There are no indications that the recent tremendous advancements and widespread use of blockchain technology will change. In fact, approximately 76% of executives questioned in Deloitte’s 2021 Survey stated that they believe digital assets would be a credible substitute for fiat currencies in the global banking sector within the next 5 to 10 years. That indicates it’s time to prepare for a social and economic revolution that will alter how we do business, handle data, and provide services.
Regrettably, cryptocurrency is still not systematically or broadly understood. It is well-known for being the technology behind cryptocurrencies like Bitcoin.
However, this is far from its sole use, and many people are unaware of the full future of blockchain applications for themselves, their businesses, or even society as a whole. Industry executives choose blockchain because of its dependability; by encrypting data, the technology remains ahead of the competition. Blockchain technology has already demonstrated its utility in business, healthcare, real estate, and other sectors, making it an attractive business opportunity.
Let’s examine the future of blockchain technology now. What adjustments will it make?
How Optimistic Is The Future Of Blockchain?
“We think that because it seems to be here just to stay, blockchain will be a powerful instrument for modern civilization” — Reid Hoffman, executive chairman and co-founder of LinkedIn.
A blockchain development firm is a beautiful place to start if you want to become engaged with the sector or learn about significant advancements in this area of technology. A few more ways blockchain will influence the future are listed below:
Non-Fungible Tokens And NFTs
Cryptocurrencies are now among the most important use cases for blockchain technology in a constantly changing environment that will likely continue for some time. However, non-fungible tokens provide an even more promising future for blockchain technology (NFTs).
NFTs are a ground-breaking new method of acquiring and transferring digital assets that reflect physical goods. All NFTs are one-of-a-kind and cannot be replaced or exchanged; only the asset’s original owner or creator may buy, sell, trade, or give away an NFT.
A brand-new generation of digital treasures, including rare artwork, one-of-a-kind footwear, and accessories, may be powered by NFTs. Additionally, they could be substituted for things in blockchain games and other virtual environments.
The “year of the NFT” is anticipated to be 2021. The top 10 collectibles, all cryptographic protocol collectibles, have generated approximately $400 million in global sales in only two months, a 400% increase from last month’s figures overall!
NFTs have limitless potential, and these tokens will probably significantly influence the future of digitized ownership. In addition, you’ll likely be able to use NFTs to purchase anything from artwork to automobiles as the end of blockchain technology continues to develop.
More Rapid Transactions
It is challenging, if not unattainable, for cybercriminals or other malicious people to tamper with transactions since the distributed digital ledger is secure and decentralized. Transactions may be carried out much more quickly than in the present world without compromising security because blockchain-verified data is incredibly dependable and safe.
This is the impetus behind the banking and financial services industry’s transition to a fully digital environment.
Blockchain technology has been predicted to gain popularity among financial specialists. More than 60% of institutions expect to have it in production within the coming years.
Additionally, the future use of blockchain allows us to conduct and record transactions around the clock. The technology might allow corporations, organizations, and consumers to transact anytime or place without being restricted by banking hours.
To verify our identity online, we now utilize passwords and authentication questions. With a safe, secure, and simple-to-manage digital identity, blockchain could be able to replace this system.
Your digitized identity is based on the random set of numbers issued to each user on a public blockchain, as opposed to demonstrating that you exist by remembering some personal, meaningless amount of data that may be guessed or stolen.
This makes it far more dependable than our present system because your identity cannot be compromised or modified without having access to your private key. NIST, the National Institute for Standards and Technology, is already looking at how blockchain technology may assist in safeguarding digital identities.
One of the biggest problems in real estate today is proving and authenticating identities. Currently, the “Know Your Customer” procedure for a buyer closing can take a bank up to 45 days to complete.
Smart contracts might replace this time-consuming verification procedure since blockchain renders data easier to trace. These self-executing contracts might be created to carry out several different functions, such as handling loan requests and identity verification.
Additionally, you may think of many potential applications for distributed ledger technology in the real estate industry, like maintaining property records, transparent transaction data, and smart home appliances that communicate with your lease conditions.
Health Issues Will Be Easier To Treat
As we previously indicated, blockchain technology has the potential to store and manage digital identities, including those related to health information. Healthcare providers might use blockchain technology to communicate data with one another securely.
By doing so, redundancy would be decreased, diagnostic time would increase, and patient privacy would always be respected.
The possibilities are endless. Blockchain platforms may be used to cut health insurance costs, improve medicine safety and combat counterfeit pharmaceuticals, control the supply chain, and much more.
Furthermore, with a rate of growth of 63% over the following six years (2019-2028), the worldwide market for blockchain healthcare technology is expected to total 231 million dollars by the end of 2022.
Blockchain technology has the potential to make voting more straightforward, faster, and safer than it is now. Additionally, it would safeguard voters’ identities. You might vote online if you choose to avoid going to the elections or mailing your ballot in.
You could go on to the mobile or desktop device, verify your identification, and cast your vote without the need to go to the polls or mail in a ballot. The best thing is that blockchain enables all of this and offers a comprehensive history of votes to avoid difficulties with fraud or manipulation. Since many firms are currently devoted to making online voting more secure, it could not be long before blockchain-based digital voting became the standard everywhere.
Use Of Cryptocurrencies
There is little question that in the coming years, cryptocurrency adoption may increase considerably.
This would result in more large and small companies accepting Bitcoin payments, increasing the adoption of blockchain technology.
Consumers still find it challenging to participate in Bitcoin trading nowadays. As other cryptocurrencies develop and make it simpler to utilize virtual currencies such as Bitcoin or Ethereum, that is anticipated to alter. This change may result in the ubiquitous tokenization of assets other than automobiles, such as real estate, works of art, and other valuable possessions.
You’ll Be Capable Of Buying A Car With No Down Payment
The vehicle business is undergoing a massive transition away from purchasing cars and toward merely borrowing them.
In the future, you may purchase your car using Bitcoin or another digital currency and profit from your investment thanks to tokenized ownership. Additionally, you wouldn’t need to worry about auto insurance or monthly payments — download an app, choose your model, and you’re ready to go.
In essence, the entire procedure may be finished in a few minutes. Everything would come instantly based on your Bitcoin wallet; you wouldn’t need to speak with a vehicle sales associate or have any financing authorized by the dealer.
As you can see, blockchain technology has a lot of promise and is continually developing.
Blockchain technology has a promising future, and it appears that the greatest is yet to come when you consider that it has already shown potential in practically every field.
It will be intriguing to watch blockchain technology’s future, particularly in payments, banking, decentralized markets, etc. We hope these examples of the potential effects of blockchain technology on society over the next ten years have piqued your interest.
Blockchain is anticipated to broaden the range of industries in which it may be used, such as IoT technology (IoT), in-depth data analysis, law-making and enforcement, and finance.
Future life and work will be dramatically altered by blockchain technology. With a growth rate of 45%, the global cryptocurrency market is anticipated to reach $34 billion by 2026.
Computerized identities, payment services, cloud data storage, smart contracts, the issuance of cryptocurrency (ICO), logistics and distribution, and IoT interactions are just a few areas where cryptographic protocols have already been used. Future companies and services are anticipated to be built upon as new foundations.
The Author Prashant Pujara is the founder and CEO of MultiQoS Technologies, a well-known WordPress Development Company in India that specializes in Android and iOS mobile applications. He has more than 10 years of app development expertise, with a particular focus on web development in Angular and Golang technologies.