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BLOCKCHAIN: THE FUTURE OF WORLD ECONOMY

European development in crypto trade Cons of blockchain and views of market analysts



Blockchain technology has been one of the most popular breakthrough in modern technology. It has been implemented for most of the security reasons in banking technology, especially in crypto market. It generally involves blocks of data that store information about transactions and each block is associated with a numerical problem that can be solved by the user only. This technology is  the safest technology used in banking and helps keep the customer account private and hack resistant.



EXPECTED GROWTH IN COMING YEARS:



In 2021, it is presumed that this technology will be the most used technology as many of the platforms such as PayPal, Visa, JPMorgan etc have been keen on investing in cryptocurrency and manage its trade through their platforms. These companies have opted the blockchain technology as their base technology as it forms the basis for crypto exchange and trade.



Also Elon Musk, the CEO of SpaceX has said that the operation Man to Mars is going to depend very much on cryptocurrency.



Even though blockchain is such a path breaking tech, most of the people still don’t understand its essence and its performance capability because of its complex design.



CRYPTO GROWTH IN EUROPE



The European continent has been making steady improvements in the usage of crypto currency in various economic streams. David Chreng, the co founder of LeadBlock partners has said that the crypto world in Europe is growing and crypto currency is being used everywhere like hospitals, banking, food and agriculture etc. LeadBlock partners is a venture capitalist that invests in blockchain related startups. Chreng also said that at least a funding of over $350 million was required for providing 200 blockchain startups that would boost the crypto currency usage, as in the Enterprise Blockchain 2020 report.



DAVID CHRENG’S CONSIDERING FACTORS:



Tokenization



The most interesting factor of this is expressing tokens of blockchain data as real time assets.



Fund administration



This involves managing the costs required for the blockchain startups.



Central Bank Digital Currency



Essentially,central bank-backed digital data. This would encourage more online transactions.



Looking at the rising demand for blockchain technology many investors have shown interest in investing on blockchain capital as venture capitalists. They are strongly determined that 2021 is going to be the perfect and important year for blockchain rising demand.



Also decentralization financing has been prevalent and this is achieved by joining pieces of blockchain. Companies such as BitPay and BlockFi have been successful in this regard.



CONCERN OF VOLATILITY:



Even though the blockchain is a robust technology it is still not understood by many people due its complexity.



Many analysts have shared their views about blockchain. One of them said that 2021 would be the year for blockchain tech as most of the banks have been wanting it ever since its inception, but the thing that matters the most is its price volatility. An analyst named Polotsky shared that with PayPal and Square into the market there would be more crypto flow using blockchain, but public volatility matters the most.



A company named RealVision has taken an initiative of explaining people about blockchain trends and syncing it with the present crypto trends, so that people understand the technology and use it to the best.



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