Future of Blockchain Technology: Top 5 Predictions

Bitcoin and cryptocurrencies with positive and negative future considerations have been an extensive topic to discuss since many years. In spite of growing heed in Cryptocurrency and its fundamental blockchain technology, latest crypto endeavors are distant from pioneering success. According to the Tech Crunch report, more than 1000 Cryptocurrency projects have been failed until now.

Similar to the Dot com bubble of the late 1990s and early 2000s, many tech experts consider that these failed projects are part of “Rise and Fall” process, and blockchain is about to begin its footing in the global economy. Furthermore, tech experts have predicted the given below facts about the future of Blockchain Technology.

Government Crypto

In the upcoming years, maximum governments all around the world will generate or take some form of virtual currency. Unlike traditional fiat alternatives, Cryptocurrency is more effectual to reduce settlement times and increase traceability.

Within a short time, government-based Cryptocurrency will emerge as a source of exploration and investigations. It will be controlled with the support of developing countries having an unbalanced economy and weak organizations. Such kind of nations will lead toward progress in a hasty way—?with an agenda operated by political concerns rather than economic issues. The overall procedure can clearly understand with the example of Zimbabwe dollar that has faced shocking inflation of 500,000,000,000%. Due to this inflation, many Zimbabweans turned out toward Bitcoin and helped to increase Bitcoin value in the local crypto market. Introducing a new Cryptocurrency provides a feasible solution for the government to overcome financial challenges.

In simple words, governments are leading with Cryptocurrency projects day by day. Due to the lack of required expertise, these governments will get help from external consultancies; many of them will be newly established with insufficient resources. Due to limited practices of the private key system, these governments will become a victim of professional hackers. Later on, the government will see positive outcomes. Next-generation blockchain technology will retain many ongoing restrictions, including privacy and toolset controls. Moreover, governments with a lack of successful Cryptocurrency will turn into stable coins.

Trillion Dollar Protocols

World’s foremost valued companies that are based on stock market assessment are competing with each other. Google, Apple, Amazon, and Microsoft are part of “4-comma club” competition. These top-rated companies are representing the emerging economy—based on online and digital business for decades. This is known as the Internet economy, and blockchain experts call it "Web 2.0".

By 2030, the latest economic trends will become part of every underlying nation. Their impacts will continue to grow over time. According to tech experts, there will be chances for the first trillion-dollar company to cross the economy, and other companies will strive to meet that threshold. The only factor that is common among traditional and new economy is both represent the notion of a company.

Blockchain technology affects data flows and reduces transaction costs. Whereas, both of these get lowered due to obstructs.  It also helps to modify the existing equation by dealing with tokens and other digital assets. We are in the era of blockchain technology, and there will be more trillion dollars in upcoming years.

Blockchain identity for All

An email has proved itself as a superlative app for the internet, same as identity solutions will be in favor of blockchain. The identity system is functioning in silos and considered insecure. These problems will be handled with the help of blockchain-based systems. 

Blockchain-based identity helps to organize and cross-check the collected data through the consensus process and keeps the data secure on a decentralized, immutable ledger.  According to various reports, around 1.5 billion people all around the world are unable to prove their identity, including 65 million people who are refugees. Blockchain-based identity platform will assist the marginalized population and control the legal documentation. Furthermore, it will empower self-sovereignty, which ultimately stand as an individual's privacy.

World Trade on a Blockchain

At the international level, blockchain technology leveraging the supply chain industry worldwide.  As per current circumstances, world trade has victimized by the corporate association of untrusted groups. This situation occurs with inadequacies, mistakes, and frauds. These problems have become part of the business and can never be resolved without using blockchain technology. Here are some problems that we need to solve immediately, such as:

• Manufacturing and selling of fake bags of Louis Vuitton
• Fake medicines in the pharmaceutical industry
• Production of forged and low-quality spare parts in North America
• Food supply chain in China
• Manufacturing of counterfeit medical and electronic apparatus

To retain the changes, we need to bring anti-disruption in our system using blockchain technology as a source of unification. Whereas, the whole procedure will not easy, and it will consume time to proceed.

Blockchain Technology for Good

Poverty and income discrepancy, both are the biggest problems for humans to handle. According to an estimate, around 10% of the total world population spent less than 2 dollars per day. More than 2 billion people are unable to access financial services and unbanked. The world’s GDP has grown rapidly, and overall living standards also increased, therefore rich become richer, and the poor become poorer.

Blockchain technology plays an important role to handle poverty and its causes. But how? Poverty can be controlled by reducing corruption, empowering decentralized access to value-creating assets, and raising financial inclusiveness.

Corruption can be reduced with the help of blockchain technology by developing transparency of legal records. Whether you’re a businessman or a farmer, you will be required to get land registry.

Financial Inclusiveness is a foremost advantage of cryptocurrencies like Bitcoin. Blockchain technology and Bitcoin, both help the unbanked population to get banked. People can buy and sell Bitcoins on an open market using smart phones.