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By-ARSR Tech
 The Emergence of National Cryptocurrencies
 Blockchain Applications will be adopted by
Financial Institutions
 Blockchain will be Integrated into Government
Entities
 Increased Demand for Blockchain Experts
 Blockchain Startups will tread a Treacherous Path
 Integration of Law into Smart Contracts
 The Combination of IoT & Blockchain
Ever heard of the Crypto Rouble? It is a national cryptocurrency that
is being proposed by Vladimir Putin (President of Russia).
A wide range of companies from various industries have already
discovered the potential of cryptocurrencies. Many of these
companies are closely working with government agencies. So, it
is only natural that government entities will get to know about
the immense benefits of blockchain technology & blockchain-
based currencies.
However, this was not the case a few years back when Bitcoin first
came into the limelight. There was a huge amount of skepticism
by the government in regards to the application of Blockchain
currency. Many countries including China have still banned the
Bitcoin exchange. But that might change in 2021 as governments
are getting to know about its advantages for the public & its
potential for various government services.
Interesting Fact: Venezuela has already introduced Petro – A
National Cryptocurrency. This Blockchain-based currency is
currently backed by Venezuela’s Mineral & Oil Reserves.
Since Blockchain primarily emerged as a form of currency, it won’t be that
difficult for financial or banking institutions to implement Blockchain
technology in their processes.
After the emergence of Bitcoin, financial institutions began to seriously
consider the potential prospects of Blockchain technology for various
traditional banking processes.
Here is an interesting example of the use of Blockchain in Financial
Institutions:
ReiseBank AG, Germany leveraged blockchain technology to carryout
instantaneous payments. These payments were done by two clients on a
cross-border basis & the transaction took merely 20 seconds!
A leading Global Fintech Report stated that in 2020, more than 77% of
financial institutions will look to adopt blockchain technology for their
internal processes or as an in-production system.
Some benefits of leveraging Blockchain by Financial Institutions include
reduction of bureaucracy, improved secrecy & security of data as well as
faster transactions at reduced costs.
Most Government Agencies collect & manage data in centralized servers. One of the biggest
disadvantages of this process is that the data is prone to illegal access or hacking. Let’s
look at some of the Biggest Data Breaches/Hacks Of 2020:
Wawa – More than 30 million payment cards were up for sale in the Joker’s Bazar (A
Black Marketplace)
Wishbone – A Leak of 40 million user records.
T-Mobile – A mysterious hack that exposed phone numbers, names & other
sensitive information.
Estee Lauder – More than 440 million records were illegally accessed.
Due to such cases, the concept of distributed ledger technology i.e., Blockchain can be
an attractive prospect for all the government agencies who want to scale up the security
of data & operations.
As of now, each government entity has its own database that stores all the data about
various Government activities. This can be a huge security risk. But this is where
Blockchain technology can make the difference!
With the help of Blockchain-based services, government agencies can effectively secure
& manage all the data. This will also improve the operational efficiency of the agencies.
Did you know?- Estonia has already started leveraging Blockchain technology for
government services. They have developed a decentralized ledger know as X-Road
which holds all the data about the citizens & residents of Estonia. Additionally, all the
public services can securely access the X-Road for information about citizens or
residents.
Due to the rise in adoption of Blockchain technology by
Banking, Financial & Government agencies, there will be an
increased demand for Blockchain experts.
One of the leading freelancing databases Upwork recently
stated that they have been witnessing an increasing demand
for people with blockchain skills. Since the technology is new,
only a few blockchain experts are available.
But due to the rise in demand for Blockchain experts, more
people will show interest in learning about Blockchain
technology & its allied services. This will go on to be one of
the most interestingfuture trends of Blockchain Technology.
Blockchain technology is new & is currently evolving. While
many express skepticisms, others tend to welcome
Blockchain technology & its services with open arms.
So, startups who primarily deal in Blockchain technology
might have to go through hard times if the technology
doesn’t meet the expectations of investors. This might also
result in failed innovations or refusal of blockchain
technology by various institutions.
But it goes without saying that Blockchain will have a positive
impact on almost every aspect of businesses in 2021 &
beyond. However, this process will take time & Blockchain
startups need to be careful in their decisions & roadmap for
2021 and the following years.
The idea behind Smart Contracts is that it executes automatically
when all the necessary conditions are met. For example, the
delivery of goods after receiving the payment.
But that is just one aspect of the smart contract. Most of the
conditions of smart contracts should be regulated. This is why
AIG Insurers are working on a Blockchain-based system that
enables you to create complex yet robust insurance policies.
Smart contracts work on the fact that all parties meet the
necessary conditions. However, if two parties disagree with some
conditions, then how should the participants proceed? What if
the disagreement is between parties who belong to two separate
countries? In such cases, it is recommended that the rule of law
be integrated or enforced into smart contracts so that all the
disputes will be resolved amicably.
According to a leading report by IDC (International Data
Corporation), a large number of IoT companies are
contemplating implementing Blockchain-based technology in IoT
solutions.
A primary reason for this phenomenon is the provision of a
scalable & secure framework for seamless communication
between IoT devices.
Many companies have already leveraged some of the latest
security protocols but they proved to be vulnerable. However,
that is not the case with Blockchain! Blockchain technology has
shown excellent resistance to common as well as complex
cybersecurity threats. These are 7 future predictions for
blockchain technology in 2021. ARSR is a Blockchain
development company in USA that offers innovative Blockchain
services like Consulting & Advisory, DLT Implementation &
Integration, Innovation Labs & more.
Thank you So Much For Reading
Visit Our Website- https://arsr.tech/

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7 Predictions & Future Trends of Blockchain Technology for 2021

  • 2.
  • 3.  The Emergence of National Cryptocurrencies  Blockchain Applications will be adopted by Financial Institutions  Blockchain will be Integrated into Government Entities  Increased Demand for Blockchain Experts  Blockchain Startups will tread a Treacherous Path  Integration of Law into Smart Contracts  The Combination of IoT & Blockchain
  • 4. Ever heard of the Crypto Rouble? It is a national cryptocurrency that is being proposed by Vladimir Putin (President of Russia). A wide range of companies from various industries have already discovered the potential of cryptocurrencies. Many of these companies are closely working with government agencies. So, it is only natural that government entities will get to know about the immense benefits of blockchain technology & blockchain- based currencies. However, this was not the case a few years back when Bitcoin first came into the limelight. There was a huge amount of skepticism by the government in regards to the application of Blockchain currency. Many countries including China have still banned the Bitcoin exchange. But that might change in 2021 as governments are getting to know about its advantages for the public & its potential for various government services. Interesting Fact: Venezuela has already introduced Petro – A National Cryptocurrency. This Blockchain-based currency is currently backed by Venezuela’s Mineral & Oil Reserves.
  • 5. Since Blockchain primarily emerged as a form of currency, it won’t be that difficult for financial or banking institutions to implement Blockchain technology in their processes. After the emergence of Bitcoin, financial institutions began to seriously consider the potential prospects of Blockchain technology for various traditional banking processes. Here is an interesting example of the use of Blockchain in Financial Institutions: ReiseBank AG, Germany leveraged blockchain technology to carryout instantaneous payments. These payments were done by two clients on a cross-border basis & the transaction took merely 20 seconds! A leading Global Fintech Report stated that in 2020, more than 77% of financial institutions will look to adopt blockchain technology for their internal processes or as an in-production system. Some benefits of leveraging Blockchain by Financial Institutions include reduction of bureaucracy, improved secrecy & security of data as well as faster transactions at reduced costs.
  • 6. Most Government Agencies collect & manage data in centralized servers. One of the biggest disadvantages of this process is that the data is prone to illegal access or hacking. Let’s look at some of the Biggest Data Breaches/Hacks Of 2020: Wawa – More than 30 million payment cards were up for sale in the Joker’s Bazar (A Black Marketplace) Wishbone – A Leak of 40 million user records. T-Mobile – A mysterious hack that exposed phone numbers, names & other sensitive information. Estee Lauder – More than 440 million records were illegally accessed. Due to such cases, the concept of distributed ledger technology i.e., Blockchain can be an attractive prospect for all the government agencies who want to scale up the security of data & operations. As of now, each government entity has its own database that stores all the data about various Government activities. This can be a huge security risk. But this is where Blockchain technology can make the difference! With the help of Blockchain-based services, government agencies can effectively secure & manage all the data. This will also improve the operational efficiency of the agencies. Did you know?- Estonia has already started leveraging Blockchain technology for government services. They have developed a decentralized ledger know as X-Road which holds all the data about the citizens & residents of Estonia. Additionally, all the public services can securely access the X-Road for information about citizens or residents.
  • 7. Due to the rise in adoption of Blockchain technology by Banking, Financial & Government agencies, there will be an increased demand for Blockchain experts. One of the leading freelancing databases Upwork recently stated that they have been witnessing an increasing demand for people with blockchain skills. Since the technology is new, only a few blockchain experts are available. But due to the rise in demand for Blockchain experts, more people will show interest in learning about Blockchain technology & its allied services. This will go on to be one of the most interestingfuture trends of Blockchain Technology.
  • 8. Blockchain technology is new & is currently evolving. While many express skepticisms, others tend to welcome Blockchain technology & its services with open arms. So, startups who primarily deal in Blockchain technology might have to go through hard times if the technology doesn’t meet the expectations of investors. This might also result in failed innovations or refusal of blockchain technology by various institutions. But it goes without saying that Blockchain will have a positive impact on almost every aspect of businesses in 2021 & beyond. However, this process will take time & Blockchain startups need to be careful in their decisions & roadmap for 2021 and the following years.
  • 9. The idea behind Smart Contracts is that it executes automatically when all the necessary conditions are met. For example, the delivery of goods after receiving the payment. But that is just one aspect of the smart contract. Most of the conditions of smart contracts should be regulated. This is why AIG Insurers are working on a Blockchain-based system that enables you to create complex yet robust insurance policies. Smart contracts work on the fact that all parties meet the necessary conditions. However, if two parties disagree with some conditions, then how should the participants proceed? What if the disagreement is between parties who belong to two separate countries? In such cases, it is recommended that the rule of law be integrated or enforced into smart contracts so that all the disputes will be resolved amicably.
  • 10. According to a leading report by IDC (International Data Corporation), a large number of IoT companies are contemplating implementing Blockchain-based technology in IoT solutions. A primary reason for this phenomenon is the provision of a scalable & secure framework for seamless communication between IoT devices. Many companies have already leveraged some of the latest security protocols but they proved to be vulnerable. However, that is not the case with Blockchain! Blockchain technology has shown excellent resistance to common as well as complex cybersecurity threats. These are 7 future predictions for blockchain technology in 2021. ARSR is a Blockchain development company in USA that offers innovative Blockchain services like Consulting & Advisory, DLT Implementation & Integration, Innovation Labs & more.
  • 11. Thank you So Much For Reading Visit Our Website- https://arsr.tech/