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Blockchain, Decentralization, And Its Potential Influence In The Next 10 Years

The summary of blockchain, Web 3.0, and its implications for the upcoming decade

Blockchain’s potential impact in the next 10 years

1 — It is likely to reduce the power the government holds

Governmental institutions are known for the centralization of power, which some of them may exploit. The emergence of decentralized blockchain systems reduces the need for a centralized power authority, which puts some of the government institutions in fear.

2 — Blockchain-powered assets can completely replace the fiat currency

It is no news that the immense success of Bitcoin has encouraged companies and even countries like El Salvador, Zimbabwe, and Brazil to adopt Bitcoin as a form of legal tender. The Bitcoin adoption bug has been spreading lately as more countries are considering and planning plans to include Bitcoin as a national currency.

3 — Help resolve cross-border payment issues of traditional banks

Despite the thousands of technological advancements humans have developed and updated, it is still difficult to transfer funds from a distinct part of the country to another. The cross-border payment in the retail section of the United States alone has increased to 3.56 billion, gaining over a 59% increase compared to its initial value in 2016, despite that, the traditional bank barely possesses the workforce to ensure a seamless transfer.

4 — Blockchain technology will solve identity storage and management

In 2018 alone, one billion personal records were lost because of data breaches and 31% of these victims witnessed identity storage; all these could have been avoided if there was an impenetrable database. The blockchain is capable enough to house any form of information for a long time. This means the data can be traced anytime or whenever it is needed.

5 — The supply chain industry may likely adopt blockchain as the perfect technology for storing supply information

As with every industry, the supply chain industry battles with trust and transparency in the handling and delivery of products and information. With the use of blockchain technology, all parties can get to access product information irrespective of the location. Also, administrative processes costs can be reduced as the technology allows for transparent auditing of the supply data.

6 — More technologies are partnering with blockchain to improve their functionality

In 2021, blockchain startup companies amassed over 2.6 billion USD in venture capital funding. Currently, there are over 11.5k startups using blockchain technology to solve prevailing real-life issues.

Summary

The advancement of technology will continue, with or without the support of the government or some concerned individuals. Blockchain technology will keep on expanding and humans will always need Web 3.0 creations. Although the changes may seem slow or unnoticeable, the accumulated progress throughout the years is the takeover you don’t expect. In summary, the blockchain technology right now is changing how the world operates and it will continue its way to dominate the modern economy.

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Max Yampolsky

Building web3 and DeFi products. Writing about crypto and tokenomics. Founder of One Click Crypto - web3 robo-advisory app