What is the Future of Blockchain Technology?

Blockchain technology is bringing a change in the global financial sphere. It is an irreversible, impenetrable, or bulletproof digital database that permanently and verifiably records transactions. As popularity grows, the next few years would certainly witness this technology in its full bloom. Therefore, let’s learn about the future of Blockchain technology in this blog.   

Understanding the Hype Around Blockchain Technology  

Came into application in 2009 with the introduction of Bitcoin, Blockchain is no longer just a digital payment platform. It has come a long way. It is, in fact, a distributed peer-to-peer ledger system that is making its moves to replace the traditional centralized management entities.   

Blockchain comes without any central authority. Instead, the people who use the technology, operate it. This ensures the security of the transactions. Furthermore, the data that Blockchain technology has cannot be compromised.   

All these factors make this technology a hit amongst users and thus, it has outgrown the cryptocurrency tag and has more real-world applications in today’s time.   

Also read: Top 10 benefits of blockchain technology

What is the Future Of Blockchain Technology?  

Blockchain technology holds a future across many different industries.   

Let’s look at the fields/sectors that could leverage the power of Blockchain technology:   

1. Finance   

The future of Blockchain in this particular industry is quite bright. From tracking financial properties with utmost efficiency to being capable of working in conjunction with traditional currencies, Blockchain technology brings a lot to the table in the finance industry.   

It offers transparency in the ledger system, easing the tracking process. Additionally, it helps to efficiently manage the inflow and outflow of financial currencies. Moreover, it eliminates the need to depend on third parties for financial transactions and at the same time, allows central banks to control the supply in circulation.   

Due to inflationary pressure and the resultant rise in money transfer costs between financial intermediaries, El Salvador became one of the first few countries in 2021 to accept Bitcoin as a legal tender. Many countries will follow the suit in future as per many researchers.   

2. Cybersecurity  

Data tempering is the biggest concern in financial affairs. Blockchain helps with that. Despite the open and distribution-based nature of this technology, it prevents tampering and keeps the data secured and verified. This is ensured through cryptography that is used to spot and remove vulnerabilities.   

Thus, the future scope of Blockchain is certainly wide in the cybersecurity domain.   

3. Cloud Storage  

The usage of Blockchain in cloud storage is quite similar to that in cybersecurity. Cloud storage is done on centralized servers that are prone to data hacking and loss or human errors. Blockchain technology provides security and hacker resistance, making it a safe space for all the data.   

4. IoT and Networking  

New IoT products are being launched in the market supported by Blockchain technology under a concept called ADEPT.   

The conceptualization has been done in a manner to find an alternative to the centralized management of communication between multiple IoT devices including software updates, handling of errors, etc. Big names like IBM and Samsung are coming out with these products.    

5. Marketing  

Under marketing, the future scope of Blockchain mainly lies in the digital advertising field. It can monitor and evaluate how impactful the advertising campaigns are. Additionally, it can reduce the cases of fraud that happen in the advertising world.   

Automatic censorship, removal of virtual accounts, and cross-checking advertising proposals for authenticity, are some of the things Blockchain technology helps with. It also with collection of data on user behaviour and content consumption patterns.   

5. Supply chain  

The future of Blockchain in supply chain management is promising. From preventing delays in consignment releases and reduction of human errors to managing employment affairs, Blockchain handles all with efficiency.   

Additionally, by tracing, the technology can also make sure that the product is legitimate and has a fair-trade status. This prevents revenue loss from fake or fraudulent products.   

6. Healthcare  

Applications capable of managing patient data and controlling drug supply could be developed using Blockchain technology. The same apps would also automate medical examinations and treatment transactions.   

7. Government sector  

Traditional paper-based systems could be replaced by distributed ledger technology (DLT) systems in the future, by many governmental bodies.   

Furthermore, the voting system could be improved using Blockchain. Vote fraud and forgery could be prevented and voted identities could be secured using Blockchain. The technology can also provide support for remote voting in the future.   

Conclusion  

The future of Blockchain technology has something for almost every industry in it. It would help businesses grow and expand their user base with more secure data and monetary exchanges. Finance, healthcare, supply chain, etc., all stand to benefit from this digital leader.   

Just started, this technology is believed to have a promising future ahead which comes as no surprise as it has the potential to offer exciting job and investment opportunities to millions.   

So, if you want to jump on the blockchain development bandwagon, then you just need to visit our website and talk to us about your needs.  

BigOhTech has the most reliable and wide range of Blockchain app development services. From Blockchain app ideation and consulting and custom dApp development to Crypto exchange, wallet, and token development, we offer all the services at affordable prices.  

Secure transactions are just a click away!