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Blockchain usage, trends and development prospects

With the possibility of using blockchain in almost any field, the trend will continue in the coming years. At the moment, the technology is actively used by finance, payment systems, and crypto pr agency in retail trade. At the same time, it is necessary to highlight the main trends and applications in 2023.

Blockchain today can be compared to the Internet at its inception and initial expectations. The technology is in its infancy and there can be many ideas about what development, trends await technology in the future, what products will appear.

Cryptocurrencies and online payment systems

The most common method of using blockchain is the creation of new digital assets and online payment systems with instant transfers, minimal commissions and protection of transactions from banks and other intermediaries.

In addition to the usual cryptocurrencies, this list includes utility tokens, digital shares, natural asset tokens, stablecoins, etc. At the end of 2020, there were about 1000 different cryptocurrencies. In 2022, their number is more than 20 thousand units.

Decentralized Finance and Banking

This sector is included in the category of rapid development with the help of innovative developments. Decentralized finance includes tools created on the basis of the blockchain and working with the help of smart contracts.

Clients have shown confidence in such a development, monthly investing large sums of money in smart contracts, which indicates the acceptance of such a financial system by ordinary people.

At the beginning of 2021, more than $11 billion was invested in the development of innovation and 94% of the investments came from the USA.

The biggest users of blockchain are banks. In theory, blockchain technology makes it possible for two parties to work without intermediaries. They may not even know each other. Banks are a trusted environment that wants to make transactions, work with agreements without 3rd parties. In the future, no one will study credit history, since the information will be shown through the ledger in the blockchain.

Immediately after the decision on the status of digital assets, many banking institutions will switch to the blockchain, and the measure will be forced. The prospect of transition is about 10-15 years, but some global companies are already starting this process. Currently, many are testing the use of blockchain for financial transactions and digital assets of the central bank.

International trade

In this sector, working with smart contracts makes it possible to simplify the issuance of customs invoices, licenses, certificates and other documents. All this is achieved due to the speed of transactions, process automation. The development of this trend will reduce overall costs, time for customs clearance of goods and reduce corruption.

Many companies, states of different countries create separate alliances by implementing blockchain. The shipping business is already using the developments to improve efficiency. Leading companies as well as the maritime industry are successfully trialling electronic bills of lading.

Value chains

Blockchain provides additional transparency, any operations can be traced in data chains, ensuring reliability. This creates global value chains for goods. Technology improvements in the future will lead to transformations from cost reduction to efficiency gains, using new operating models.

There are 2 promising areas:

Walmart uses blockchain based on IBM Hyperledger Fabric. This implementation helped to reduce the period for determining batches of fruit from 7 days to 2.2 seconds.

Blockchain is a modern technology that is actively used in the field of finance and trade.