By now all of you must have heard about Blockchain Technology. It has taken the industry by storm.
It has been predicted that this technology has the ability to change the entire business & technology sector altogether in the future.
Now, before we get into the future, we must discuss the present status of Blockchain Technology.
But before that, let us give you a small introduction on Blockchain Technology.
The Blockchain is an encrypted, distributed database that records data. In other words, it is a digital ledger of any transactions, contracts – that needs to be independently recorded. One of the most amazing features of this technology is that digital ledger is accessible through thousands of computer systems but is compelled to be kept in a single place.
In financial sectors, people can easily get their transactions done across the internet, without any inference from the third party.
BLOCKCHAIN TECHNOLOGY- A BRIEF JOURNEY
Presently, it has already started to focus its dominance in the financial sector through Bitcoin Transactions.
However, looking back this technology has been around for quite some time. The first Bitcoin software apparently has been floating around since 2009.
Surprised? Yes, it has been ten years since this software became a public domain.
Although, Blockchain got its first breakthrough in the year 2015 when well established financial sectors like the Bank of England & J.P Morgan announced that they would adopt an open-source blockchain program called Hyperledger.
Since then, it has been used in various sectors including the security market more & more efficient results.
At present Blockchain Technology has been used in Financial Services, Healthcare, Government, Travel and Hospitality, Retail and CPG & more.
The future looks even massive for this technology!
THE FUTURE PREDICTIONS
- Government Crypto-
As per the prediction, by 2030, the government currency of many countries will become crypto. cryptocurrency is more efficient, provides reduced settlement times, and offers increased traceability.
Mainly, voting & taxes will be benefitted a lot from Blockchain Technology. For instance, every year, the IRS loses millions of dollars to refund theft, when someone steals a taxpayer’s identity to file in their name and claim their refund. Blockchain is a public ledger system that is secured by a unique key & could record each citizen’s contact with the IRS. With this technology, it can easily solve the problem. - Blockchain Identity-
Another interesting prediction is a cross-border, self-sovereign identity for individuals along with their physical & virtual assets.
Blockchain can ease self-organization by providing a self-management platform for companies, NGOs, foundations, government agencies, academics, and individual citizens.
Identity theft is a serious issue.
According to The Street, In 2017, there were 16.7 million victims of identity theft.
Blockchain data actually decentralize the data collection, cross verifies the collected data with consensus mechanisms. This system actually reduces the risk of security breaches, higher efficiency, much more security. Microsoft, CryptID, ExistenceID, IBM, are few companies to adopt this method & are solving individual identity today.
- World Trade on Blockchain Technology-
One of the most significant areas where Blockchain Technology can have a massive impact is world trade. Currently, world trade is in a chaotic & fragmented business relationships among various parties. This is the result of why frauds are so consistent in world trade.
According to WHO, tens of thousands of people die from counterfeit drugs every year.
Blockchain technology, once it matures will be able to handle the functionality, flexibility & efficiency that trading needs. It will be able to solve frauds easily.
- Real Estate-
A major, business sector in the world. Every year real estate carries thousands of dollars of money transactions.
Real estate can have a huge list of data, going upto 20 or 30 years. Massive records mean tedious hours of search, mistakes or even frauds.
One of the most basic uses of blockchain technology is to keep a public ledger of transactions. The technology’s core use is to record who owns what, and then to update in the case of a transfer.
Naturally, that means for a property is can create an automatically updated, unhackable record system.
However, if you demand all of these changes right now, it is not possible.
The technology needs time to be developed & matured in order to carry out all these processes effortlessly. And these are only a few of the predictions.
Once the technology reaches it’s fully developed stage, who can say what else it can be capable of?
- Smart Appliances-
It is a device that connects to the internet and gives you more information and control than before. These alerts keep your appliances in good condition, they save you money regarding energy efficiency. Encrypting these appliances on the Blockchain protects your ownership and enables transferability.
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