The crypto universe has experienced many ups and downs during 2021. The price volatility alone leads many to question what the future holds for these projects, butan important thing to understand is that the long-term growth of the Crypto Markets will depend on the continued adoption of blockchain technology. So, let’s take a look at 3 of the main reasons why blockchain adoption will continue to support the growth of cryptocurrency markets.
1. A Changing Environment for Modern Banking
Large financial institutions are starting to catch wind on the power of blockchain. J.P. Morgan has recently released a stable coin called JPM Coin to start providing institutional clients ways to transact large sums of money across a blockchain in a decentralized fashion. These clients can now send funds in a matter of seconds and redeem the coin on the other end for fiat in a 1:1 ratio1. This technology is giving J.P. Morgan an edge over the competition and it’s only a matter of time before more large financial institutions start providing a similar service to clients using blockchain and crypto currencies.
2. Revitalizing the Healthcare Sector
Hackers areconstantly targeting the Healthcare sector, gaining access to patient information ranging from credit or bank information to various health records. With growing concerns over the security of patient data, organizations are looking for ways to make changes. MedicalChain, based in London, is working to securely store patient records in a blockchain that Doctors can request access to, while protecting the information from outside sources2. Various research labs can also request access to the data and pay for it with crypto across the blockchain. This will give researchers data that is more optimally structured to help them continue to increase the possibilities within medicine and healthcare.
3. The Future of Gaming
People across the globe are currently making a killing playing video games. Platforms likeTwitch allow individuals to stream their gaming content and are rewarded for doing so. With the growing concern over these types of accounts getting hacked, individuals are once again turning to blockchain for solutions. The meteoric rise of Non-Fungible Tokens has even made it possible for individuals to own their characters and even send them from one game to another, placing the point of value on the characters within the games. Blockchain is also helping the gaming community create fully decentralized gaming platforms powered by the community – and a proof of concept is already here. Nine Chronicles is a fully decentralized RPG PC game, which runs on the blockchain without using any centralized servers3. The open API in this game allows people to create their own content within the game and even sell it in a marketplace3. As more platforms like this emerge, gamers will be rewarded in crypto for contributing to these community projects.
So, where do we go from here?
With so many people competing to find solutions to problems in all sorts of sectors, the viability of blockchain deployment will continue to be tested. As more blockchains roll out, cryptocurrencies will follow in lock step to facilitate and support their respective blockchain’s transactions.
Crypto Markets will likely remain volatile for the foreseeable future, but we can certainly expect the overall growth to correlate with the number of institutions that make the move to utilizing the power of blockchain.