The Future of Blockchain Technology
More than 295 million people use cryptocurrency all over the world. Due to the rise in demand for cryptocurrencies, at least 24 are created weekly. So, Blockchain Technology was designed to support Cryptocurrencies such as Ethereum and Bitcoin. The implementation of Blockchain, along with its by-products, directly impacts the operation of businesses. The role of Blockchain Technology goes beyond securing transactions and transferring cryptocurrencies.
Apart from the financial industry, Blockchain Technology finds its use in healthcare, insurance, gambling, voting, and government sectors, to name a few. Several businesses participate in activities like recording and evaluating transactions. Consequently, such companies can switch to Blockchain-based platforms to streamline their operations.
Before adopting Blockchain Technology, industries should be familiar with its advantages. To get started, Blockchain works as a digital ledger to record verified transactions in an organised manner. From the standpoint of safety, this technology is free from third-party intervention or hackers.
Table of Contents
1) What is the Future of Blockchain Technology?
2) Transformation of Blockchain Technology
3) Let's now look at the future potential uses for Blockchain Technology in the following fields.
What is the Future of Blockchain Technology?
Blockchain technology is one of the hottest trends that organisations must adopt to stay competitive and is gaining popularity quickly. Everyone is interested in learning about this new development because it creates essential breakthroughs and new opportunities across many sectors.
If you are familiar with the phrase "cryptocurrency," you might know that Bitcoin's foundation is blockchain technology. The significant part of this technological development is that it cannot be altered or hacked, and this digital ledger is utilised to keep track of transactions in a distinct and verifiable way. Blockchain offers a framework for immutable ledgers and several viable job prospects.
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Transformation of Blockchain Technology
Cross-border payments are one of the applications of Blockchain technology that is expected to keep developing. These latest trends are leading transformations in this area.
1) IBM’s Blockchain World Wire– This Stellar-based Blockchain conduit made it possible for banks to quickly process and settle international payments. The transaction was completed by World Wire after it converted the digital asset into money via the World Wire API, which was incorporated into banks' payment systems. IBM stopped operating the network in response to the COVID-19 epidemic and published the code open source, allowing the developer community to expand on their findings.
2) Paystack– To make the process of processing online payments quicker and simpler, Paystack builds payment infrastructures and links payment processors together. Paystack was purchased by financial services provider Stripe for $200 million in October 2020. In May 2021, the service was expanded to South Africa, where it was already generating 50% of online payments in Nigeria, where it was created. 5 It also became the first payment gateway in Nigeria to partner with Apple Pay in September, giving it access to 380 million consumers in 60 different countries.
Blockchain technology also has uses that are not related to payments. Additional Blockchain-based fintech developments are listed below.
1) Numerai – By distributing encrypted information to thousands of decentralised quantitative analysts who create prediction models, Numerai seeks to create an open-source hedge fund. The top performers receive Numerai's tokens, which are then utilised to build a trading meta-model.
2) Bloom – By developing a protocol that controls risk, identification, and credit scoring, the business Bloom is using Blockchain to improve credit scoring.
Let's now look at the future potential uses for Blockchain technology in the following fields:
1) Blockchain Technology in Real Estate -
Most of the time, real estate transactions involve a lot of money, paperwork, and the agents’ involvement. By leveraging digital real estate tokens to represent physical properties, Blockchain technology has the potential to make it easier to search for and purchase real estate. As a result, it will help in:
1) Removing the need for a middleman will simplify the buyer and seller transfer
2) Provide unquestionable ownership evidence with a distributed digital ledger
3) It enables you to make smaller real estate purchases because a token can be divided much like a bitcoin
4) Enhance economic security and transparency as every transaction is processed and approved by others
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2) Blockchain Technology in Supply chain and Logistics -
Innovation has constantly disrupted supply chains, which are the connections between the production and delivery of goods. Today's supply chains are incredibly intricate, spanning several countries, requiring a tremendous volume of invoices and payments, involving a wide variety of entities, and possibly lasting months.
This complexity makes Blockchain an appealing way to change the economy's logistics and supply chain sectors. An immutable, auditable history from the point of origin to the point of sale can be created when commodities are moved to a new phase in the supply chain by safely and permanently recording the process.
The following are a few innovative Blockchain applications for supply chain and logistics:
TradeLens – Created by IBM, this Blockchain solution for logistics and supply chains offers a comprehensive view of shipment data and papers, enabling transparency and increased efficiency. The platform processed 1 billion shipments in 2020 and is home to more than half of the world's container ships.
Provenance – To ensure that items are produced and sourced ethically, consumers are demanding more openness about the products they buy. Blockchain is used by Provenance to demonstrate chain-of-custody and supply chain certification.
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3) Blockchain in Healthcare-
Blockchain in healthcare is an enhancing factor because of its openness and prominent level of security. For instance, patient data can be kept secure but available to patients and healthcare professionals by being held in a decentralised, transparent, and incorruptible database.
The following are some other main applications of Blockchain in healthcare:
1) Protecting patient data
2) Personal health record data management
3) Point-of-care genomics management
4) Electronics health records data management
Here are a few innovative Blockchain applications in this area:
1) Curisium – A Blockchain-based platform that uses innovative digital contracts to simplify rebate negotiating and contract management.
2) Robomed – This platform collects patient data through telemedicine sessions, chatbots, and wearables and stores it on Blockchain to safely share it with medical experts.
4) Blockchain in Business-
Significant commercial implications result from adopting blockchain technology, driven primarily by increased revenue, decreased costs, and effective time management. Examples of how corporate businesses are utilising Blockchain include:
1) ConsenSys Quorum – Quorum is an enterprise-grade service initially created by JP Morgan to assist businesses in expanding and managing massive Blockchain networks.
2) LVMH – This luxury goods company uses Blockchain to track products and prevent counterfeiting. Collaborating with Prada and Cartier, it developed a platform where more than 10 million products have been recorded.
3) MediaChain – Spotify purchased this Blockchain database to handle copyright and royalty payments as well as rights holder disputes.
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To conclude, Blockchain Technology offers several benefits to organisations and businesses. Blockchain’s decentralised database allows users to view the history and status of transactions. We hope getting an overview of the future of Blockchain Technology will help you decrease the likelihood of fraud and malpractices.