Recently, blockchain related technologies have gained massive popularity in the context of cryptocurrency systems such as Bitcoin, Ethereum, and Litecoin. Much like the Dot Com bubble of the late ’90s and early 2000s, many experts believe that these failed initiatives are simply part of the natural “boom and bust” cycle, and blockchain is just beginning to find its footing in the larger economy.
1. Blockchain-Based Security
I see more focus being placed on the powerful potential of blockchain for financial and non-financial applications. More investment is being put toward building out tools and platforms built on blockchain for identity verification, other security measures, contracts, payments and more.
2. Standardization And Advancement
One of the areas of advancement in blockchain will be the standardization of interoperability among the different blockchains. While it is inevitable that there will be several blockchains with a specific business purpose, true benefits for the consumer or enterprise will be realized when they are able to “collaborate” in an open standard.
3. DLT-Based Systems
Distributed ledger technology (DLT) . Dubai has vowed to replace all government systems with DLT-based digital structures by 2020, which indicates that DLT will just grow over time. While the transition from a paper-based system to digital has been underway for a long time, DLT provides the underlying trust, immutability and transparency that such systems desperately need.
4. Growing Need For Crypto Backing
Money, regardless of whether it’s physical or digital, needs credible backing. When there are no trusted parties handling the transactions, then a distributed ledger becomes key, like blockchain. However, if a cryptocurrency is an official currency, then there are already technologies in place to ensure transactional integrity and prohibit tampering with transactional data.
Inflation and deflation of a bubble do not mean that an industry is not worthy. People get super excited only because they see huge potential in a product or service. Cryptocurrency and blockchain have immense potential and we shall see it in coming years. It just takes time, as all the good things in life do.
6. Transparency Across Industries
Blockchain’s structure is built as a distributed ledger that ensures complete privacy and control of all data to all users. Any changes to the blockchain are always completely transparent and accessible to the public. The use of a single publicly available digital ledger makes it easy to spot hacking attempts, while also reducing the messiness associated with systems containing multiple ledgers.
7. Negotiation And Trade
Blockchain technology is actively progressing. After the foundations for distributed consensus and exchange of value, we already see the early steps towards secure distributed data and common standards, aiming at distributed autonomous applications in a few years. This opens the opportunity for autonomous negotiation and trade among applications that can make markets more efficient