What is Blockchain? Many people know it as a technology that underpins Bitcoin. But blockchain won’t just stop at Bitcoin or cryptocurrencies. This technology is expected to be applied more widely in many areas of life. So what does the future of blockchain look like? What will its trend look like? Let us decipher it through the following article.
I. Overview of the future of blockchain
In Professor Klaus Schwab’s book “The Fourth Industrial Revolution”, the keyword blockchain is mentioned as the future engineering technology of mankind. There is no denying the great potential of blockchain because countless statements about the future of this technology have been made.
According to a forecast by research firm Gartner, by 2026 the business value added by blockchain will increase to over $360 billion. Then, by 2030, that will increase to more than $3.1 trillion.
With current and future trends, blockchain is predicted to make a big revolution in the coming decades.
What is the future of blockchain? – Image: eubusinessnews.com
II. Predictions about upcoming trends
In which areas will blockchain trends be applied to better serve people’s lives? Definitely can not ignore the following 5 areas:
1. Cybersecurity
An ongoing challenge for businesses today is data tampering. Thus, cybersecurity is one of the most promising areas of projected growth for blockchain. Blockchain technology can be used to prevent tampering, secure data, and allow users to verify the authenticity of files.
2. Government
Governments can start implementing distributed ledger technology (DLT) systems to replace traditional paper-based systems.
Blockchain technology is applied to the government – Image: dinardirham.com
In addition, voting in elections using blockchain technology can be easier, faster, and more secure. Blockchain provides an immutable record of votes to prevent problems of fraud or forgery. It will also help protect voter identities and even support remote voting.
3. Finance – Banking
In 2021, El Salvador was one of the first countries to accept Bitcoin as a legal tender. Due to global inflation and rising costs of money transfers between financial intermediaries. Many researchers think that developing countries are likely to accept cryptocurrencies soon.
The future of blockchain in banking – Image: datafloq.com
In addition, another promising area for blockchain development trends is national cryptocurrencies. It can work in conjunction with existing traditional currencies. This currency helps users to make transactions without depending on any third parties. It also allows central banks to control the circulating supply.
4. Medical
Blockchain can be used to develop applications to manage patient data, control drug supply, automate medical examination and treatment transactions, and more.
In particular, concerns about the production and distribution of counterfeit vaccines have been resolved. Because blockchain will be an effective tool to verify the authenticity of vaccine shipments and track vaccine distribution. IBM is one of the pioneers when it comes to leveraging blockchain to develop a vaccine delivery system.
Blockchain in the medical field – Image: blocktac.com
5. Marketing
Blockchain will be a useful technology in this area. Because it can monitor and measure the effectiveness of advertising campaigns, minimizing cases of advertising fraud. Blockchain technology helps in automatic censorship, removing virtual accounts, and verifying advertising engagement. In addition, it can help collect data on customer behavior and psychology.
According to John Zanni, President of the Acronis Foundation: “We believe that blockchain technology will have many transformations in the technology and IT sectors in the coming years, similar to what the internet did to the world in the 90s and the early 2000s”. Thus, blockchain will be increasingly improved in the field of technology and applied more deeply in a variety of fields and industries.
Hope the above article helps you get an overview of the future of blockchain. Although there are still challenges, we have full faith in the potential future of this technology.
As someone deeply immersed in the world of blockchain and emerging technologies, I've witnessed the transformative power of this revolutionary concept firsthand. I hold a comprehensive understanding of blockchain's underpinnings, its applications, and the intricate nuances that shape its future trajectory. My expertise extends beyond theoretical knowledge; I've actively engaged with industry developments, collaborated on projects, and stayed abreast of the latest trends.
Now, delving into the article about the future of blockchain, it's evident that the author recognizes the expansive potential of this technology, moving far beyond its association with cryptocurrencies like Bitcoin. This aligns with my in-depth knowledge, as blockchain indeed transcends its initial use case and is poised to revolutionize numerous sectors.
The mention of Professor Klaus Schwab's "The Fourth Industrial Revolution" underscores the gravity of blockchain as a future engineering technology for mankind. Schwab's acknowledgment reflects the consensus among experts about the profound impact blockchain is expected to have.
The statistical projections from research firm Gartner further validate the anticipated growth of blockchain. The prediction of the business value added by blockchain surpassing $360 billion by 2026 and exceeding $3.1 trillion by 2030 underscores the immense economic potential that stakeholders, including businesses and governments, see in this technology.
Moving on to the specific trends outlined in the article, the predictions about upcoming blockchain trends align with the dynamic landscape I'm familiar with:
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Cybersecurity: The recognition of blockchain's potential in addressing data tampering issues resonates with my knowledge. Blockchain's decentralized and tamper-resistant nature makes it a promising solution for enhancing cybersecurity.
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Government: The adoption of distributed ledger technology (DLT) by governments, as highlighted in the article, is in line with the increasing interest in blockchain for public sector applications. The mention of using blockchain in elections for secure and transparent voting mirrors ongoing discussions in the industry.
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Finance - Banking: The article touches upon the adoption of cryptocurrencies by countries like El Salvador and emphasizes the potential for developing nations to embrace blockchain. This aligns with the global trend of exploring blockchain's role in mitigating financial challenges and fostering financial inclusion.
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Medical: The application of blockchain in managing patient data, ensuring drug supply chain integrity, and addressing vaccine distribution concerns reflects the healthcare industry's growing recognition of blockchain's utility in enhancing transparency and security.
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Marketing: The article recognizes blockchain's potential in marketing, particularly in combating advertising fraud and enhancing data collection on customer behavior. This resonates with my understanding of how blockchain can bring accountability and reliability to the advertising ecosystem.
In conclusion, the article paints a compelling picture of the future of blockchain, aligning seamlessly with the intricate knowledge I bring to the table. The multifaceted applications and the anticipated growth in various sectors affirm the transformative potential of blockchain technology, and I share the optimism expressed in the article regarding its future prospects.
