The Future of Blockchain technology

CIOReviewIndia Team | Monday, 23 November 2020, 09:34 IST

The Future of Blockchain technologyBlockchain technology has experienced great success thanks to the popularity of bitcoin and other cryptocurrencies. A lot of the hype around blockchain is associated with the opportunities it can create for many different industries. In fact, there are a lot of predictions that it will revolutionize business processes. Here, we take a look at blockchain as innovative technology and its future impact on different business sectors. 

What is Blockchain

One of the reasons why blockchain became widely popular is because it uses cryptography to process and approve the transactions in the database. Another important point is that it’s distributed ledger technology, completely decentralized which means, it’s not owned or operated by a single entity. Actually, this is why it’s appealing for many businesses, as it offers total transparency, and no one can control the entire blockchain network. 

Online Trading Platforms

There are already businesses that use blockchain technology for trading. Some of the businesses are ShapeShift, Circle, SFOX, and many others. 

They use blockchain technology because it simplifies the process of trading. Not only it allows tracking of the operations, but it also provides great security. And it can also be used on stock exchanges.

A great example is the Korea Exchange that has launched a blockchain-powered private market. Otherwise, online trading platforms gained a burst of popularity, thanks to bitcoin. People want to obtain BTC, and for this purpose, they register on exchange sites.

A good online exchange site is Bitcoin Supreme. This is an AI-powered trading system that operates in a transparent environment thanks to distributed ledger technology. What’s more, they provide a demo account that allows you to see for yourself how the platform operates.

This is a great advantage for anyone that is a beginner, while there’s also an excellent trading tutorial you can follow. Here you can potentially gain $1,500 on an investment of $250. If you want to register, visit the website here to find out more. 

Blockchain Integration in Governments

Governments can benefit from blockchain technology in many ways. First, it prevents corruption because it offers complete transparency. Furthermore, a lot of governments around the world have trouble with the legitimacy of election results. That being said, blockchain is a technology that will certainly prevent electoral fraud.  

Other advantages include – tracking of results in real-time and confirming the identity of the voters. There are already applications of blockchain in this field. A great example is the Followmyvote, which is a secure, end-to-end, verifiable blockchain mobile voting platform. 

Blockchain Technology and Supply Chains

Blockchain technology will also support supply chains. First, it offers end-to-end tracking in real-time of the products. This means that there is accurate information about the products at all times and their position in the supply chain. It also increases accountability in the network. 

Additionally, it prevents fraud because blockchain networks are highly secure, and it is very challenging for a hacker to alter the data in the blockchain as the copies of the documents are linked to other blocks in the blockchain network. Lastly, it can be much easier to make predictions and forecasts based on the data in the network. 

A good example is IMB, which works with retail and shipping companies to improve the tracking system of the goods in the supply chain. Another example is Walmart, where employees can track products back to their origin. FedEx wants to implement blockchain technology to solve and reduce customer complaints.

Blockchain Technology and IoT

Smart cities are no longer projects of the future. Many governments around the world are deploying ’Smart Cities Projects’ that will positively impact their communities. IoT and blockchain technology can also help to bring these ideas into reality.  

A major benefit of utilizing blockchain technology along with IoT is that it will make tracking of thousands of connected devices much easier; it will also add other layers of security and make machine-to-machine transactions possible in the network. Some examples of IoT companies that use blockchain technology are Helium and ARCTOUCH. 

Helium uses blockchain to link low power IoT devices. ARCTOUCH connects with blockchain smart devices like Smart TVs and smart speakers and other smart devices. When it comes to smart cities, Dubai is an excellent example that has a plan to be powered by blockchain by 2021. Moreover, China uses a digital identification system that relies on blockchain technology to facilitate data sharing between infrastructures and cities.

Conclusion

Blockchain technology will have a tremendous impact on many sectors in the future. It’s safe to say that we are still unaware of its full potential. But, as more businesses become aware of the real benefits of blockchain technology and cryptocurrencies, there will likely be many new start-ups and innovations in sectors like the IT industry, banking, politics, healthcare sectors, and many others.  

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