Adoption of Cryptocurrency Increasing on a Robust Pace

“Blockchain companies are constantly reinventing the wheel to see how technologies are applied optimally.”

Fremont, CA: Cryptocurrencies have gained popularity worldwide. The reason behind the adoption of cryptocurrency is nothing but blockchain technology. Blockchain is making advances faster than ever before, and there is a lot of interest in how it might make businesses more efficient and transactions more secure. As a result, blockchain companies are constantly reinventing the wheel to see how technologies are applied optimally. They are developing new and innovative ways to assist firms in reducing costs, improving processes, customer data tracking and security, ensuring product safety, and dealing with fraud and counterfeiting. Though the technology is still in its early stages, its potential is massive. 

Let’s dive deeper to look at some of the emerging trends in blockchain that have amplified the adoption of cryptocurrencies. 

1. BaaS – Blockchain-as-a-Service

Blockchain-as-a-service (BaaS) enables financial institutions and consumers to use cloud-based solutions to construct, host, and manage their blockchain apps and related operations. Customers benefit from speedier application development, lower maintenance costs, and faster cryptocurrency acceptance. 

2. VC & SSI – Verifiable Credential & Self Sovereign Identity (Universal Identity)

Self-Sovereign Identity (SSI) provides enterprises with verifiable, globally resolvable, and privacy-preserving credentials. It helps consumers control the security of their own devices and exhibit them to anybody, anywhere. It is utilized in industry and for personal identifying reasons. For example, claim benefits, a bank account, a loan, insurance, healthcare services, and other services. 

3. NFT – Non-Fungible Tokens 

NFT digital material, represented as tokens that assign provenance to distinctly recognizable assets by artists, game firms, and content providers, fuels a new wave of cryptocurrency adoption. According to a recent industry insights analysis on NFTs, NFT trading will be more than 250 million dollars by 2022.