Blockchain technology is about to bring in a massive change in the way enterprises work. All major sectors are on the verge of implementing blockchain technology that works on a public ledger concept.
If you are not sure of how it works, tell me to explain it to you briefly. Blockchain is a ledger that works publicly with information that is stored electronically on the computer. It stores all the transactions you have made using cryptocurrency.
However, it’s important to note that you can’t edit any information about transactions; everything is there for the public to see; there is no hide and seek as it happens in the conventional banking system. It’s quite like Google’s Spreadsheet applications; the only difference is that you cannot change or edit any transaction; every transaction you make gets added to your ledger. Using the blockchain builds trust amongst crypto investors.
Enterprise Blockchain Adoption in 2021
Enterprises have already begun to embrace cryptocurrencies and blockchain technology. Blockchain technology has become the most sought-after technology for assisting transactions in major enterprises. It not only makes fast transactions but is also super reliable.
In this article, I have listed three enterprise blockchain adoption that we are likely to see in 2021.
1. Rise of Decentralized Finance
It is undoubtedly the finest trend that we have seen in the year 2020. It is all set to create massive disruption in the financial sector. If this technology is implemented, then making transactions will be a lot easier as there will be no limitations on the amount till which you can transact, there will be zero bank charge, and for border transactions, the payment will be received in a couple of minutes. In the conventional banking system, the payment is usually received in a week or two.
This technology has been adopted by a handful of companies, including Coke One North America, which already decentralized invoices.
2. Transformation in supply chain
One of the most common enterprise blockchains is supply chain management. It was first used by the famous Walmart enterprise, and they used it on their major retailers so they could trace and track the food products back to their sources of production by taking the help of Hyperledger Fabric’s blockchain network. This innovative method was launched way back in 2018, and it took the world by surprise.
The COVID-19 pandemic situation has further boosted this technology as it has become extremely crucial for the food manufacturers to track the food back to its source and verify its originality. The World Health Organisation initiated a platform that works on the blockchain that detects COVID-19 carriers and hot zones.
It has successfully implemented it by tracing and tracking users’ health information. The best container carriers in the world have joined hands with IBM’s blockchain technology to transform the chain of supplies digitally.
3. Embracing Tokenization
Many entrepreneurs had predicted that one day all the companies would be doing tokenization. It is the process that lets the financial receipts like invoices be sent to participants in multiple networks—ensuring that all the participants receive the same information. Tokenization is the most popular blockchain trend adopted by enterprises. You can use https://immediate-edge.co to get crypto tokens.
The year 2020 has been a crazy ride, not only for common people but also for crypto investors. With the spread of Coronavirus, the markets for bitcoin crashed, and the prices came down to $3000 for one Bitcoin, people who were new to investing started selling their Bitcoins in the fear that prices would go further down.
The old players, however, held onto their Bitcoins and got rewarded as the end of 2020 has seen Bitcoins at an all-time high of $30,000. All in all, financial experts have predicted that by the end of 2020, all enterprises will use blockchain technology in one form or another.