Blockchain Applications That Will Change The World In The Next 5 Years

In El Salvador, Bitcoin will become legal tender from September 2021, with President Nayib Bukele aiming to help the population send remittances internationally, among other uses. Before this, Venezuelan citizens have also adopted digital assets as a means to escape the hyperinflation of fiat currency. developing countries have been seen to spearhead the use of crypto currencies in an effort to bank large “unbanked” populations.

In the U.S. Congressman José Luis Ramón recently presented a bil to allow employees to receive their salary in cryptocurrencies.

A central bank digital currency (CBDC) uses a digital token to represent the virtual form of a fiat currenc y.

In China, Non-cash payments are increasing by over 20% year on year , according to the People’s Bank of China.

The European Central Bank has outlined their support of a Euro CBDC , detailing their plans to begin working on its implementation.

EDCs like the one Amazon is reportedly preparing to release in Mexico and Facebook-backed Diem promise to make it easier and cheaper for people to transfer money.

The rise of massively influential blockchain applications are set to change how we communicate and operate as a society. Throughout the pandemic, we have seen innovative uses of blockchain technology to track vaccine cold storage and delivery and to store medical information and testing data .

will need to address issues such as interoperability between different blockchains. Right now, different blockchain applications and ecosystems are siloed, hindering mainstream adoption and scalability.