Blockchain technology and the Future of Blockchain

That is the subject at hand, considering the dramatic growth in popularity of the cryptocurrency Bitcoin towards the end of 2020. (among others). However, the blockchain business concept is more than just money. As a blockchain development solutions provider, we have explained that blockchain technology offers a new way to enhance legacy systems. This essay aims to reveal what lies ahead with this ground-breaking technology.

History of the Blockchain

Using distributed ledger technology, the history of blockchain can be verified by anybody (DLT). According to the above phrase, the blockchain is simply one single ‘thing.’ However, there are several blockchains, business models for blockchains, and use cases for blockchains. The major reason I started with this line is that it exemplifies one of the many advantages of blockchain over other technologies.

A digital ledger that stores an immutable history of events (transactions), with a copy of the ledger dispersed over a large network. As a result, no one entity can tamper with the data on the ledger. Once they are satisfied that the data they are utilizing is real and cannot be tampered with, all they have to do is use their creativity to find out what kinds of issues they can solve. Many individuals, on the other hand, argue that blockchain is a solution searching for a problem to address. Let’s wait and see what happens.

What is the significance of blockchain?

‍Check out the post where we explained the fundamentals of blockchain if you haven’t previously. Proof of existence, proof of non-existence, proof of time, proof of order, proof of identity, proof of ownership, and proof of authorship are all examples of proof. If you have an entrepreneurial attitude, you may apply blockchain’s trust features to existing business models that rely significantly on third parties for trust. Similarly, you may already run a firm where trust is assumed but not shown. If that’s the case, blockchain technology can help you build trust.

Furthermore, in a world where data farming, privacy issues, manipulation, and disinformation are eroding confidence, it is quite easy to answer the question – is blockchain the future? At the absolute least, blockchain provides a use case in safeguarding honest individuals and companies from this type of misbehavior, as well as having a good impact on business.

The Future of Blockchain:

Until now, blockchain and Bitcoin exchange development companies have mostly focused on the financial services industry (fin-tech). This is due to the fact that the earliest blockchain versions (Bitcoin) had significant linkages to transferring value ($) and safeguarding wealth (in failed economies such as Argentina, Venezuela, Turkey). Surprisingly, by 2020, nearly every major financial services provider or banking institution will have invested in blockchain technology, recognizing the need to adapt or risk becoming outdated.

Here are some real-life applications of blockchain technology future in different industries which are still under development:

1. Blockchains in Real Estate :

Blockchain technology is now being used by a growing number of sectors. I, for one, signed a lease for a property using a smartphone app that kept records on the blockchain. Keeping a national ledger of ‘evidence’ for real estate and property administration is a big advantage for administration efficiency.

2. Blockchains in the Supply Chain :

Supply chains, as previously stated, are already gaining from distributed ledger technology. Not only can supply and demand data be made more widely available but it may also be made public or private. Or it might be partially secured, exposing non-critical data to the whole supply chain while keeping sensitive data secret and hidden.

3. Rights to Publication:

If one can establish that it was made, invented, or released, it goes without saying. Litigation costs may then be a thing of the past. Furthermore, the rights to publish anything, as well as the royalties associated with publication, are easily verifiable, trackable, and traceable. It is possible to lease intellectual property, and the usage of such IP may be tracked on the blockchain. The more consumer-friendly this technology grows, the greater the influence on artists, authors, and producers.

4. Voting :

Consider voting; while it is debatable, we have had the ability to vote virtually for years. Some speculate that this was not permitted to happen due to concerns about data falsification. Perhaps a central server that controls an electronic voting system goes down.

Blockchain voting technology has lately been extended to various settings, such as the financial industry. Many of today’s fin-tech blockchain startups have already included a decentralized voting system. Rights are similar to those of a shareholder. A token holder has the ability to vote on platform/entity/network modifications and improvements.

5. Compilation of data :

In light of the foregoing, a massive quantity of information is being compiled on a digital ledger. This information is valuable since we are all aware of the technological corporations that now profit from our data. Our data, on the other hand, can be made public while being under our control. The employment of technology and big data would then be more ethical. The user may keep their personal information private while yet benefiting from data exchange that may be useful to them. For example, exchanging data with a favorite brand in exchange for royalties.

Conclusion:

As we can see, blockchain technology is well suited to a variety of business types. Many company concepts, on the other hand, do not match the blockchain business model. It’s vital to remember that this technology is still in its early stages, and despite the hoopla, just a few initiatives are making a genuine difference in the real world. Nonetheless, blockchain has made great achievements as a new technology in the previous few years, developing swiftly in a short 12(ish) year lifespan. In comparison, the internet took over 30 years to reach its current level of utility. In such a situation, we believe blockchain is the way of the future.