Blockchain technology has transformed a crucial aspect in which data is going to impact in the coming years. That is a world where data can be more progressively distributed. A global solution for future generation data obstacles must be introduced to restraint this threat. A plan is developed, where crucial data is assigned among many geographies, and also across on-premise and cloud data sources. Distributed ledger technology (DLT) is getting global, and major cities of the world are approaching it. An example is Dubai, as it has assured to update all its government systems with DLT-based digital structures in the next couple of years.
Currency, whether it is physical or digital, needs authentic support. When no credible parties are handling the transactions, then a DLY system becomes a vital key like blockchain. As countries will adopt cryptocurrencies as an official currency, then advanced technologies will assure transactional rectitude. It will constrain destroying the transactional data for emerging a new global system.
3. Application of smart contracts
The future of blockchain technology is not only entitled to cryptocurrencies. “Smart contracts” are another beneficial aspect of using blockchain technology. The central idea of smart contracts is its automated application when criteria are met. Such as the delivery of items or services after receiving the payments. Besides, the other requirements of contracts must be automatically monitored.
“Smart contracts are a powerful application of blockchain technology, as a computer program which monitors various aspect of agreement from compensation to management”, says, Mark Phillips, Manger of Learning and Development department at AcademistHelp.
It is entirely self-driven when conditions are as per regulations. Smart contracts are a more secure and automatic substitute for current laws; at the same time, it is much faster and cheaper than traditional methods. In future also, these smart contracts will be decentralized, which is the core feature of blockchain technology.
4. A new approach for remittance
The conventional method of people to transfer value is expensive and takes more time as well, especially payments taking places internationally. Therefore, the world is looking for an innovative and secure way for this purpose. The other issue in the conventional approach is when different currencies are involved; then the transfer process takes place between multiple banks. Hence it takes more time before the concerned receiver can collect the amount. Advanced ways in technology will help in facilitating the process more rapidly. According to statistics, there were 24 million users of Blockchain wallet till 2018.
Blockchain technology will be a better alternative to provide much quicker and cost-effective service than conventional means followed by different countries of the world. Indeed, various money transfer charges may get higher with the traditional approach, but with blockchain technology, it will get at bare minimal. It will be a more secure and real-time transaction. On the other hand, there are obstacles in this technology which need to be cleared, including governance of cryptocurrencies in various parts of the world. Anyhow, blockchain is the most promising and emerging technology which the world will acquire in the future; therefore, blockchain enterprises are acquiring this approach.
5. Advanced security measures
According to stats, around $2 billion were spent on blockchain-solutions globally in 2018. Blockchain technology is expanding its network across the globe and will grab a significant proportion of the market in the future. With its expansion, experts are looking for a more advanced security feature to make much protected and guaranteed approach. The basic idea of blockchain technology is to offer people who lack trust in others, to share the valuable data securely and flawlessly. Blockchain technology stores data using highly protective and innovative systems that are exceptionally challenging for hackers to manipulate.
With all the safety features, the best-designed blockchain systems may flop in situations where the logarithms and software rules are involved. There are professional and skilled scammers, which may become a threat to the safety of blockchain technology. However, blockchain technology offers remarkable security level because of its independent verification processes that occur across member computers on the blockchain network. In the future, there will be more secure as in the case of digital currency and verification process will be used to approve the transaction before they are added to the chain.
6. Transforming the world economy
Blockchain has the potential to transform the world economy. This technology has the capability and strength to reduce the poverty gap in the world. This goal can be achieved by a rising number of financial aspects, minimizing corruption, and allowing decentralized approach to value-proposing elements.
In today’s world economy, one of the most challenging aspects of modern manufacturing is the supply chain. A finished product may consist of components from various countries like China, North America, and other countries, whereas the product itself is assembled in Taiwan. In such a scenario, delays, miscommunications, misunderstanding, and other distractions may arise between the various parties or companies. Thus, a blockchain database can track record of every transaction involved in the manufacturing of a product.
With the introduction of blockchain-based currencies, the future of blockchain technology emphasizes the unbanked population to get banked and paid. People will no longer need to depend on centralized organizations, such as the government or a bank, to allow them to operate a bank account. People can buy and sell cryptocurrencies on an open market with access to a smartphone. It is predicted by economists that in the near future these currencies will serve as a standard, similar to the US dollar.
John William is currently working as a Technical Writer at Australian Master. He holds a Master’s degree in Information & Technology and a Certification in Project Management Professional (PMP). John is fond of writing about advancement in modern technologies. He spends his idle time in playing badminton and reading science-tech magazines.