2021 has been a great year for Blockchain technology. From the rise in popularity of cryptocurrency coins like Bitcoin to the digital art revolution brought forth by NFTs (Non-Fungible Tokens), Blockchain has been gradually coming to the forefront of the current digital landscape. With more and more industries throughout the world incorporating Blockchain technology into their infrastructures, the future of this technology has never looked brighter.

Let us take a look at some of the latest Blockchain opportunities and trends. You can learn more on btsr.io.

Non-Fungible Tokens (NFTs)

Despite their very recent introduction, Non-Fungible Tokens or NFTs have taken the internet by storm. These cryptographic digital tokens are based on pieces of art, including videos, music, animated images (GIFs), and more. Each NFT is a unique digital collectible that imparts sole ownership rights to the buyer. NFTs have significantly boosted the popularity of cryptocurrency coins like Ethereum since these coins are used to sell and purchase these tokens. According to some market estimates, NFT trading is now a multimillion-dollar business exceeding $250 million.

Central Bank Digital Currency (CBDC)

Central Bank Digital Currency (CBDC) is an initiative undertaken by several countries to introduce digital currency based on Blockchain technology. Zimbabwe and India are some of the frontrunners planning to introduce their own digital currencies in the near future. It is an exciting prospect for the future of Blockchain and online transactions and a testament to the viability of Blockchain as a sustainable, future-proof piece of digital technology. As cryptocurrency continues to become more popular every day, more and more countries are expected to join this digital technological revolution in conventional finances.

Identity Verification Solutions

Self-Sovereign Identity (SSI) is a unique Blockchain-based identity verification system that allows users to store their personal information in the Blockchain and share it for identity verification purposes. All personal data stored in the Blockchain is encrypted and 100-percent secure. This mode of identity verification is not only accessible from anywhere and at any time but also a one-stop solution for all kinds of activities that might involve identity verification, including banks and financial institutions, insurance claims, property buying, and selling, etc.

Smart Contracts

Smart contracts are one of the most promising applications of Blockchain technology. These contracts are fit for use in multiple industries, for instance, housing, healthcare, etc. Smart contracts eliminate much of the manual work that would otherwise make buying and selling assets in housing a hassle. Everything is digital, and all transactions are made through cryptocurrency. It makes all kinds of asset exchanges extremely convenient. Smart Contracts are also highly valuable for the healthcare sector, where they can be used to access medical records in complete confidentiality and handle patient labs and data by the means of highly sophisticated, industry-grade encryption methods.