Blockchain is no longer a shunned technology and is ready to fuel up multiple domains.
The technology has come so far since its inception after going through legal impositions, denial from many banks. And also certain technical impediments. Things are very much settled presently as many countries and businesses have opened their doors to Blockchain technology.
There were around 620 million Blockchain transactions until February 2021 . As the blockchain market is likely to touch the mark of $3 billion by the time we reach 2025, we would see more blockchain transactions happening.
What this hype is all about?
Which blockchain projects are worthy of your attention in 2022?
Let’s learn about all these. Also, many other things about blockchain technology. The article explains the markers behind the popularity of blockchain and some of the best projects.
Why Blockchain Technology Is Becoming Popular?
Alone in 2020, the Blockchain market grew by 10%. This is not the end but a beginning . As around 88% of executives think that this technology will experience mainstream adoption soon. So,These data are enough for those who think Blockchain is just a fad. It’s likely to drive the future. This immense and impressive growth can be without any reason.
Here are the factors playing a key role in accelerating blockchain technology’s growth.
- Better Data Handling
For every business, data is gold and demands perfect handling. Data, handled either by in-house or third parties, has higher chances of mishandling, added expenses, and theft if handling gets casual at any point in time. Blockchain, being a digital ledger, sets businesses free from this old-school drawn-out method of data handling and expedients the dealing process at every front. Therefore,There is no middleman. Hence, the dangers are minimal.
- Security at Its Best
Blockchain-based solutions, developed by a skilled full-stack developer company, are backed by the power of digital signature technology. And also keep the odds of fraud-free transactions on the lower side.
- Decentralized Transaction
There is no central body monitoring the transactions. Hence, Blockchain-based transactions allow users better accord while making transections quicker than ever.
- Amazing Automation
Adoption of this technology makes transections completely programmable .And so, introduces automation at various fronts. This keeps human involvement as little as possible and speeds up the transactions by all means.
MetaVerse, NFT, and DeFi – The Real Game Changers
Along with Blockchain, metaverse, web3JS, and DeFi are three technologies playing a crucial role in shaping our future.
Metaverse is the digital place where people across the world can connect .And socialize with the help of a social avatar. While their avatar will be in the digital space, people can experience the act.
The tread has got enough attention . And, It is all set to revolutionize multiple domains like banking, eCommerce with cryptocurrencies, finance, and many more.
We are likely to see the use of blockchain technology-infused AR/VR devices providing a highly immersive experience to the Metaverse audience.
DeFi or Decentralised finance is a blockchain-based system. It makes the availability of financial products while eliminating the roles of banks, brokerages, or exchanges. Online gaming and e-commerce are two domains likely to be completely driven by DeFi. While DeFi is in action, NFTs are making industry monetization easier than ever. DeFi platforms are also a leading cause behind the rise of stablecoins.
NFT craze is not out of place. This technology will extend its reach from artworks and collectibles in near future. It is likely to grow 1000% by the end of 2022. Therefore, this is the reason why NFT developers are in high demand too.
Athletes, artists, and celebrities are giving more than needed attention to this technology.
Top 5 Blockchain Projects
Now that you know why blockchain is so popular . There are few trends that will drive this technology in the coming time. Let’s learn about the top 5 blockchain projects that are making waves.
The Solana Developers utilize the key aspect of blockchain technology i.e. the decentralized nature. This is a D’app infrastructure-based solution better known for its amazing user-friendliness and swiftness.
More than 2,000 transactions are happening on this platform per second at least possible transaction fee. Hence, Seeing all these, we have no qualms to declare that it will drive more and more blockchain applications. And hence, these developers will be in huge demand.
2. MATIC or Polygon
Polygon Matic is one of the most famed frameworks. Full-stack developers are using to develop high-end and interoperable blockchain networks. The key focus here is fixing the setbacks associated with Ethereum. Therefore, it is gaining traction in the blockchain industry faster than ever.
This cross-blockchain platform is the best bet for distributed computing seekers. It works as a relay chain while acting as a bridge between different blockchain technologies. The platform is one of the top blockchain platforms that developers use in e-commerce with cryptocurrencies. Because it can host multiple blockchains while handling their security perfectly.
4. Avalanche (AVAX)
This is a smart contract-capable blockchain platform aiming to make transactions speedy, cost-effective, and eco-friendliness while maintaining the scalability in each transaction. It’s decentralized and open-source which makes it a huge hit amongst the full stack developer community. Building such a system will require Solidity Developers or people with similar expertise from a top blockchain development company.
5. Terra (Luna)
Playing a crucial role in the development of stablecoins, Terra is a blockchain network permitting developers to develop stablecoins against fiat currencies. It uses Tendermint Delegated-Proof-of-Stake (DPoS) and is great for developers seeking to introduce multi-chain bridge integration. Also, the platform is widely adopted for e-commerce development.
The currencies developed on Terra are created using LUNA. It’s the 9th rank holder in the stablecoin market.
The world is becoming more generous and receptive to blockchain technology.
Blockchain-based solution development is at its all-time high and is likely to expand greatly with time. If you haven’t thought of having a blockchain solution then think of it now as this is the future. Ask the assistance of an experienced full stack blockchain development company and have a work-of-art ready by your side.
While you make this move, make sure the developers are skilled in constructing DApp solutions and are well-versed in the key platforms used for blockchain solution development. The wider are the skills, the better are the outcomes.