What is the Future of Blockchain Technology?
Blockchain is the technology that is gaining popularity in the ‘Business’ world. The initial momentum in this space began with Bitcoin. However, in the past few years, this concentration has shifted towards other blockchain technologies. The latest blogs published by Luxeveda, provide insights on the basics of blockchain and its role in a business. In this article, we talk about the future of Blockchain and the different business sectors that have and will adopt this technology into their business model.
Why is Blockchain gaining popularity?
One of the reasons Blockchain has managed to stand out of the crowd and draw attention is its security. Cybersecurity is one of the promising areas of predicted growth for blockchain. This technology helps beat the ongoing challenge of data tampering, identity management and quality control. Although Blockchain holds the name of a decentralised ledger it has changed the structure between the people who create, people who buy and the middle-men who finance.
Who is using Blockchain ?
Few of the early adopters of blockchain technology are Google, J P Morgan Visa and Deloitte. They have been extensively investing in blockchain projects in the past few years. Businesses based on Blockchain services include Spotify. They equip blockchain to manage copyrights. IBM built a tracking tool for shipping companies and retail chains using the blockchain technology and Eastman Kodak, created storage for photo stocks.
In the field of marketing, companies are using blockchain to reshape marketing functions. IBM also launched blockchain-as-a-service (BaaS) to help brands like Walmart keep a track of food production. Estonia has implemented blockchain technology on the government level. A majority of public services in Estonia have access to X-Road, a decentralized digital ledger that contains information about all residents and citizens.
Future of Blockchain Technology
Blockchain technology in the future will revolutionize traditional business processes. In the economic sector, it will help banks conduct faster transactions at lower costs and launch new cryptocurrencies. As the digital transformation of global businesses continues, blockchain will evolve as a reliable transactional platform across the globe. In the health care sector, this technology has the potential to improve medical access and efficiency. Jared Tate the author of Blockchain 2035, speaks about how there is a need for a Crypto wallet to maintain medical records. Identity theft could also become a thing of the past with blockchain and biometrics. Personal identity information like passport, educational records, and driving licence — can be securely stored with blockchain. These are just a few examples but blockchain will continue to have an impact on nearly every sector. However, the adoption of this technology will require time and efforts.
To conclude, we are certain that this technological advancement will stimulate people to acquire new skills in the coming years. On the other hand, the traditional business will have to completely reconsider their processes. Nevertheless, in the next 10 years, we can expect more examples of such successful implementations of blockchain technology. While this technology is competitive and fast-growing the real winners will be those who begin to build their solutions around blockchain’s potential. If you are looking to future proof your business, then it is time for you to bring in this technology. Contact team Luxeveda and we can help you redefine your business models with Blockchain.
Originally published at https://luxeveda.com on August 21, 2020.