Blockchain is taking the world by storm, and it is expected that this technology will dominate for several years down the road.
Keep reading to find out what most tech experts predict what lies ahead for blockchain technology.
Greater Use of Technology for Data Protection
Data protection is one of the primary uses of blockchain technology currently and will continue to be so in the future (2020 and beyond) as well. When it comes to storing huge amounts of data in a secure environment, there is simply no other technology that can match up to blockchain. Moreover, there isn’t also any limit to the type of data you can control on a blockchain platform.
As a case to point, blockchain technology can effectively be used for elections without the danger of any tampering involved. You can also use this technology to store classified governmental documents, all of your sensitive and personal information, and everything that falls in between as well.
Ethics and Sustainability will Drive Applications of Blockchain
From counterfeit drugs to bogus olive oil, the constant increase of fake products in the market nowadays is unbelievable! Blockchain holds the capability to expose fake products and keep customers safe from fraud.
Several experts are of the opinion that moving forward in 2020; sustainability will play a pivotal role when developing ethical business practices and blockchain applications. Many customers have become very conscious regarding safeguarding the environment and making buying decisions that genuinely echo their core values. The primary objective of any organization should be to conduct ethical business operations without compromising profitability, and blockchain technology in the future is sure to play a role in achieving this.
Blockchain for Social Causes Will Rise
The entire world has witnessed projects galore that focus on solving complex social predicaments. In the foreseeable future, we are likely to see even more projects and campaigns that revolve around helping homeless individuals, assisting developing countries with money grants and seed donations, and so forth. Before the advent of blockchain technology, authorities would disperse the funds for such projects, but the money would seldom find its way it to the aid’s intended recipients of the aid owing to fraud.
However, when using blockchain fund disbursement to the recipients can be properly verified. If someone on the blockchain system makes an effort to meddle with the funds, that individual’s/party’s identity will be revealed to the other people active on the blockchain. Owing to this blockchain feature, the technology’s use for social causes is sure to rise in the future.
We may even witness energy efficiency and climate change projects measured and moderated more by using blockchain technology. This would help to make the monitoring process more precise and accurate.
In the future, several industries worldwide will embrace the blockchain technology for various purposes. One thing is for sure- blockchain applications in 2020 and beyond will rise exponentially!