Blockchain is still a very sensitive topic and its dynamics have proven to cause both a positive impact as well as negative. Here are just but a few examples of Blockchain systems.
So these are some examples of what is future of blockchain technology.
Widespread Distributed Data Models
Blockchain has highlighted a critical aspect of the way data is going to work in the coming decades, and that is a world where data will be ever increasingly distributed. Any solutions for next-generation data problems must come to grips with this fact, and plan for a day where critical data is distributed among many geographies and even across on-premise and cloud data centers.
Distributed ledger technology (DLT) is here to stay. Dubai has vowed to replace all government systems with DLT-based digital structures by 2020, which indicates that DLT will just grow over time. While the transition from a paper-based system to digital has been underway for a long time, DLT provides the underlying trust, immutability, and transparency that such systems desperately need.
Standardization And Collaboration
One of the areas of advancement in blockchain will be the standardization of interoperability among the different blockchains. While it is inevitable that there will be several blockchains with a specific business purpose, true benefits for the consumer or enterprise will be realized when they are able to “collaborate” in an open standard.
A Growing Need For Credible Crypto Backing
Money, regardless of whether it’s physical or digital, needs credible backing. When there are no trusted parties handling the transactions, then a distributed ledger becomes key, like blockchain. However, if a cryptocurrency is an official currency, then there are already technologies in place to ensure transactional integrity and prohibit tampering with transactional data.
A Potential Ecosystem Of Specialized Chains
Defunct cryptocurrencies have created a significant amount of “public technical debt,” and their smart-contracts might still get triggered. As we calibrate and confirm industry-grade blockchain use cases — healthcare information exchange and crypto claims settlement, for example — we will likely end up with an ecosystem of specialized chains, operating security and utility chains in parallel.
Blockchain-Based Security Measures
It is possible that with time, Blockchain will successfully grow towards a safer zone for its users in terms of their identity, how to transact, payments and so much more. This will be a potentially stable opportunity to research and invest in.
Cryptocurrency Is Just Going Through Normal Product Cycle
Fluctuations of the economy do not make an industry unworthy. Losses and profits are normal and expected in any market. The same case applies to Cryptocurrency, accepting that it might have its downs helps you brace yourself and when the market is good, it will be great for those are well prepared.
Change of Blockchain towards Maturity
It is important to understand that change is prone and there exists more than one cryptocurrency. The impact of distributed ledger technology is also larger than any folks understand — it’s the potential to alter social science, business, and society, and we