Future of Blockchain Technology – Top 10 Predictions
Blockchain Technology and Cryptocurrency Applications have been a hot topic ever since they were introduced in the market. It’s believed to be the future of secure and distributed data systems. And cryptocurrencies will be the future money, according to some economists. But still the majority does not think so.
Anyways, let us see what are the scope and possibilities of blockchain technologies and cryptocurrency applications in the future.
The design of the blockchain is totally unique in a lot of ways. And this why blockchain technology becomes so special for the situations which require:
The transactions done using the blockchain technology are literally unable to change or modify. Or in other words, they cannot be hacked or compromised. Here, each and every participating member on the network checks every individual block for consistency.
Each and every block listed out in a blockchain, is highly transparent since its visible to the entire people of the network. This leads to the trust between multiple parties.
One of the major advantages of the blockchain mechanism is that it can be collaborated with multiple parties sharing any kind of transactions. And these all characteristics, shows out the unlimited potential of blockchain technology in all kinds of applications.
The Future of Blockchain Technology : 10 Futuristic Predictions
Below listed are some of the examples of future blockchain uses.#1. Decision-making
The blockchain technology can be used in a lot of decision-making procedures from business to government procedures, so that it increases transparency between parties, reduce corruption and streamline bureaucracy. Since the transactions are visible to everyone and also they cannot be compromised, it makes everything from rental agreements to national elections fair and fraud free.#2. Healthcare
Blockchain technology has unlimited potential in the medical field. Using of blockchain technology in the medical field, helps to improve medical access and efficiency. Blockchain technology enable the doctors or other medical healthcare personnels to design or provide a more holistic treatment plan for every individual patients. Here the medical records of the patients can be shared securely between the different players in the medical industry. So that the diagnosing becomes much more easy.
A lot of data can be collected using the blockchain technology and hence, it leads to advancements in the field of medical research, and thus promotes to cure a variety of diseases and other maladies.
Get to know more about Blockchain Revolution in Healthcare
With the advancement of blockchain technologies and biometrics, identity theft and such related fraud policies, could become a thing of the past! Highly important personal documents like passports and other educational records can be stored safely and securely using the blockchain technology.
Moreover, the development of blockchain technologies will affect or improve each and every aspects of our lives. The different service providers will be able to collaborate and give us a more unique and personalized services whenever we require!#4. Government Systems Based on Blockchain Technology
Countries like United Arab Emirates (specifically Dubai) has decided to replace all the Government systems with Blockchain technology by the year 2020. And it is a clear indication that the Blockchain Technologies will only grow over time. Blockchain technology provides the necessary qualities that the Government systems require, namely, trust, transparency and immutability.#5. Standardization and Collaboration
Blockchain technology promotes standardization and interoperability among different Industrial sectors. Blockchain technology will truly beneficial when the both the players of the business like consumer or enterprise will be realized and they are able to collaborate in an open standard.#6. A Growing Need For Credible Crypto Backing
Money requires of a trustworthy and reliable backend for the transactions to occur between multiple parties. A distributed ledger like a blockchain comes useful, when there are no trusted parties in handling the transactions. Blockchain technology makes sure that the transactions conducted are honest and blocks the modifications of transactional data.#7. A Potential Ecosystem Of Specialized Chains
Blockchain technology has all the potential or qualities to become an ecosystem of specialized chains if we begin to calibrate and accept the industry grade blockchain use cases. For example, let us take the cases of information exchange in the healthcare sector and also the crypto claims addressal. Here, it would develop an atmosphere of specialized chains with high security and useful chains in parallel.#8. Autonomous Negotiation And Trade Blockchain technology has been in the progressive mode ever since its arrival. We have seen our development in terms of secure distributed data and common standards, after the foundations for distributed consensus and exchange of value were laid. Such enhancements will definitely result in the making of distributed autonomous applications in the near future!
And this will surely make the markets more efficient.#9. Blockchain-Based Security Measures
Blockchain technology has been used for both financial and non-financial applications. A lot of work and research are happening in building of different tools and platforms based on the blockchain technology for purposes like identity verification, payments, and other security measures.#10. Continued Maturity And Strength Of Blockchain
One of the best advantages of Blockchain Technology is that they support a lot of business applications, and other real time applications, apart from the cryptocurrencies! The effect of blockchain technology is far greater than what we could imagine! They do have the real potential to change economics, business and the entire society.
We have only just started to scratch the surface of what is possible right now. We have still a long way to go!
To make it easier for the readers, we have summed up the future of blockchain technology – Top 10 Futuristic Predictions in an infographic.
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