Blockchain is one of the fastest growing areas. And like any field, it is accompanied by trends in development. To date, blockchain is already in its fourth stage of development, which could bring great progress in the future. Currently, artificial intelligence (AI) is joining blockchain, let’s take a look at this trend.
The trend in development
Blockchain is having a growing impact on many areas, from the financial sphere to education, and its applications are expanding. It is building an increasingly solid foundation for further development. At the same time, new possibilities and opportunities where blockchain can be used are constantly being sought. It is expected that roughly 30% of companies already working with blockchain will move into a state of seeking new opportunities and innovation. Also, the size of the blockchain market worldwide is expected to grow from USD 3 billion in 2020 to USD 39.7 billion in 2025, at a CAGR (compound annual growth rate) of 67.3% between 2020 and 2025.
At the moment, blockchain is being combined with artificial intelligence, which could bring huge advances to an already wide range of applications. AI can help with better computing power, improved data protection, assist users in decision making and more. In this regard, the International Data Corporation (IDC) estimates that roughly 51% of organizations will migrate to this advanced blockchain. When blockchain is already very good at reducing costs and helping with various areas, AI will enhance this ability.
Blockchain has been able to evolve this quickly thanks to the pandemic that is still affecting the world. Blockchain has helped many areas develop even during the pandemic, which includes the financial world where the adoption of this technology has given opportunities to improve and modernize the financial sector as well as the ability to offer new services. Another big area is the arts, where blockchain has been able to help with NFT, allowing artists to find art buyers and collectors without having to meet in person. So the development and trends of blockchain will be interesting to watch in the years to come.