Coinparative points out that unemployment will rise and recession will intensify in 2021 due to the COVID-19, but after analyzing the application of blockchain technology in multiple fields such as government, healthcare, and life sciences, they believe that the blockchain technology market will be able to reach $21 billion in output value by 2030.
Focus on two major directions in 2022
All aspects of blockchain, digital assets and financial services are already changing in 2021, and the new crown epidemic is just one of the reasons for the changes. As a means of exchanging and storing value, the concept of "everything can be digitalized" has become widespread, and the rise of new business models for digital assets has brought particularly far-reaching challenges and implications for the global financial services industry.
There is a core proposition about the "impossible triangle" in the blockchain field, which is security, performance and decentralization respectively. This proposition is fundamental to the evolution of blockchain technology. Whether it is Bitcoin or Ether, or the Union Chain that is developing vigorously, it is essentially a trade-off between the above three elements.
As the core position of ethereum among blockchain developers is established, performance gradually becomes the bottleneck of its development, so in the foreseeable 2022, the improvement on performance and efficiency will be a long-term and critical issue.
Another major attraction of blockchain technology is "governance". The contractual relationship required by traditional governance is based on the premise of mutual trust between people, but after the birth of blockchain technology, the contractual spirit required for "governance" is gradually completed by code consensus. The opinions in the community are rewritten by smart contracts into a language that can be understood by computers, and ultimately decided by users using "token". This new "governance" model has been discussed recently and is a major direction to watch.
Global Regional Property Growth
According to Coinparative's analysis, the global blockchain market size is expected to grow from $411.5 million in 2017 to $7,683.7 million in 2022, translating into a CAGR of 79.6%. Expanding blockchain-as-a-service applications, rising cryptocurrency market capitalization, streamlined business processes, and improving transparency and security will significantly increase the growth rate of the blockchain market. The payments segment may account for the largest share of the blockchain market by 2022, and the fastest growing region will be Asia Pacific, where the global blockchain technology market will be $5.92 billion by 2021 and is expected to reach a record high of $21.07 billion by the end of 2030, translating to a compound annual growth rate (CAGR) of 38.4%, reflecting the incredible potential of blockchain.
However, Fortune questions this, as blockchain deals have been trending downward since 2019 and venture capital funding has been declining; Fortune suggests that enterprise blockchain may be moving toward maturity by weeding out smaller start-ups as capital such as Medici Ventures increases the size of its projects. Maturity.
Overall, the new pneumonia epidemic may change the way consumers interact with businesses, and if blockchain technology can seize this opportunity, it may quickly gain traction in business networks.
Global Enterprise Demand for Blockchain Technology
In the 2021 market, the large enterprise sector accounts for more than 68.0% of global revenues. Large enterprises operating in industries such as insurance, financial services, healthcare and supply chain are increasingly striving to digitize their offerings, creating a demand for blockchain technology within them. large enterprises such as BBVA, Intesa Sanpaolo, Barclays Bank and HSBC are using blockchain technology to streamline their KYC and funding processes. They have access to sufficient capital and different assets to adopt new technologies introduced in the market.
The small and medium-sized enterprise (SME) segment is expected to grow at the fastest CAGR during the forecast period. SMEs are facing difficulties in expanding their tasks such as financing, processing payments, and selecting ancillary services that are crucial for global expansion. Blockchain technology helps them to reduce problems in the area of subsidies and exchange accounts. In addition, blockchain technology provides secure information exchange and smart contracts to help SMEs streamline their supply chains. In addition, blockchain-based storage applications enable small businesses to store data securely and cost-effectively, which is driving the demand for blockchain among small businesses.
Coinparative also mentioned that the increasing adoption of blockchain technology in several countries in Asia Pacific such as: Singapore, China and India, among other emerging economies, is expected to create growth opportunities for market participants in Asia Pacific over the forecast period.
About coinparative
Coinparative is a professional blockchain research agency and digital news platform. coinparative covers blockchain and cryptocurrency news and blockchain industry insights from around the world. The goal is to meet the needs of blockchain beginners, enthusiasts, practitioners, investors and any type of readers.
Official website: www.coinparative.com
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The only solution put forth by the Blockchain experts is to store your assets in cold wallets.
Before we throw light on how cryptocurrency cold wallets can be used safely, let us find out what a cold wallet is.
Use strong passwords The first and the easiest way to keep your cold wallet safe is to secure it with a password that has good strength.
The stronger the password is of your device, the higher are the chances of having your digital assets safe.
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