Category: 4. Future of Blockchain

Voting with blockchain technology could be easier, faster, and more secure than how we vote today. It would also help protect voter identities (and even support remote voting). Instead of having to go to the polls or send in a mail-in ballot, you could simply log on to your computer or mobile device, verify your identity, and cast your vote.

The best part is that blockchain makes all of this possible while also providing an immutable record of votes to prevent fraud or tampering issues. There are already plenty of blockchain startups focused on helping people vote more securely online, so it might not be too long until internet voting becomes the norm around the world.

Adoption of Cryptocurrency

There is no denying, in the coming years, there could be a significant increase in the adoption of cryptocurrencies. This would lead to more widespread use of blockchain technology as businesses, both big and small, begin accepting cryptocurrency payments.

Today, it’s still tricky for everyday consumers to get involved with cryptocurrency trading. That is expected to change as more cryptocurrencies emerge and make it easier to use digital currencies like Bitcoin or Ethereum.

This shift could also lead to widespread tokenization of assets beyond cars — perhaps houses, land, artwork, or anything that has value.

It Will Be Possible For You To Purchase a Car With No Money Down!

The automotive industry is in the midst of a significant shift away from buying cars to simply borrowing them. In the future, you could pay for your vehicle with cryptocurrency and get money back on that investment through tokenized ownership. Furthermore, you wouldn’t have to worry about monthly payments or insurance — just download an app, select your model and pick-up location, and you’re ready to go.

In short, the entire process could be completed in a matter of minutes. You wouldn’t even have to talk to a car salesperson or get any financing approved by the dealer — it would all come through automatically based on your cryptocurrency wallet.

As we mentioned earlier, digital identities could be stored and managed through blockchain technology — and this goes for health records as well.

Healthcare providers could also use blockchain technology to exchange data with each other securely. This would reduce redundancies and improve the speed of diagnosis while also protecting patient privacy at all times.

The possibilities don’t stop there — blockchain could even be used to monitor the supply chain, improve drug safety and fight counterfeit medications, lower health insurance premiums, and so much more. 

Moreover, the global market size of blockchain technology in healthcare is expected to reach USD 231.0 million by 2022, with a growth rate of 63% over the next six years (2019-2028).

Proving and verifying identities has become one of the most significant issues in real estate. Right now, it can take up to 45 days for a bank to complete the Know Your Customer (KYC) process for a buyer closing on a house.

Since blockchain makes data more easily traceable, this lengthy verification process could be eliminated through smart contracts. These self-executing contracts could be written to perform a wide variety of tasks, including processing loan requests and verifying identities.

Besides, you can imagine all sorts of other possibilities for blockchain technology in the real estate industry as well — from transparent transaction data to managing property records to smart home devices that connect with your lease terms.

Today, we use passwords and authentication questions to prove who we are online. Blockchain could replace this system with a digital identity that is safe, secure, and easy to manage.

Instead of proving who you are by recalling some personal, arbitrary piece of information that could potentially be guessed or stolen, your digital identity is based on the uniquely random set of numbers assigned to each user on a blockchain network.

This means your identity can’t be hacked or changed without access to your private key, which makes it exponentially more reliable than our current solution. In fact, the National Institution for Standards and Technology (NIST) is already investigating how blockchain can help protect digital identities.

Due to the secured & decentralized nature of blockchain technology, it’s incredibly difficult (if not impossible) for hackers or nefarious parties to tamper with transactions. Blockchain-verified data is highly secure and trustworthy, meaning transactions can be processed much faster than in today’s world without compromising security.

The reason why the banking and financial services industry moves towards a completely digital landscape. It’s been predicted that blockchain technology will experience a boost in popularity among finance professionals, with 66% of banks expecting to have blockchain solutions in production within the next three years.

Moreover, the future of blockchain in finance also brings us opportunities to process transactions 24/7. Without being interrupted by banking hours, the technology could enable businesses, governments, and consumers to carry out transactions anytime, anywhere.

In an ever-evolving world, one of the most relevant use cases for blockchain right now is cryptocurrencies, and it is here to remain that way for some time. However, an even more exciting future is emerging in blockchain technology: non-fungible tokens (NFTs).

NFTs are a revolutionary new way of buying and selling digital assets that represent real-world items. All NFTs are unique and can’t be replaced or swapped — they can only be purchased, sold, traded, or given away by the original owner/creator of that asset.

NFTs could power a whole new wave of digital collectibles, from rare artwork to one-of-a-kind sneakers and accessories. They could also be used in place of items in video games or other virtual worlds.

The year 2021 is expected to be the “year of the NFT.” In just two months, we have seen nearly $400 million in gross sales for the top ten collectible items, which are all cryptocurrency-based collectibles, marking an overall 400% increase over last month’s numbers!

The possibilities for NFTs are endless — and these tokens will likely have a significant impact on the future of digital ownership. Besides, in the next few years, you’ll probably be able to buy everything from artwork to cars using NFTs.

For many businesses across various industries, a key to success is a well-functioning, efficient supply chain. Blockchain technology has already been used in multiple industries as a means of keeping tabs on supply chains and ensuring their efficiency. This could eliminate human work and the potential for error from a complex and crucial process.

At this point, blockchain is a technology with an exceptionally broad set of potential uses. Although blockchain is most famous for its connections to the blossoming cryptocurrency world, several other applications have already been explored. Perhaps even more exciting, though, is that new ways of utilizing blockchain emerge every day. As such, whether you are directly involved in the digital currency space or not, it’s essential to develop an understanding of blockchain and how it may be used to transform the business and investment worlds.

One of the most problematic results of the internet age has been identity security. As diligent as many individuals and organizations are in maintaining their online identities and securing private information, there are always nefarious actors looking to steal and profit off of these digital items. Blockchain technology has already demonstrated the potential for transforming the way that online identity management takes place.

Blockchain offers a tremendous level of security, thanks to independent verification processes that take place throughout member computers on a blockchain network. In digital currency cases, this verification is used to approve transaction blocks before they are added to the chain. This mechanism could just as easily be applied to other types of verification procedures, including identity verification and many other applications as well.

The applications for blockchain and identity management are wide-ranging. For instance, blockchain could potentially be used to aid in maintaining voter information and ensuring proper functioning of the electoral process. Blockchain could be used to securely and efficiently transfer user data across platforms and systems. The technology could also be used to maintain and protect records of real estate ownership, titles, and more.

Smart contracts are often seen as a highly powerful application of blockchain technology. These contracts are actually computer programs that can oversee all aspects of an agreement, from facilitation to execution. When conditions are met, smart contracts can be entirely self-executing and self-enforcing. For proponents of smart contracts, these tools provide a more secure, more automated alternative to traditional contract law, as well as an application that is faster and cheaper than traditional methods.

The potential applications of smart contract technology are essentially limitless and could extend to almost any field of business in which contract law would normally apply. Of course, while highly touted, smart contracts are not a magical substitute for old-fashioned diligence. In fact, the case of the Decentralized Autonomous Organization (DAO) is a cautionary tale and a warning to investors to not assume that smart contracts are any better than the information and organization that a user puts into them. Nonetheless, smart contracts remain one of the most exciting ways that blockchain technology has already extended beyond the cryptocurrency space and into the broader business world.

Traditionally, the transfer of value has been both expensive and slow, and especially for payments taking place across international borders. One reason for this is that, when multiple currencies are involved, the transfer process typically requires the participation of multiple banks in multiple locations before the intended recipient can actually collect his or her money. There are existing services to help facilitate this process in a faster way, but these tend to by quite expensive.

Blockchain technology has the potential to provide a much faster and cheaper alternative to traditional cross-border payments methods. Indeed, while typical money remittance costs might be as high as 20% of the transfer amount, blockchain may allow for costs just a fraction of that, as well as guaranteed and real-time transaction processing speeds. There are hurdles to be passed, including regulation of cryptocurrencies in different parts of the world and security concerns. Nonetheless, this is one of the most promising and talked about areas of blockchain technology application.

KEY TAKEAWAYS

• Blockchain technology has far-reaching applications across many industries.
• Blockchain is already used to facilitate identity management, smart contracts, supply chain analysis, and much more.
• The full potential of blockchain technology likely remains to be discovered.