Over the last few years, blockchain technology has evolved significantly in terms of development and general adoption, with no signs of slowing down. That means it’s time to get ready for a financial and social revolution that will transform the way we conduct business, manage data, and offer services.
However, blockchain is still not very well-known or well-understood. It is known as the technology that underpins cryptocurrencies such as bitcoin. But this is far from the only use for blockchain, and many people are unaware of how it may benefit them, their organization, or even society as a whole.
The potential of blockchain technology is practically unlimited, and recent advancements have brought us closer to a decentralized, trustless internet, transaction transparency, and more.
So, how about we take a look at the future of blockchain technology?
Here are a few examples of how blockchain will impact the future:
NFTs – Non-Fungible Tokens
Cryptocurrencies are currently one of the most significant use cases for blockchain in this ever-changing world, and they will continue to be like this for some time. However, a more interesting future in blockchain technology is arising: non-fungible tokens (NFTs).
NFTs are a ground-breaking new way to acquire and sell digital assets that are based on real-world assets. All NFTs are one-of-a-kind and cannot be replaced or exchanged; they can only be bought, sold, traded, or given away by the asset’s original inventor.
NFTs have the potential to drive a new wave of digital treasures, ranging from rare artwork to one-of-a-kind shoes or accessories. They could also be used in video games and other virtual environments to replace goods.
NFTs have incredible potential, and these tokens will certainly have a huge impact on the future of digital ownership. Besides, in the next years, NFTs will most likely be used to purchase everything from artwork to vehicles.
Transactions will be performed faster
Because of the secure and decentralized nature of blockchain technology, messing with transactions is extremely difficult for hackers or other malicious entities. Because blockchain-verified data is extremely secure and reliable, transactions may be executed much more quickly than in today’s world without compromising safety.
Blockchain technology is expected to gain traction among financial professionals, with more and more institutions expecting to have blockchain solutions in production over the next years.
Furthermore, the future of blockchain in finance provides us with the ability to handle transactions 24 hours a day, seven days a week. Without the constraints of banking hours, the technology might allow corporations, governments, and individuals to conduct transactions at any time and from any location.
To prove who we are online, we now need passwords and authentication questions. Blockchain has the potential to replace this system with a safe, secure, and simple digital identification.
Your digital identity is based on the totally random set of numbers allocated to each user on a blockchain network, rather than establishing who you are by recalling some personal, meaningless piece of information that could be guessed or hijacked.
This implies that without access to your private key, your identity cannot be hacked or changed, making it far more secure than our existing system.
You’ll be able to buy a house or a car faster and easier
One of the most important challenges in real estate is confirming and validating identities.
Because blockchain makes data more transparent, smart contracts could reduce the need for this time-consuming verification process. These self-executing contracts could be used to execute a number of functions, including loan processing and identity verification.
Furthermore, blockchain technology has a wide range of applications in the real estate market, from transparent transaction data to managing property records to smart home devices that are linked to your lease terms.
Moreover, you may be able to pay for your vehicle with cryptocurrency in the future and receive a return on your investment through tokenized ownership. You wouldn’t have to worry about monthly bills or insurance because all you have to do is download an app, choose your car model and pick-up location, and you’re good to go.
In a nutshell, the entire procedure may be accomplished in minutes. You wouldn’t even need to speak with a car salesperson or get any financing approved by a dealer because everything would be handled automatically through your cryptocurrency wallet.
Could be used in the healthcare sector
As previously stated, blockchain technology may be used to store and maintain digital identities, and the same can be said for health records.
Healthcare providers might also use blockchain technology to safely exchange information. This would cut down on inconsistencies and enhance diagnosis efficiency while also ensuring patient privacy.
Besides, it’s obvious that battling the global Covid-19 pandemic will be a major concern through 2022, too, and that it will be a significant use case for several of this year’s top tech developments. In the monitoring and delivery of vaccines, blockchain technology has several key potential applications. In a world where counterfeiters are known to create and sell fake vaccines, blockchain allows the validity of vaccine shipments to be verified, as well as their distribution to be tracked to guarantee they reach their intended destinations. There’s also a necessity to assure integrity at every step of the supply chain, such as ensuring that batches of vaccinations are stored at the correct temperature, as many of them require.
The possibilities are endless: blockchain may be used to track the supply chain, improve medicine safety and combat counterfeit drugs, reduce health insurance costs, and much more.
Easier voting process
Voting via blockchain technology could be simpler, faster, and more secure than we currently vote. It would also help in the protection of voter identities (and even support remote voting). Rather than going to the polls or mailing in a ballot, you might just go on to your computer or mobile device, verify your identification, and vote.
The best thing is that blockchain enables all of this while simultaneously giving an immutable record of votes that protects against fraud and manipulation. There are already a bunch of new blockchain firms dedicated to making it easier for people to vote more securely online, so it won’t be long until internet voting becomes the norm everywhere.
There is no doubt that the usage of cryptocurrencies will grow significantly in the next years. As even more businesses, large and small, start to recognize cryptocurrency payments, blockchain technology will become more widely used.
It’s still difficult for common people to get involved in bitcoin trading today. As additional crypto currencies develop, making it easier to utilize digital currencies like Bitcoin or Ethereum, this is predicted to improve.
This trend could lead to mass tokenization of assets other than vehicles, like houses, property, artwork, and other valuable items.
Blockchain is currently one of the most interesting technological advancements. It’s a distributed, encrypted database model that could solve a lot of problems with online trust and security. Many people are familiar with it as the technology that underpins Bitcoin and other cryptocurrencies. However, it has considerably larger applications, including digital “smart” contracts, logistics and supply chain origins and security, and identity theft prevention.
Blockchain technology has a lot of potentials, and it’s expanding rapidly. Nevertheless, the future of blockchain technology appears bright, and given that it is already demonstrating potential in nearly every field, it appears that the best is yet to come.
Meanwhile, it will be fascinating to see where blockchain technology goes in the future, particularly in terms of money transfers, banking services, decentralized markets, and other areas. We hope you found these examples of how blockchain technology could change the world in the next ten years to be interesting.