What’s the Next for Blockchain Technology?

What’s the Next for Blockchain Technology?

September 2, 2018 Off By Steven Anderson

The issues with the majority of articles on the future of blockchain are that it is still focused on what blockchain could perform and mean. In that connection, it is not that different from other technological advancements of course. For example, the future of the Internet of Things. What it could offer and mean is a very prevalent theme in many coverages.

Luckily, there’s also many examples and cases of what blockchain technology does and means nowadays. These pilots are working much better than others. It also includes what the current and future relevant use cases for agencies and which blockchain technology solutions are being used today and for what intention.

Nonetheless, even those who are most dedicated advocates of blockchain tell that it will take some time before the technology becomes omnipresent. Following are some of the predictions that we will see on blockchain technology for several years from now.

There will be more uses cases of the blockchain

Many financial corporations are the first to test with the said technology. However, they will be very far from the last. In fact, according to the survey conducted by the PwC, it shows that 11% of the leisure and hospitality sector and 6% of the automotive companies have invested in the blockchain technology.

Apart from that, 12% of the healthcare corporations, 7% of mining and energy companies, 6% of the retailers, as well as 7% of the telecommunications and media firms will invest within the following three years.

Different nations are now considering how to control and legalize blockchain

The majority of national governments have not yet made rules controlling cryptocurrency and other applications of the blockchain. Furthermore, several startups are uncertain to fully embrace the technology ‘til they understand how exactly it will be facilitated and how much risk will be involved throughout the process.

Ethereum will grow much significance

One of the most thrilling projects of blockchain is that it has Ethereum. According to the 2017 report of State of Blockchain Q1 from CoinDesk, 94% of the blockchain fanatics surveyed claimed that they feel more positive about the present state of Ethereum. It is double as much as said the similar thing regarding Bitcoin.

The only negative thing about bitcoin is that it can only be employed for the cryptocurrency. Meanwhile, Ethereum has a lot of other uses. XinFin, for example, uses Ethereum in their hybrid technology. Their XinFin Wallet is the ideal tool. They are not just suitable for investors searching for secure storage of their cryptos. The wallet is also beneficial for businesses seeking for a settlement answers in cross-border payment.

Blockchain might become vital in the emerging markets

One other prediction for the future of blockchain is the massive impact it could have on the emerging markets. According to the Harvard Business Review conducted by Rob Knight and Vinay Gupta, they predicted that blockchain technology could aid the developing realm jump past more developed nations.

Whether such theories come to completion or not, it appears likely that blockchain technology will have a massive impact on the worldwide economy. At this point, the future of blockchain looks significantly bright.

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