Five Blockchain Technology Development Trends That Are Entirely Transforming Our Lives

Volodymyr Nosov

Founder and CEO of cryptocurrency exchange, WhiteBIT

The world before and after the emergence of blockchain technology is entirely different. Blockchain is reshaping our everyday lives and our seemingly immutable perceptions of how things work. It introduces a new way of investing and earning, creates new professions, brings about a completely different approach to finance and education, and even redefines our understanding of social networks. All this and more is made possible thanks to blockchain. Let's explore how key blockchain technology development trends are changing the life of mankind.

When Money Isn't Just Bills and a Bank Account

With the advent of cryptocurrency, our relationship with finances has undergone a significant transformation. Now, anyone can invest in digital assets and earn. According to statistics, 30% or more of the younger generation invests in crypto, and it's understandable because crypto offers more opportunities and greater financial independence.

For today's youth, Bitcoin is the "new gold." By its nature, this digital asset is an ideal investment tool. As a long-term asset, it's reliable as it combines the properties of gold with its unique digital attributes. Moreover, it's secure because security is one of the fundamental principles of blockchain technology. So, if you properly store your assets in your digital wallet, they will remain safe. In uncertain times when people need a place to keep their funds and protect them from losing value, Bitcoin becomes an essentially perfect option for diversifying assets and savings. It's the digital essence that makes Bitcoin more convenient and accessible to everyone interested. That's why the number of people worldwide who want to own this asset continues to grow.

Cryptocurrency transfers are also becoming popular. Such renowned financial institutions like Citi and Wells Fargo are already testing blockchain as an additional system for transfers. SWIFT is also exploring blockchain for tokenized transfers worldwide.

Furthermore, dozens of countries are researching, developing, testing, and even launching CBDCs – central bank digital currencies for specific countries or regions. It's regulated by the central bank or another currency regulatory body and implemented through a database controlled by the central bank, government, or authorized private sector entities. The introduction of CBDCs, on one hand, will accelerate the adoption of crypto. Through digital currencies, people will learn more about distributed ledger technology and, consequently, blockchain and crypto. That's a plus.

On the other hand, CBDCs represent the same centralization and control of the banking system by the state, just in a digital form. With such a system, it becomes very easy to freeze your account, for example, if government authorities consider your financial activity suspicious.

According to Chainalysis research, Ukraine ranks third in cryptocurrency adoption. One metric is the number of transactions. Low fees, fast transactions, and cross-border capabilities also play a significant role. Instead of waiting 2-3 days for funds to arrive through traditional systems like SWIFT or SEPA, you can send money via Bitcoin Lightning, and it will arrive within seconds from anywhere in the world!

Using Cryptocurrency for Payments is Becoming as Easy as Using a Regular Card

Today, it's no longer surprising that you can make purchases with cryptocurrencies in stores. For instance, Burger King and AMC (an American cinema chain) offer the option to pay with cryptocurrency. Businesses are attracting crypto enthusiasts by allowing them to spend their digital assets instantly.

In Ukraine, you can pay with crypto at stores like VARUS, Foxtrot, and Stylus. Crypto cards are gaining popularity due to their convenient currency conversion capabilities. Global leaders in payment systems are also launching their crypto payment products. For instance, PayPal has recently introduced its own stablecoin. This digital asset on the blockchain is backed by real dollars, U.S. Treasury bonds, and " similar money equivalents." Integrating such a blockchain solution into a product with more than 400 million users is a significant step forward in cryptocurrency mass adoption.

In the future, using cryptocurrencies for payments will become commonplace. It's already being actively utilized in various sectors. For example, WhiteBIT has implemented the option to buy tickets for the Ukrainian National Football Team matches using cryptocurrency. This feature has become a favorite among fans.

Looking for a Job? There are Fantastic Job Opportunities!

Today, there's a massive shortage of qualified professionals in the blockchain industry. For instance, there are approximately 30 000 active developers, while there are over 90 000 open job vacancies.

The number of active developers working with blockchain reaches 30 thousand. It may seem like a lot, but it is not enough to meet the market demand for specialists.

This is because the blockchain industry is evolving very rapidly, and new professionals simply can't keep up with learning and retraining quickly enough. Even considering that top specialists from giants like Google, Amazon, and Facebook are transitioning to Web3 companies. That's why it's essential to invest in education and training for experts. It will ensure the market's development.

The blockchain industry is developing very quickly, and new specialists simply do not have time to learn and retrain.

Blockchain continues to penetrate all areas of activity, changing the interaction with technology. For instance, in the future, we might see a new profession known as a Web3 designer. Since interacting with products that involve blockchain differs significantly from the conventional ones (such as banking applications, for example), designing them requires a different approach, and it's crucial to trust experienced specialists. Furthermore, I believe even non-specialists will need to learn how to work with crypto and blockchain, as these technologies are increasingly integrated into our lives and work.

The emergence of blockchain has brought about new technologies like smart contracts, digital IDs, tokenization, NFTs, DAOs, and many others. All these areas will demand qualified professionals. It's a substantial part of the IT market that will continue to grow even further.

Knowledge is Power, Especially Knowledge about Blockchain

Blockchain as a discipline has been taught at top universities worldwide, such as Harvard, MIT, Oxford, and Stanford, for several years now. Blockchain is here to stay, and keeping up with this market is essential to staying in trends. Interestingly, Gary Gensler, the Chairman of the SEC, who is not a staunch crypto advocate, is also a professor and lecturer in blockchain and digital finance.

Education is a crucial component of crypto market development. Equally important is raising the level of financial literacy among the population. With knowledge about the crypto market, people can increase their financial independence.

In Ukraine, necessary steps have already being taken in this direction. Ukrainian universities offer courses related to blockchain and digital assets. In partnership with WhiteBIT, Kyiv-Mohyla Academy is launching the first master's certificate program in "Blockchain Technologies" in Ukraine and Eastern Europe. Industry leaders, in collaboration with the Ministry of Digital Transformation, have launched a free course in crypto literacy. In June, we’ve launched the first crypto coworking space in Ukraine in partnership with Cryptology.

In the future, we are likely to see subjects related to crypto and blockchain being taught in schools alongside subjects like Computer Science. It's important to provide our children with knowledge that will help them navigate this new digital world.

You Control Social Networks, Not the Other Way Around

Blockchain technology allows you to create an account linked to your personal crypto wallet. With this account, you can access any social platform (or any website) that supports blockchain. All your data is stored in one place, and when you connect to a new platform, you don't need to fill out any forms. This improves the security of your personal data because you control it in your wallet, not Google's, Facebook's, or other servers.

Furthermore, since blockchain-based social networks are not centralized platforms like Twitter or Facebook, users can independently manage the protocol through voting (DAO). This means your account won't be blocked just because someone wants it.

Blockchain also significantly simplifies the battle against bots. Since an account is linked to a wallet, it's very easy to verify whether it's a real person or not. Blockchain is essentially the "end" for bot farms.

Clearly, blockchain technology has already changed the world and will only increase its impact on our lives over time. There's no doubt about it. Beyond its utility, blockchain provides new opportunities for earning or employment, improves the quality of our lives, accelerates and optimizes many complex processes, and, most importantly, is decentralized. Voting via "Diia" integrated with blockchain-based voting systems in presidential elections in 10 years no longer seems like science fiction. Neither does the ability to withdraw funds from your Bitcoin deposit at any bank. This is the new reality that awaits us, and we need to be prepared for it. Learn blockchain and cryptocurrencies. The sooner, the better for you.