As blockchain technology increases and industries are beginning to see the wider effect of it, more and more consumers are becoming interested in the technology. This has probed many tech giants to combine blockchain technology into our everyday devices, and has now birthed many new ways of working.
(US blockchain technology market size. Source: Grand View Research)
With this in mind and a look at its success, it’s not hard to imagine how the technology will be able to dominate in the future. Here’s a look at what lies ahead for blockchain technology.
Using blockchain technology for data protection
One of the main uses of blockchain technology has been data protection. The technology is currently being used in different industries to collect vital data and information, and there is no surprise in saying that it will continue this way. When considering storing huge amounts of data in a secure environment, it is impossible to think of a current technology which can match up to the characteristics of blockchain technology.
Moreover, there doesn’t seem to be any limit to the type of data that the blockchain technology platform can be controlled on, and this is what makes it so popular. This includes considering its use on political platforms and using it for governmental uses such as elections. This will help secure the process in comparison to the current system, which is quite questionable.
Sustainability and ethics will drive blockchain
The amount of fake products that are currently in circulation on the market is frightening. Blockchain technology, the saviour, has the capability to expose fake products in ways that no other technology has been able to do before, keeping consumers safe from the danger of using and buying fake, counterfeit products.
Blockchain also has the ability to increase thoughts on the sustainability of products and materials, when considering ethical business practices and sourcing items. Blockchain can help business owners and customers understand where their materials are coming from as more and more emphasis is placed on sustainability. This is great for industries such as fashion which comes under a lot of scrutinies. Blockchain will increase the clear intentions of businesses and help retail secure the buying process, allowing them to echo their core values with pride genuinely. It will also stop companies from conducting ethical business operations with the need to compromise profitability.
Blockchain and social causes
The world in its entirety has witnessed many ways blockchain technology has been used in projects to solve complex social predicaments, now more than ever, in the middle of a pandemic, do we need the clarity and help of this type of technology.
(Worldwide spending on blockchain solutions. Source: Statista)
We have seen blockchain technology not only lead the way for cryptocurrency, but we have also seen it integrated into smartphones with blockchain specific handsets and the financial sector.
Helping to make the process more transparent in a way that’s never been possible before. Blockchain also has the ability to revamp antiquated industries such as the smartwatch industry, helping to move into a more modern, digital world.
For this reason, in the foreseeable future, we are more likely to see projects and campaigns associated with assisting development in countries, medicine, housing development thanks to blockchain technology and its security in offering secure donations and money grants.
Prior to blockchain technology, many authorities were reluctant to offer funds as there was no transparency in where they were going. What they were being used for, the fear of fraudulent activity by the government and individuals means many have held back, countries and people who need the help are left desperate. Blockchain technology has the power to make this transparent for all to see, where no one can hide, and relief can be offered where it is needed most.