Blockchain is usually associated with cryptocurrency. However, it is so much more than that.
Of course, it’s not hard to understand why the technology has become synonymous with digital currencies. As options like Bitcoin have exploded in terms of their popularity, individuals who have looked to learn about what the asset is and how it works have come across the network.
Indeed, those who still want to learn more and stay up-to-date can use websites like CryptoVantage, which cover a variety of topics. It can be very useful to continue to use these sites as a resource, as the sector will continually develop and change, especially as technology evolves and adapts.
Blockchain is expected to be among the technological advances that change and evolve rapidly, especially over the next ten years.
Blockchain uses: How and where is it used?
Blockchain technology is a decentralized ledger that records transactions across a network. As mentioned, most people commonly associate it with cryptocurrency. The technology keeps a history of transactions while also ensuring they are encrypted and safe from hackers.
However, the network is also used in many other ways. It is used to hold smart contracts. Certain cryptocurrencies use this form of technology, with Ethereum being the most notable. They are digital contracts that are automatically executed and are stored on the blockchain.
The technology can be seen being used across various industries. It can be used across logistics, helping to improve efficiencies by streamlining certain processes. Time management and transparency are also other aspects that can be improved within the supply chain. Elsewhere, sectors such as healthcare, real estate, and education have been able to use blockchain to improve what they offer. Each of these use the technology to improve security and authenticate identity due to the sensitivity of data that can be required.
What advances should we expect to see in the next decade?
As technology continues to improve and evolve, blockchain is guaranteed to be a benefactor of the changes that are to be experienced. In the next 10 years, we should be able to expect a number of trends to emerge:
Blockchain as a service (BaaS)
As more people become aware of the benefits and potential advantages that they may be able to experience by using it, it’s likely we’ll see blockchain being sold as a service. There are already several companies who are looking into the development of this cloud-based service that allows for the creation of digital products for blockchain environments without infrastructure setup.
Artificial Intelligence
Artificial intelligence is a big benefactor of technological change due to its continued learning nature. As AI develops, it’s likely that it will be able to come up with new strategies, security features and understand risks that can then be implemented into the blockchain to make this form of technology more secure.
Improve Fraud Protection
As noted, blockchain technology already incorporates several features that strengthen security. However, we could see many more developments in this area be achieved in the next ten years. Fraud protection is likely going to need to be improved further if security threats become greater. We could see time-stamped records come into place, as these can help with anti-money laundering and flagging suspicious transactions.
The Metaverse & Web3
The Metaverse and Web3 are two types of internet technologies that are expected to take off relatively soon. Because of the expectations that both of these have on the internet in terms of what they will bring and how they will change it, blockchain technology is thought to have a large role. Its usage could allow for the new internet technologies to become decentralized, allowing users to control their data and post what they want. At the same time, this will mean enhanced security is going to be needed.
Is Blockchain really the future?
There may be some skepticism about the role that blockchain technology will play in the future. It’s only natural, as there will be some who will believe it is a phase and that there may be something new that comes along. Cryptocurrency has experienced the same kind of thoughts by many, but as it has still lasted after more than a decade of being around, the same should happen here.
As we’ve already seen, the technology is playing an important role in security. Although many may not know they are direct users of it, it has already been incorporated by many big companies across industries that we use on a regular basis.
It is extremely versatile and can be far-reaching. As technology improves, blockchain will as well.
The post The Future of Blockchain: What Trends Are Shaping the Next Decade? appeared first on CoinGape.
