The future of Blockchain Technology



What does the future hold for Blockchain technologies? Increased adoption and more use-cases. It’s simple whenever it comes to the big change, developers will design new changes within the main technology.

There is a wider scope of adoption in the blockchain with better data management processes and operational excellencies. It is predicted that Blockchain, as a whole, will be worth around $2.3 billion in 2021. The future looks bright for the technology.

Additionally, Blockchain is going to see integrations beyond traditional technology. IoT and AI are going to be enhanced by Blockchain’s rapid data management and retrieval systems. This means that new technologies like smart cars and automated logistics are going to become that much more efficient with Blockchain.

The speed of innovation and adoption will be enhanced as Blockchain is integrated deeper into emerging technologies. That’s a core reason behind why Blockchain is seen as an innovative platform and not a one-off technology solution.

To have better Understanding of Blockchain technology lets dive into its past and present.

Blockchain continues to be one of the most revolutionary technologies in the marketplace right now. 2020 is going to be the year when the blockchain technology is going to be the scaled adopted technology. It will not just be limited to logistics sectors, banking, automobile, and healthcare. The global economy is set to be disrupted in a positive direction, with the acceptance of Blockchain as a platform.

In order to understand blockchain technology, we need to dive in into its past.

What are the early origins of Blockchain?

Bitcoin was one of the main reasons for blockchain getting this much attention. Bitcoin was a core offering that was based on the Blockchain ecosystem.

With Satoshi Nakamoto penning the iconic whitepaper Bitcoin: A Peer to Peer Electronic Cash System in 2008, Blockchain was given center-stage for the introduction of a new currency. Early models of e-cash were early versions of Blockchains dating back to 1980 with models proposed by David Chaum. The e-commerce boom in 1990 also saw many versions of Blockchain emerging as viable replacements for traditional cash transactions.

Do you know the main reason why 2008 was set to be the origins of the Blockchain technology?

Nakamoto solving the “double spending” problem in distributed ledger systems was one of the main reasons. And transparency, as no single entity had complete control over the ecosystem, the technology brought distributed control and transaction transparency.

The five major milestones in Blockchain

I – The cryptocurrency revolution

II – The separation of coin and Blockchain

III – Smart contracts and new use-cases

IV – Proof of stake in Blockchain

V – Scaled adoption of Blockchain

Read more about these milestones here

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