology is to guarantee the security of the cryptocurrency transaction system. However, multiple industries currently use that concept.
As this technology promises increased security and productivity, organizations are increasingly interested in implementing it. Therefore, they see it as a strategic priority for 2021.
Blockchain technology provides trust in all kinds of digital environments. It allows partnerships, companies, and customers to create and exchange value without the need for a trusted central authority.
For that reason, in some supply chain industries, the application of blockchain technology has the potential to make a difference.
In its 2020 Global Blockchain Survey, Deloitte states that “50% of the companies surveyed consider blockchain technology to be one of the top strategic priorities.”
In an increasingly digital commercial environment, blockchain technology facilitates the direct purchase and sale of any product, service, or idea without the need for intermediaries.
Likewise, it helps verify the authenticity of a process or develop transparent and reliable digital voting processes.
For example, the oil and gas industry will take advantage of the potentiality of this blockchain technology to secure complex process operations.
Other sectors, such as education, also use blockchain technology. This will allow academic institutions to deliver certificates through links that they will send to students.
Similarly, there is the case of Peloton, the fitness company that has swept during the lockdown as an alternative to the closing of gyms. Platoon, which is based in New York, offers for sale products such as exercise bikes, treadmills, and an app.
Other Technologies Join
There is a wide range of opportunities to investigate crime and counter potential attacks by cybercriminals through the use of blockchain technology.
Analysts predict that the damage that cybercrime causes in 2021 will be USD 6 trillion, that is, double that in 2015.
Likewise, a renowned New York law firm and the Blockchain platform lead the creation of litigation financing with blockchain technology, better known as Initial Litigation Offering (ILO). The community expects its premiere to occur during the first quarter of 2021
Thailand’s tax collection agency will also use blockchain technology to streamline tax payments in 2021.
Blockchain Technology in 2021
Analysts estimate that blockchain technology may have applications in other sectors such as intellectual property, food security, and asset management.
There are also suggestions that Blockchain technology could profoundly impact the art, music, and creativity space by examining artworks to identify forgeries.
Market Research Company Forrester published its predictions about blockchain technology for 2021. The report predicts that 30% of global projects will go into production next year. They predict this, in part, due to the impact that the coronavirus has had.
In this regard, Martha Bennett, main analyst at Forrester, noted that “this takes time, resources and effort.”
Allistair Rennie, CEO of the IBM blockchain, spoke about the prediction that 30% of corporate-level blockchain projects will go into production by 2021. He considers that this is consistent with what IBM has seen with its customers so far.
“Customers are realizing that there is a need to accelerate their digital transformation to emerge stronger than before,” said the executive.
By Willmen Blanco
