First presented to the world in 2009, Bitcoin is expanding fast now. And after 2017, when its price experienced a sudden surge, thus taking the world by storm, every second specialist believes it’s part of their duty to bring some predictions on blockchain technology’s growth.
When coming through those predictions online, users might notice that most of them describe blockchain trends to expect by 2030. Why this year? Since the explosion of new crypto companies in 2018-2019, it seems logical for researchers and enterprises to develop a view of future uses of blockchain a decade ahead.
Blockchain technology is not only about the finance industry today: Artificial intelligence, games, medicine, and education are also exploring how to leverage it to their benefit.
Thus, Deutsche Bank expects 200 million bitcoin users in the public sector by 2030. No wonder: People start using cryptocurrencies daily, and even the Covid-19 outbreak couldn’t scare and stop them. Moreover, cryptocurrencies like Bitcoin performed well during the pandemic compared to the financial markets.
Analysts also predict the rise of cryptocurrencies‘ value to $3.1 trillion by 2030, three times more than the current $980 billion market cap. So, the transformation is inevitable, and it will be as follows, given today’s blockchain advances:
Collaboration with IoT (Internet of Things)
With more than 20 billion IoT devices on the market, their pervasive use requires continual connection to the internet, massive data transportation, and data collection and storage. In 2019, there were already 20% of all IoT deployments with the basic levels of enabled blockchain services, and their number will only grow.
Blockchain provides a reliable and efficient mechanism for IoT devices to make transactions. Whether a chip or appliance, the technology maintains a record of all interactions and enables instant payment settlements, leading to automated insurance policy applications.
Using blockchain in IoT can reduce costs and the risk of tampering, build trust between enterprises, and accelerate transactions. Integration with blockchain brings a secure and scalable framework for effective communication between IoT devices.
The rise of NFT (non-fungible tokens)
The latest application of blockchain technology, verging on a frenzy, saw the light in 2021 and was more about the art at first: Every second artist created and then sold digital tokens for cryptocurrency, therefore providing their works with copyright yet accessibility.
NFTs are anything digital: photos, drawings, personal narratives, music, or graphics a person creates with tools. Most tokens are part of the Ethereum blockchain, though others have also implemented their versions of NFTs, keeping track of who holds and trades tokens on the market.
Now NFTs go far beyond the artwork: Sports, gaming, and fashion – the concept transforms most industries where digital works can take place. For example, international giants like Dolce & Gabbana or Nike regularly launch tokens for their clothes and footwear. More than that, it begins transforming sectors like real estate: In 2021, TechCrunch founder’s Kyiv apartment became the first NFT in the niche.
PoS domination for a cleaner future
Blockchain technology usage harms the environment, demanding high energy consumption and thus leaving a high carbon footprint. This argument was the main one for Elon Musk to stop selling his Tesla cars for Bitcoins, but things seem to change now.
2022 becomes the year of ever-rising consciousness about making blockchain technology greener and cleaner:
Ethereum is the first to switch from the Proof-of-work to the Proof-of-stake (PoS) consensus mechanism to reduce the harmful impact of blockchain on the planet. The field also expects to start using renewable energy sources: It will reduce hardware costs and the large electricity consumption, making blockchain more eco-friendly and thus attracting more miners to the community.
Governmental use of cryptocurrencies
Given that cryptocurrency usage is growing, governments can’t keep watching from the sidelines but find a way to implement blockchain in their economic landscapes.
Some countries like China and Venezuela have already digitalized national currencies, now regulating price-stable tokens by monetary policies and backing them with collateral. Analysts predict they will grow in popularity as they become more reliable for exchange. Countries unwilling to craft new cryptocurrency as their national legal tender will think of using their stablecoins instead. It will enable governments to benefit from transaction transparency and enhanced security, declining financial fraud.
Blockchain in Metaverses
Tech giants like Facebook and Microsoft have already invested resources in Metaverse, which is a virtual version of the real world. Using blockchain in such environments can lead to enhanced transparency and provide users with easier access to all core attributes: a fully functioning economy, 3D spaces rendered in real-time, user-generated content and experience, etc.
Blockchain and crypto tech niche doesn’t stop expanding, playing a revolutionary role in boosting areas like finance, trade, education, healthcare, safety, and digital identification. By 2030, it will likely become an integral part of countries’ ecosystems and leverage in their everyday lives, creating economic growth and improving standards based on trust and transparency.
