In this year, we quickly noticed how addicted we have become to technology. The COVID-19 crisis has accelerated the technological transition in many areas, including the use of blockchain technology.
We can say the big changes in the blockchain subject will be visible in 2021. Most experts predict the following trends
- Integration of blockchain into government agencies
- DeFi Space
- Falling in love with bitcoin
- Blockchain penetrates the real sector
- Digital banks transformation
The integration of blockchain into government agencies has been considered a risky project and has been practiced by small states only. Now everything’s changed.
DeFi has become the center of attention throughout most of 2020. Decentralized Finance has undoubtedly disrupted the whole ecosystem of DLT-based financial services. From Yield Farming in trading to DAOs and stablecoins, to NFTs (non-fungible tokens) in asset tokenization and gamification, DeFi has shown interesting endless possibilities and applications which made it one of the hottest trends of the year.
Bitcoin increases its value to the “maximum of all time”. Governments and businesses stumble upon each other when announcing new blockchain innovations and applications. Next year promises to be another good year in the field of blockchain technology.
The enormous rise and subsequent crash of the cryptocurrency market at the beginning of 2018 and recovery through 2020 created waves that washed the entire blockchain landscape clean. Increasingly, companies looking to raise capital will no longer try to skirt institutional models, but instead, will flock to ones that are already accommodating of regulations.
Will be Integration of blockchain into government agencies in 2021?
The integration of blockchain into government agencies has been considered a risky project and has been practiced by small states only. Now everything’s changed. Japan’s Finance Minister recently stated that blockchain technology could be essential in the continuing global fight against the COVID-19 pandemic. Thailand is going to launch a new juridical document storage system. Authorities of Columbia have promised to support cryptocurrency and blockchain payment systems. Talking about blockchain in government, Vietnam is already using akaChain — a special blockchain platform, which helps to accelerate the digital transformation of the country. South Korea has adapted over a million driver’s licenses to the blockchain system.
The Chinese government is at the forefront of this and recently hinted that it has accelerated the presentation due to the crown. The economic superpower has already conducted dozens of experiments with its electronic payment via digital currency (DCEP) among citizens and businesses. This is almost ready for global presentation. The European Central Bank will make a clear decision on the digital euro in January 2021.
In the 2020 year, we quickly noticed how addicted we have become to technology. The COVID-19 crisis has accelerated the technological transition in many areas, including the use of blockchain technology. There is a prediction from experts that the integration of blockchain in government agencies starting next year will be released. All the facts speak in favor of it and there is no doubt that it will be a trend for 2021.
What will happen with bitcoin in 2021?
Bitcoin increases its value to the “maximum of all time”. Governments and businesses stumble upon each other when announcing new blockchain innovations and applications. Next year promises to be another good year in the field of blockchain technology. Although a few years ago it was mostly described as a “solution to almost nothing” and a “revolution that has not yet started from the ground up”, the latter is now obsolete. This, together with all kinds of other technologies such as artificial intelligence and machine learning, will create great discoveries.
As we move closer to the end of 2020, crypto traders start thinking about Bitcoin predictions for the next 12 months. Searching the web, you will inevitably face the headlines of Bitcoin being on track to a new all-time high, backed by the bullish views of numerous analysts setting brilliant price targets for BTC in 2021. It’s a rare occasion when analysts are so unanimous in their Bitcoin predictions. While the price targets for the Bitcoin projected value differ, everyone seems bullish about the BTC/USD shiny rally in 2021.
We should expect this trend to accelerate in 2021 as many banks begin to make their crypto plans public. This should further catalyze the entry of traditional buy-side firms that are not only more comfortable trading with such regulated intermediaries but, in many cases, are obliged by their own regulatory or investor restrictions.