Top 5 Blockchain Predictions To Watch Out for in the Future
The game changer- bitcoin has been the hot topic since its release on 11th Nov 2017. And blockchain technology has become popular due to its successful adoption for Bitcoin. Experts predict that blockchain technology will be implemented for various industries and future of blockchain is expected to revolutionize traditional business processes.
Industries from finance to artificial intelligence (AI) are exploring exciting ways to leverage blockchain technology. As the pace of advancement quickens, businesses will gain access to powerful blockchain applications and trends. So, let us go ahead and have a look at some blockchain development trends that are expected to be until 2020.
Blockchain Will Collaborate with IoT
A recent report by IDC says that, blockchain technology will collaborate with the IoT companies. Also, according to the prediction, nearly 20% of IoT companies are looking to incorporate blockchain technology into their products by the end of 2019.
The primary purpose of the IoT companies to integrate blockchain technology is that it renders a scalable and secure framework for communication between IoT devices. Also, blockchain application development has the stability to make automated micro-transactions for smart devices in efficiently.
Blockchain experts will be in high demand
In spite of blockchain being on the top of its popularity, the job market experiences a lack of blockchain experts. Upwork, an online freelancing database, reported a fast-increasing demand for blockchain experts. Since the technology is new, there are a limited number of blockchain engineers available. Hence, gaining some experience in blockchain technology will serve you well.
Therefore, a high demand in experienced blockchain experts will also be one of the blockchain trends for the future.
The Utilization of ‘zero-knowledge’ proofs will grow
Blockchain is undoubtedly a powerful platform for transactions between two parties.
The zero-knowledge proof reveals the truth of the certain statement, without revealing the additional information beyond what it is trying to prove. Likewise, in the concept ‘zero-knowledge proof’ in the blockchain, other people only know that a valid transaction has taken place, but they do not know the details about the sender, recipient, etc. Zero-knowledge tool allows one group to prove to another that something is verified without needing any additional information like a private key.
As far as the predictions of blockchain technology are concerned, the zero-knowledge proofs are merely starting to show the working models in the year of 2018. This concept also allows blockchains to have security and privacy without abandoning redundancy and immutability, which comes from synchronizing the full transaction information throughout the network.
Blockchain for the payments Industry
It is believed that the next big use of blockchain technology is in the payments industry. The current credit card authorization system was designed in the 1970s, and hasn’t been updated since. It is now slow and dated, transactions are hard to track, fraud is rampant and international transactions take days. Dominated by banks that dictate fees, this system is only becoming more and more expensive.
In the last year, merchants from different industries started offering cryptocurrency payments, and the technology has come a long way in a short amount of time since they are now able to accept payments in crypto online as well as in retail settings through QR codes.
Cryptocurrency payments are proved to be a game-changer by allowing the 1.7 billion people who do not have access to a bank account to finally shop online.
Hence the future of blockchain technology in the payments industry seems very bright.
Blokchain technology for voting system
The next big space to incorporate blockchain technology will be voting.
A blockchain is an immutable ledger which implies that the votes can never be changed and they can be tabulated in real time. This would give the voters ability to vote without going into their local school or government building.
Hence, blockchain has the power to make voting easier, safer, more accurate, and increase participation.
So we can wrap up here by saying that it is certain that blockchain technology companies are ready to revolutionize business processes in almost every industry. But, the complete adoption of blockchain by these business processes will definitely require great effort and time. Also, in view of the above, it is quite evident that the blockchain and crypto industries are moving at a fast pace.
All in all, by 2020, we will see more cases of successful implementation of blockchain technology in the industry.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes.
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