The concept of Cryptocurrency and Blockchain is not new to the world, and many have made millions with the help of this technology. Officially, it was 2008, when the two technologies came into being, and since then, both have seen many ups and downs.
The blockchain technology is loved by countless people, as it is a decentralised technology and has a high application in the various financial industries. Why it is loved so much is because it does not let anyone tamper with the transactional data, and being a decentralised ledger, it does not need an authorization from a centralized authority or a third-party system. According to the blockchain experts, the technology can play a vital role in the growth every type of industry. Hence, looking at the past performance of Blockchain and with the help of the expert opinions, we can foresee a few of the planes, at which it can grow in the future:
1) Faster Settlement: In 2016, ReiseBank AG in Germany, carried out a transaction among two cross-border clients, that was completed in just twenty seconds. The question arises, “How much faster a transaction can get?” With the adoption of Blockchain, we surely are going to see faster transactions and settlements in the future.
2) DLT systems everywhere: The distributed ledgers have changed the outline of how the financial world should work, and even countries like Dubai, has pledged to adopt the DLT-based digital systems, replacing all government systems, by the year 2020. By this, we can guess, that if a country like Dubai sees some potential in the Blockchain technology, maybe other countries can also plan the same thing.
3) Interoperability between the Blockchains: The cross-border transactions are time-consuming and take a long process. But, if Blockchain technology keeps on growing, we can see the faster transactions between different Blockchain platforms, even in the cross-border settlements.
4) Transparency: The Blockchain technology is a distributed technology that keeps the transparency of every transaction. As it is a peer-to-peer method of transaction and does not include any third party authentication, it maintains the privacy and the control over data. Hence, when the Blockchain technology is going to grow into every other field, all of them are going to enjoy complete power over data and transparent digital transactions.
5) Nationalization of Cryptocurrency: We have already discussed how Dubai is planning to replace all its government systems with Blockchain technology. In future, there can be the development of every country’s own national cryptocurrency. In fact, Russian President Vladimir Putin had proposed the idea of naming ‘Crypto Rouble’ as Russia’s national cryptocurrency. Also, Venezuela has already launched its national cryptocurrency, ‘Petro’, at the beginning of 2018. The currency is upheld by the country’s oil and mineral assets.
6) Widespread to other industries: The Blockchain technology is just not limited to the financial sectors but is also associated with the other industries including the healthcare, agriculture, insurance and agriculture industry. In fact, in January 2017, Du Telecom had joined its hands with NMC Healthcare to explore blockchain-based health records. So we are likely to see the Blockchain becoming popular, handling the data and the working of almost every other industry, in the coming future.
Hence, the Blockchain technology is beyond the concept of the cryptocurrency and has an ample scope in the future. There are many pros of adopting the Blockchain technology, and we are going to see a revolution in the various industries, as it is going become a part all of them. But, still, this technology needs more efforts and time, so that the technology can be used in a better way. It has got a long way to go, and there is no clear evidence that how far it will head the growth of the different industries, in the future. Even the various governments are trying their hands on this and are looking forward to expanding with the growth of the Blockchain technology.