Blockchain technology has become popular due to its successful adoption of cryptocurrencies like Bitcoin,litecoin,Ethereum etc. But from last year, the concept of Blockchain started to capture actual public attention. Several experts have predicted that Blockchain technology will be implemented for various industries and expect that the future of Blockchain is to revolutionize traditional business processes. Blockchain utilizes mathematics, algorithms and communicates with every node in the network to secure and legitimize every single transaction, thereby ensuring the authenticity of each transaction. According to a study conducted by the Financial Times, implementing Blockchain technology in banking will cut up to $20 billion in third-party costs. Blockchain means different things to different people.
Blockchain technology is already turning the financial industry upside down through its disruptive applications, but finance is only the tip of the iceberg. The block chain’s true scope is in its ability to change the way you do things every day – like voting, travelling, or going to the doctor.
Blockchain in the Government space
It is expected that most governments around the world will create or adopt some form of virtual currency using Blockchain. The government currency of the future will be inevitably crypto. Compared to the traditional fiat alternative, cryptocurrency is more efficient, provides reduced settlement times, and offers increased traceability.
Due to the lack of requisite expertise internally, governments will turn to external consultancies, some of which are newly formed and with limited resources. As a result, many governments will end up victimized by hackers, due to inadequate or incompletely implemented practices regarding private-key management and related processes.
In the future, the Blockchain era, trillion-dollar firms will be replaced by trillion-dollar tokens .Tokens that support decentralized ecosystem of entities that together fulfill the role of the Mega Corporation. We are in the dawn of that era, and there will be more trillion-dollar tokens in 10 years than there will be trillion-dollar firms.
Blockchain Identity for All
By 2030, a cross-border basically based on Blockchain, self-sovereign identity standard will emerge for individuals, as well as physical and virtual assets. According to various data sources, 1.5 billion people in the developing world lack proof of identity, including more than 65 million refugees. Blockchain-based self-sovereign identity platforms will provide the disenfranchised population with tools to obtain and maintain legal documentation.
World Trade on a Blockchain
In Future, most of the world trade will be conducted leveraging Blockchain technology. At the current time, world trade is conducted via a chaotic, fragmented set of business relationships among parties that are untrusted. This results in inefficiencies, errors, and fraud. This is a set of real world business problems that are currently unsolved and cannot be completely solved without using Blockchain technology, like Counterfeit medicines in the pharmaceutical industry, Counterfeit medicines in the pharmaceutical industry, Fake Louis Vinton handbags and other fashion apparel in Asia, Grey market or counterfeit electronic equipment, including medical devices as World Health Organization estimates that 8% of them are fake.
Blockchain in the improvement of the world’s living standards
Blockchain technology has the potential to shrink the poverty gap. How?
It can be done by increasing financial inclusiveness, reducing corruption, and enabling decentralized access to value creating assets.
Blockchain in the future will revolutionize business processes in many industries, but its adoption requires time and efforts. Nevertheless, in the near future, we can expect that governments will finally accept Blockchain benefits and begin to use it for improving financial and public services.
Though some Blockchain startups will fail, people will get more experience and knowledge on how to use this technology. Blockchain will stimulate people to acquire new skills, while traditional business will have to completely reconsider their processes. All in all, in the future, there will be more examples of successful implementation of Blockchain technology.