Future Scope of Blockchain Technology

In recent years, the world has seen unprecedented events regarding cryptocurrency. The Bitcoin pricing crossed the bar of staggering $20,000, ICO market gave investors an uncanny return of 10X, ICO funding superseded traditional VC funding-all of these events are interlinked with each other and altogether commonly points towards the future era of blockchain technology. Within a very short tenure, it has marked its dominance in the traditional market and has made it pretty clear that irrespective of the market volatility and turbulence, it will stay in the market and grow exponentially. Here are a few possible future scopes for blockchain technologies:

1.Government Cryptocurrency: Seeing the present market scenario, it would not be astonishing to say that within 2030, governments across the world will adopt cryptocurrency backed by blockchain technology in some form or the other. The world is moving rapidly towards digitization and to fight the growing corruption, money laundering, hyper-inflation; the best possible alternative form would be a blockchain based crypto form where fiat currency is ineffective to curb the adverse measures. For instance, to fight hyperinflation, Zimbabwean government already thinking about implementing some format of the cryptocurrency, Venezuela’s cryptocurrency Petro raised more than a staggering $5 billion marks in only pre-sales event.

2. Trillion dollar tokens: We presently see the fight towards the trillion dollar club among the behemoths in the industry. Companies are spending a huge amount of money on increasing their customer base and revenue. The traditional form of business is under constant scrutiny due to the lack of norms and the technical expertise. Blockchain technology can change it once and for all due to their default nature of technical supremacy. Within a short span of time, it has already marked its dominance in the cross-border payment, reduction of transactional cost and many areas where it has proved a dramatic improvement. In the future, the big companies will be replaced or rather represented by tokens which will provide the decentralized ecosystem towards a transparent, efficient, technology-oriented economy.

3. Crypto-backed Identity: As per the data sources, 1.5 billion people in this world lack their government identity which includes 65 million refugees as well. Blockchain’s distributed ledger can be the best feasible solution to this perennial problem. In present, the identity systems work in silos, inefficient in managing and retrieving the data, insecure to protect the personal data. All these issues can be resolved by implementing a blockchain based self-sovereign identity. It will decentralize completely the process of data collection, verify the data via consensus mechanism and save it in immutable ledger resulting the extreme level of security measures, higher efficiency, reliability, and advancement towards technology.

4. World Trade: In the near future, world trade will be conducted via blockchain technology. There are numerous instances of counterfeit products, money laundering where the present system of trading doesn’t hold all the adequate measures to protect the consumers and the traders. Few examples would be:

1. According to WHO, 8% of the medical devices are fake. 2. 10% of the IT hardware market falls under the grey market with little or no supervision. 3. Counterfeit medicines are causing millions of deaths per year. 4. Brands are being copied across the world.

Blockchain can resolve the problem by increasing the transparency, reliability and reducing the human intervention with the system and recording everything in the immutable ledger. It will be just a matter of few years when blockchain technology will come out of the infancy stage and do wonders in the traditional format where often system is being inadequate to handle the adverse situation.