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Blockchain applications that will change the world in the next 5 years

"NFTs move beyond art and collectibles

Non-fungible tokens (NFTs) have emerged as a significant point of contention for many observers of the blockchain space. An NFT is essentially a digital token representing a totally unique asset, such as a piece of fine art or real estate. When represented by an NFT, an asset can be easily traded digitally across the world on blockchain technology. Famous examples of NFTs in the mainstream media include Tim Berners-Lee’s source code of the world wide web and digital collectibles from musical artist Deadmau5.

Digital art pieces and collectibles being sold as NFTs for incredibly high prices brought blockchain to the forefront of people’s minds. With NFT sales totalling US$2.5 billion so far in 2021, the likelihood of continued development in the space is steadily increasing. Over the next five years, the technology’s use and applicability will also increase. NFT concert tickets and plane tickets are already beginning to pull the technology away from solely being about art trading and into other practical use cases.

NFTs create an unparalleled and verifiable level of authenticity that can be easily incorporated into the everyday ongoings of the global economy. In the future, domains, unique collector items and in-game items could all potentially be represented on the blockchain as an NFT.

DeFi’s Next Steps

Decentralized finance (DeFi) is another increasingly blossoming application of blockchain technology that is set to gain significant momentum in the next 5 years. In Q1 2021, the dollar value of assets under management by DeFi applications grew from roughly $20 billion to $50 billion.

DeFi is a form of finance that removes central financial intermediaries, like banks, to offer traditional financial instruments that utilize smart contracts on blockchains. An example of DeFi in action is the plethora of new decentralized applications now offering easier access to digital loans — users can bypass strict requirements of banks and engage in peer-to-peer lending with other people around the world.

The next five years are vital for DeFi and will see dramatic growth in its applications, regulatory compliance associated with the technology and its overall use. Celebrity investor Mark Cuban, who gained notoriety in the blockchain industry through his advocation of NFTs, has suggested that “banks should be scared” of DeFi’s rising popularity. Although considered in its infancy, DeFi contracts had a combined value of over $41 billion in March of 2021, leading one to assume that Mark Cuban’s foresight is showing increasing signs of ringing true..."

Read more here:
https://forkast.news/blockchain-applications-change-world-next-5-years/