Blockchain technology has just gained popularity and has found its applications apart from cryptocurrency as well. Immutability, decentralization and cryptographic security are features that have made this technology cherishable among businesses and as a result, it is spreading widely. Here are a few noteworthy views over the future of blockchain technology.
Artificial intelligence, machine learning, and IoT technologies continue to expand rapidly and require a much trustable, safe, and capable storage for data that would overcome the drawbacks of cloud and blockchain has emerged as a solution to it. This will lead to more investments in the blockchain technology as with its use illiquid assets are being made liquid and accessible for all. The new secure tokenized economy would also be an outcome, drawing greater revenue for application development, providing investors safety and transparency to the overall ecosystem.
Transparent and Expedited Process
In the Fintech sector, blockchain seems to be of great use as data storage of process such as “Know your client” and “Anti-money laundering” would be expedited and transparent because storage is validated and open chain. Client onboarding process will see a significant impact and enhanced user experience would also be observed as no lengthy paperwork to be done. Fintechs will continue to use AI, big data, and IoT to drive operational efficiency and also provide more competitive pricing which will require blockchain.
Decentralization of applications
Currently, each enterprise use their personalized apps for the same purpose but with blockchain in action not just the decentralization of ledger will take place but also it will obsolete personalize apps and bring in the concept of a single decentralized application accessed by multiple enterprises. Users will be highly benefitted and resource sharing will also be observed at large scale. For this adoption of blockchain widely is required.
Acceptance of Cryptocurrency
Cryptocurrencies are by far the most successful applications of blockchain still they lack behind in acceptance because of their volatility. Blockchain has been capable to restrict prices of cryptocurrency low making them acceptable. In coming years as the blockchain will see more advancements and acceptability and the same cryptocurrency will also witness; with the recent price in crash crypto a window has been opened for embracement and enterprises, organization and even governmental institutions. The blockchain is already being embraced in these places and will result in the rise of crypto as well.