What the future holds?
Seems like we are moving to some technological singularity, given the temp and direction of the technology development. Internet is melting devices into one techno-mess, Internet-of-Things (IoT) making them aware each other and blockchain introduces history, truth and value into this world. What is the future of this fusion?
IoT advent
Acknowledging an advent of IoT, World Economic Forum report, says that population of sensors on the Internet will reach about 1 trillion at 2022. Combined with growth of computational powers, availability of data storage and development of machine learning it gives solid grounds for the whole living environment becoming smart.
Blockchain to the masses
Future of blockchain seem promising to say the least. It is foretold that around 2023 a governance will first time collect taxes via blockchain. Depending on what governance it will be, the resonans may lead to mass adoption of blockchain in tax authorities around the world. Today, the value stored in cryptocurrencies is quite significant. Proposed that by the 2027, about 10% of global GDP will be stored on blockchain. Very roughly, each 10 of equally valuable deals will be made using cryptocurrencies and most likely will involve some form of smart contracts as well.
IoT + Blockchain
Blockchain and IoT are among leading technologies, and mentioned publication points at recognition of their importance on the global level. Very promising, yet there are lots of technical aspects to be handled. For IoT it is security and privacy, unification of protocols, interfaces and methods of interaction, and challenge of management of these billions of devices in general. Blockchain has to deal with scalability, approaches to finality and the way most popular public blockchains will retain their decentralization, given the tendency to concentrate computational power to mine PoW segment of top-10 cryptocurrencies.
The important point is that main driving force of this new shift is software. All this technologies are imagined, crafted, and maintained by software engineers. Given the vision provided by Global Economics Forum report, it is crucial to take software development seriously because it keeps shaping our present and will influence the future for many years to come.
The complexity of business activities automation will grow, and it seems that the combination of technologies will be the key. As we shown in our post leading technologies can benefit backing each other potential vulnerabilities and strengthening virtues. With advances yet to come this tendency will be utilized in full which may lead to origination of new breakthroughs, as blockchain in its modern form was created from many related but still separate technologies a decade ago.
It’s not too late
So, what is the future of it all? Seems rather complex, but with knowledge of it’s nuts and bolts you can dare to ride the top of this rising wave. Just as we do.
