The Future of Blockchain Technology, In this strange and wonderful future world, blockchain might just play an integral role in our lives.
What makes Blockchain Technology so exciting?
Blockchain is permanent when information is stored on it. It will be there forever and it can never be tampered with.
Second, It’s verifiable every entry has been approved and has a time-stamped preventing fraudulent activity.
Third, and finally, It’s distributed, the people maintaining the system are not all employed by the same entity. They are contributing individually from all around the world decentralizing power.
Right now blockchain technology is most popularly used in cryptocurrencies like Bitcoin. Anyone with an internet connection can use cryptocurrencies.
In fact, it’s more far-reaching than you might think at first glance. An estimated two billion people worldwide have no access to financial services. They can’t get a loan, store funds, or transfer money to other people safely.
These are services most people take for granted but they are actually really important. Cryptocurrencies change all of that giving financial access to anybody with an internet connection. No identity verification, minimum balance, or financial institution need.
Now it’s true nowhere near every person has access to the Internet but that figure is growing rapidly between 80 and 300 million people per year.
Our world is becoming more interconnected every day. Soon almost everybody could have financial access due to the combined power of the internet and cryptocurrencies. That means less poverty more businesses and an overall healthier global economy.
Cryptocurrencies are making our economy more inclusive and global but what else can blockchain help us with besides financial applications
Blockchains can also execute digital agreements called smart contracts. A smart contract is a blockchain-based agreement that has the power to automatically execute and transfer funds once conditions are met.
These contracts work in if-then statements, like if the milkman delivers milk and then transfers funds to his account.
The key to smart contracts is the automatic part; that’s the important point. Once the contract is signed and sent off it can execute automatically immensely simplifying legal disputes.
Now that the technology behind smart contracts is still being worked out, creating a digital program that understands the complexity of real-life events is really, really hard. At best, it’s going to take some time before these can be implemented in real life.
The technology is still in its infancy but here’s a taste of what smart contracts might be able to do in the future
- First, They can simplify legal disputes in almost any area. Disputes happen when people who sign the contract don’t carry out its terms. If you use a smart contract there is nothing to dispute about.
- Second, They can replace escrow services that hold onto money during deals. Escrow services are used to help us complete transactions by holding onto the money until the deal is secured. The problem is they add a lot of hassle to your transaction not to mention the fee instead you could use a smart contract as a decentralized blockchain-based escrow service it could automatically complete and transfer funds once you receive the deed to your house
- Third, Smart contracts can also automate payments like insurance or payroll. Using a smart contract you can easily do timed payments of any kind. Imagine setting one up to pay your rent on the first of every month so you’d never have to remember again.
We can do a lot of smart contracts but that’s just the start. Blockchain technology can be used to securely verify and transfer all kinds of information. Many of these applications are still being built.
Future of Blockchain Technology
What blockchain technology might be able to tackle in the future? let’s explore
Today’s tech giants have unprecedented data on you me all of us but we like to watch what we search for what we buy even where we are.
Blockchain technology could allow us to create secure digital identities so that we can prove who we are to third parties without actually having to give away our personal info like birthdays, home addresses, or social security numbers
At the end of the day, this ensures that you’re in control of who has and doesn’t have your information.
Blockchain technology can be used to securely run elections when we can verify that each vote came from a real registered voter we can eliminate voter fraud and do away with tedious recounts
Imagine even being able to vote from your computer or phone this isn’t sci-fi it’s real.
Using blockchain technology rights to music art and real estate can easily be defined transferred and even split up into thousands of little chunks and sold one by one just like Shares in a company.
In theory, any physical asset could have a digital counterpart that is easier to keep track of and transfer.
Even if you don’t have a lot of cash this opens up a whole world of investment opportunities.
Growing Blockchain Technology
Blockchain technology is still growing fast, like the Internet in the early 90s. This technology is not done yet but it has a bright future.
In 20 years, we might not be able to imagine a world without blockchain. That will be the future of blockchain technology. As talented minds flock to this new space, we might soon find blockchain technology integrated into the systems we use every day think computers, money, social media, and more the future is globally decentralized and in your control.
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