Top 6 Predictions for blockchain in next decade
It has been predicted since 2011 that blockchain technology is about to bring a huge change in the world. But, only in last year, the concept has really started to capture people’s attention. This perhaps happened following the meteoric rise in price of Bitcoin and it resulted in the hype around encrypted and distributed ledgers in the financial sectors. However, the potential of blockchain has stared to be recognized across other sectors and industries as well.
Based on blockchain’s steady growth, here are 6 predictions that the world will soon experience in the years to come.
1. Complete transparency across all industries
The DLT structure of the blockchain technology ensures complete privacy and control of data to all its users. Even a small change to the blockchain network is visible and accessible to the public. This publicly available single digital ledger makes it easy to identify any hacking attempt, while reducing the messiness associated with multiple ledger systems. In a nutshell, the use of blockchain will render absolute transparency across all industries, while increasing trust and security at the same time.
2. More efficiency with autonomous negotiation and trade
As the blockchain technology is actively progressing, and we have already seen the early steps towards secure distributed data and common standards, we are expecting as well as aiming at distributed autonomous applications within a few years. This will undoubtedly open the opportunity for autonomous negotiation and trade among applications that will make markets more efficient.
3. Robust security measures based on Blockchain
Recently, we can see more focus being placed on blockchain based security measures for both financial and non-financial applications. More investment is being made for the building of blockchain based tools and applications that will help with identity verification, other security measures, payments, contracts and more. Hence, blockchain is soon going to be the backbone of security for most industries.
4. The commodity trading industry becomes “trust-less”
The industries like commodities trading always seem to be out of our visibility, though it plays a crucial role in each of our life. For example, we blindly trust on the labels of the food products available in the super markets, that is because we have no visibility of the food supply chain. Blockchain will make this system completely “trust-less” by allowing the buyers to track the products in supply chain right from the point of origin, instead of relying on third parties to know about the product they want to purchase.
5. Blockchain based Government Systems
The distributed ledger technology (DLT), based on blockchain, is becoming increasingly popular in the Government and administrative sectors of most developed countries across the world. Dubai, for example, is planning to transform all its government systems with DLT-based digital structures by the year 2020. The government system of any country needs trust, transparency and immutability, all of which can be attained simply by moving from paper-based system to a DLT based digital one.
6.Widespread distributed Data Models
The advent of blockchain has highlighted how data is going to work in the coming decades. Within the next few years, we will be in a world where data is ever increasingly distributed. Any next-generation data problem will find a solution by getting the critical data distributed among multiple geographies and even across on-premise and cloud data centers.
Blockchain is still evolving. Hence, the most important thing to remember is that, along with other technologies like AI and Big data, blockchain is here to transform the world forever, but the transformation is likely to be a gradual process.
