INTRODUCTION
The future of blockchain is shrouded in potential but fraught with uncertainty. However, several factors suggest that blockchain technology will become increasingly important in the coming years. So much so that it will permeate every area of our lives.
TRANSPARENCY
First, blockchain is a distributed ledger technology that allows secure, transparent and tamper-proof transactions. This makes it well-suited for various applications, such as payments, supply chain management, and voting.
1) Increased security – Transactions are verified by a network of computers rather than a single central authority. This makes the system more secure and less prone to fraud.
2) Reduced costs – There is no need for a third party to verify transactions, which reduces costs associated with doing business online.
3) Increased efficiency – Transactions can be processed quickly and easily without the need for intermediaries.
EVOLUTION
Second, blockchain is still in its early stages of development, and there is a lot of room for growth. For example, the current blockchain infrastructure is not well-suited for large-scale applications. However, this is likely to change as technology evolves.
The first limitation of blockchain technology is its scalability. The current versions of blockchain can only handle a limited number of transactions per second, which may not be enough for some applications and enterprise use cases that we use in our daily lives. Another limitation is its lack of privacy. All transactions on the blockchain are public, which may not always be desirable. Additionally, the current iterations of available blockchains are relatively slow and expensive to use. These limitations will need to be addressed if blockchain technology is going to be widely adopted.
Newer projects such as Solana, Cardano, Lightning Network, and others are examples of solving the scalability issues of early iterations of blockchain.
BUSINESSES
Third, there is a growing interest in blockchain from businesses and consumers. This is reflected in the increasing number of blockchain-based startups and the increasing demand for blockchain-related skills.
There are many sectors that will use blockchain technology in the future. Some of these sectors include banking, healthcare, real estate, and supply chain management. Banking is one of the first sectors to adopt the technology and pave the way towards Digital Disruption.
Banks. For example, blockchain technology can be used to streamline the process of transferring money between banks. Blockchain can also be used to create a more secure system for storing data about customers.
Healthcare. Blockchain can be used to store data about patients’ medical history and treatments. This data can then be accessed by doctors and other healthcare professionals when needed. Blockchain can also be used to track the supply of medical supplies and drugs. This will help ensure that patients receive safe and effective treatments. The future of blockchain in healthcare is still unknown due to many unanswered societal and regulatory concerns.
Real estate. Blockchain can be used to store information about property ownership and transactions. This information can then be accessed by real estate agents, lawyers, and other professionals involved in a property transaction. Blockchain can also be used to create a more secure system for recording property transactions.
Supply chain management. Blockchain can be used to track the movement of goods throughout the supply chain. This information can then be accessed by businesses and consumers alike.
REGULATORS
Fourth, blockchain is being embraced by regulators. For example, the Swiss government has announced plans to use blockchain for digital identity and asset management. This suggests that regulators are confident in the security and stability of the technology.
In March of 2018, the Swiss government released a report outlining how it plans to regulate blockchain technology. The report contains several recommendations for businesses which include the following.
1) Establishing precise licensing requirements for companies that want to use blockchain technology.
2) Creating standards for storing and transmitting data.
3) Developing guidelines on how best to protect against cyberattacks involving blockchain technology.
These factors suggest that blockchain is likely to play a more significant role in the future. However, it is still early days, and there are many uncertainties. So it is vital to be cautious and aware of both its benefit and perils. Through a deeper understanding of the technology, regulators can ensure a brighter future as it permeates all areas of our lives. This lack of regulation can be both good and bad for businesses. On the one hand, it means that companies can experiment with blockchain technology without worrying about government interference. On the other hand, it also means that there are no clear guidelines on how to use blockchain technology safely and securely.
TRUTH MACHINE
Blockchain will inevitably become the truth machine for everything. An extensive database of verified facts can and will likely be used for legal proceedings, ownership, and everyday trivial businesses. Some argue that the truth machine will never exist. Though we cannot accurately predict the future, we can look to the past and present to read the signals of what the future holds. Many projects are underway to achieve the ultimate machine for reliable and accurate truths. None have proven entirely successful, but as technology continues to advance, it may only be a matter of time.