Despite all of the hype that surrounds the idea of blockchain tech, it is still a relatively new concept that many people are not sure about. However, as it continues to gain momentum, it is becoming increasingly clear that it is here to stay. Here are a few of the things that we expect to see with this technology in the future.
Growing at a supersonic rate
Various industries are using custom blockchain solutions technology to improve efficiency in financial transactions. This technology is expected to be widely adopted in financial services industries as it provides secured and fast transactions. In addition, it minimizes costs and operating expenses. It also provides audit trails. This can help build trust between parties.
Blockchain technology is one of the fastest growing trends in business. It is expected to generate USD 20 billion by 2024. This growth is due to the increasing adoption of digitalization in various industries. The financial services industry is one of the main contributors to this growth.
Various countries such as China, India, and Japan have promoted the use of blockchain technology. These governments have been implementing stringent rules and regulations to protect consumer information. This is encouraging market players to invest in blockchain technology.
Creating a more open and free technological ecosystem
Creating a more open and free technological ecosystem with blockchain technology has its pros and cons. On the one hand, it can provide a wider network of applications, a decentralized currency and eliminate the need for intermediaries. On the other hand, it can increase the odds of hacking the system. Developing the right foundations is a laudable endeavor. The key is not to build a wall around the system.
The most important thing is to figure out the right mix of participants to keep things fair and free. This may be as simple as allowing participants to share data from their own software with the ecosystem. It may be more complicated than that, but the reward is well worth the effort.
For a more complex ecosystem, it may be best to use a public ledger. While this may not be the cheapest way to go, it could be the most effective method of creating a decentralized currency.
Reducing bureaucracy and improving secrecy
Using blockchain technology can help reduce bureaucracy, improve secrecy and streamline many government processes. Blockchain is a technology that stores data in an immutable, decentralized ledger. It can also be used to enhance information security.
Some examples of applications include secure payments systems, enhancing corporate governance, and managing healthcare sensitive data flows. Moreover, blockchain can also improve efficiencies and reduce costs in many transactional processes.
One of the most successful applications of blockchain technology is in the financial sector. The use of this technology has led to more efficient loan approvals and identification verification between banks. In fact, 77 percent of financial institutions expect to use this technology by 2020.
Using blockchain technology can reduce the cost and time associated with obtaining documents from multiple government agencies. It can also simplify access to public-sector data.
Addressing issues like data compliance, privacy, and security by teaming with AI and ML
Across the globe, there are several companies leveraging the benefits of blockchain tech. These companies are developing systems to address issues like data compliance, privacy, and security. Many of these companies also use artificial intelligence and machine learning to develop their solutions.
For example, Singapore Airlines’ Kris+ lifestyle app uses blockchain technology to reward frequent fliers with points that can be spent on various purchases. The system also features a digital wallet that allows customers to turn their miles into cryptocurrency.
Another example is the use of blockchain technology by the Abu Dhabi National Oil Company. The company uses a system to track production quantities, maintenance history, and more. This system also improves transparency and reduces transaction time.
The oil and gas industry is a good example of how blockchain can automate the validation of contracts. PwC estimates that the use of blockchain can reduce MRO (maintenance, repair, and operations) costs by $3.5B.