When it comes to blockchain, the hottest topic recently is NFT (Non-Fungible Token). In fact, blockchain technology is widely used, intelligent electronic signature is an example, and even the demand for blockchain in financial services and insurance industries is increasing day by day.
In addition to cryptocurrencies and NFTs that tend to speculate, what are the more popular applications of blockchain technology? What are the categories of decentralized financial applications (DeFi) and blockchain-as-a-service (BaaS)?
Three application trends of blockchain technology
Following the strong trend of last year, V Systems predicts that the following three major trends will be seen in the development of blockchain this year:
Blockchain-as-a-Service (BaaS): There is a huge increase in demand for blockchain-as-a-service or third-party digital product management companies, including the use of blockchain technology to help digitize traditional financial products.
Regulatory Tech (RegTech): Financial institutions worldwide have paid nearly $332 billion in fines over the past 10 years for regulatory violations. Blockchain technology can be applied to regulatory technology, not only to prevent the information stored on the blockchain from being modified, but also to reduce fraud due to supervision, reporting and compliance.
Decentralized Finance (DeFi): Last year, about US$200 million was invested in decentralized financial services worldwide. Alex believes that demand in this area will continue to increase in 2022, such as allowing users to quickly and securely trade through digital wallets Financial products are easier and faster to use than traditional trading accounts.