Several people have apprehensions related to Blockchain technology. They keep asking this question “What will be the future of Blockchain technology”. Looking at the current trend we can say that future of the Blockchain technology is bright enough, as nowadays more and the number of people is shifting toward Blockchain. The benefits of Blockchain technology have propelled participants to plunge into this technology. We can say the Future of Blockchain technology is very bright.
This technology is famous for its security and fastest transactions. Moreover, this model is very useful for those who have doubts about the traditional payment method and want to shift to the digital network. Bitcoin and Blockchain have completely changed the market and with the current trend showing an upward graph, there are chances that both of these technologies will rule the world in the next 4-5 years.
What is Changing with Blockchain?
- In the future, all banks will embrace cryptography-secured currency. This will increase security and easy transactions.
- Permission ledgers will be used among businesses for hassle-free business transactions. Banks will start using this technology and digital currency and Blockchain will replace the ledger.
- Advanced technology such as Blockchain will minimize cybercrime in the future. The identity of participants through the visible network will reduce the chances of fraud.
- Car rental companies will use smart contracts between the customer and the company. Customers can pay the car rental through this smart contract and the company can receive the payment without any hassle. All these payments will be recorded in the Blockchain.
- Small businesses will create a network of traders which will be trusted by everyone. All traders can use smart contract to pay or receive payment. It is a good system as it provides payment security and transparency to businessmen.
- Blockchain due to its security measures brings robustness and transparency in the network. This provides security to the businessman.
- Blockchain will reduce the cybercrime risk. Hackers who create fear among the traders will disappear with the introduction of this technology as it is hard to hack the Blockchain network. It is being coded in such a manner so that if a hacker hacks the system, the value in the Blockchain will become null.
- After the emergence of Blockchain technology in the future, it will be easy to track down the criminals such as a cybercriminal that is responsible for hacking services related to technology. Security personnel finds it easy to track down criminal through the assistance of digital devices.
- There are possibilities that Blockchain being a secure and hassle-free network will replace banks completely in the future. Thus it is right to say that future banks belong to Blockchain technology.
- The number of activities of a bank inside or outside of the bank can be controlled by Blockchain in a serious manner. Apparently, Blockchain is a distributed network so there is no need to do all paperwork and maintain a centralized ledger which will reduce the bank personnel work.
- The finance system of several nations will completely depend upon Bitcoin and cryptography. It has started happening and it would be done very quickly.
- Blockchain technology will totally revolutionize the way bank function presently. In the upcoming days, banks will totally adopt Blockchain technology bypassing centralized technology.
- Blockchain is a powerful technology; it will bring new business opportunities and disrupt the ongoing technology.
- Blockchain will bring the world closer. The simple and fast transactions will shorten the gap between users located in different parts of the world.
Other fields that will be affected by the implementation of Blockchain technology.
The election procedure followed in different parts of the words is extremely expensive and time-consuming. Several intellectuals have displayed their worries regarding the ongoing election procedure. It is expected that the implementation of successful Blockchain technology will simplify the election procedure remarkably. It will save money and time which is presently invested in the election.
The future of business in several countries will be dominated by Blockchain technology. Even presently, developed countries have started switching Blockchain technology with the current technology due to its efficiency & optimum results. Thus in the near future, the current technologies will become useless and Blockchain will be used everywhere be it developed or developing countries.
2. Educational Field
The education field will not remain unaffected by this reform. Sony has already announced working on Blockchain technology storing and maintaining a record on the Blockchain. There are several companies who have pipelined this plan and working toward it. This is considered to be a good and wise move as it will entirely revolutionize the educational sector in the upcoming time. It will reduce the education cost and students all over the world will feel more flexible to share information with each other.
Using Blockchain, records of the students and teachers can be stored online without any hassle. It would become easy for students to get their education certificate without any effort.
3. Music Rights
Several artists complain that they are not paid their dues honestly. Giant music companies or composers steal the name of original singers and don’t give credit to the composers. As of now, there are many third parties involved in the industry. Artists have to go through these intermediaries to sell their records. They are paid in the last out of which third parties take most of the profit. But in the future Blockchain will protect music composers from all kinds of fraud.
After the introduction of the Blockchain, all artists can store their music on blocks that are being copyrighted instantly and nobody will be able to steal it from there. They can sell their record online and get paid directly which was earlier not possible at all. So, it will turn out to be a great technology for music composers and music artists.
4. Online Harassment
Various companies have announced to development of a Blockchain that will record all harassment cases. This is easy as the investigation agency will then find it easy to track the criminal and punish him.
5. Retail Shopping
Nowadays people love shopping online as they find goods and services at a reasonable price. However, due to various frauds and hacks, there are some people who are scared while shopping online. Though many online selling portals make use of the highly secured system to carry out different transactions the introduction of Blockchain technology will completely change the way retail marketing functions.
Having a Blockchain in retail shopping users can place their orders and have no worries as their orders will be secured. Their payments will be secured and they need not be worried about any kind of fraud as this technology is secure and hackers can’t easily cheat it.
6. Medical Records
Maintaining medical records and sharing them with other hospitals is a daunting task as of now. But after the introduction of Blockchain technology, this field will also experience a complete changeover. All patients’ medical records will be maintained in blocks and be a distributed model, it will be shared with everyone, making it a much more secure platform.
Medical records are easy to maintain through Blockchain. Various companies and hospitals have already started working toward this technology. Suppose, if one of your family members is ill and if you want to shift him/her to another hospital situated in another country, then you can share patient details through Blockchain. With Blockchain technology, patient records can be accessed from anywhere around the world because of being this technology completely distributed.
I am Pawan Kashyap currently living in Amritsar. I always try to grab new things from the cryptocurrency market. From my observations and trends in the market, I always try to provide the best and accurate information in the form of articles from this blog. Follow us on Facebook, Instagram, and Twitter to join us.