Everybody knows that Blockchain is for sure one of the hottest tech trends to hit the business world. It’s the technology that drives Bitcoin and other alternate currencies that have been making headlines around the world recently. Not a single day goes by without mentioing of Bitcoin’s wild swings, as cryptocurrencies face dramatic surges and massive crashes. The epoch of blockchain and crypto is upon us, and with that comes the hype, hysteria, and frustration associated with every new tech wonder. There are still many questions surrounding the emerging industry, though. What does the future of blockchain look like? Will cryptos eventually replace cash or are they just a passing trend? Read on to find out what’s in store.
The world has split into Bitcoin haters and lovers. Proponents of cryptocurrency predict it’s the future of money, while skeptics think the promise is overblown and the Bitcoin star will eventually fade. The opinions might vary greatly, but the reality is that crypto has become an international sensation and is not going anywhere anytime soon. Despite all the bubble talk, cryptocurrency continues to march on. Even if it may seem that the crash is on the way, once the dust settles, we will ultimately accept the fact that blockchain-based currency is a long-time investment. With innovative productive solutions underway, making crypto coins a means of payment is becoming a new norm. Spending and accepting them easily, widely and anonymously justifies adoption of cryptoassets, though currently volatile. Cryptos may still be the underdogs of online trading, and retailers who accept virtual currencies are still very much in minority, however, the acceptance of Bitcoin (and altcoins in general) as a medium of exchange has been on the increase. A growing number of traders and service providers are ‘joining the cryptoclub’, so we can expect a wide crypto penetration and an overall increase in its value. Some critics of digital coins argue that technological complexity of Bitcoin and its peers will likely browbeat most people, except for the tech-savvy. But what they are actually missing here is that millennials, now the largest population on Earth, grew up with the tech at their fingertips and are now a distinctly digitally literate demographic.
While cryptocurrencies have been getting tons of attention from investors and media, they are just scratching the surface of the potential uses for the distributed ledger technology. As more and more Blockchain-related ventures are maturing, we will soon start to see a string of new actual products entering the blockchain market that will produce true value.
According to a Gartner Report “the blockchain revolution promises to touch every industry.” This claim is supported by the fact that Blockchain, while still in its infancy, is already finding its way into a variety of domains, including banking, finance, retail, digital media, healthcare, insurance, energy, real estate, education, entertainment, government, and more. You pick an industry, and blockchain technology holds huge potential to disrupt it, allowing people to benefit from the value they create.
It’s difficult to predict the exact future technology landscape and how blockchain fits in, but there are definitely a few areas of potential impact. Blockchain technology will be particularly valuable in the finance, healthcare and insurance industries. These industries rely on permanent record-keeping and the efficient processing of financial and informational transactions – areas where blockchain can streamline current processes. Additionally, new internet architectures built upon blockchain could emerge. A few large companies get value from users’ data with the current internet design. Blockchain could aid in pushing that value back into the users’ hands by decentralizing data storage and enabling users to control which applications can access their data and monetize it. Users could get paid in exchange for revealing their data to these new internet applications.
Keeping up with technology’s rapid evolution can be challenging, but the earlier that organizations begin conversations about next-generation technologies like blockchain, the more likely they will be able to take advantage of and integrate these developments.