Top 5 Future Trends for Blockchain
Blockchain, the latest advancement in information technology, is now becoming more popular than the cryptocurrency it was once associated with. Let us see what possible directions blockchain technology could lead to.
5 Trends on the Future of Blockchain
Blockchain may have started out as something synonymous with cryptocurrencies. Now we realize that it is the technology that lends cryptocurrency its credibility. We also now know that this technology is bigger than cryptocurrency, with far-reaching consequences. Let’s take a glimpse of the 5 top trends blockchain technology will lead to.
1. Internet Connected Devices
Internet-connected devices are not new. Many companies have seen the potential for this technology and have been competing with one another to create the best of these devices. Blockchain technology could be the platform that will make it easier and more cost-effective for companies to make them. It is also potentially the best platform to use to create a standard for all companies to follow to ensure interoperability and interconnectivity across everything in the internet.
2. Smart Contracts
You could say that the concept of smart contracts has been waiting for blockchain technology for its implementation. These are agreements between two parties that normally require a third party for verification and authentication, and are also usually inked on paper. Almost any kind of transactions, such as stock purchases, land purchases, bank transfers, employment contracts, fall under this category. With the advent of the blockchain, a third party will no longer be necessary to secure, verify and authenticate these contracts. By using blockchain technology, such contracts can be processed much faster, at less cost, more transparently and more securely.
3. Data Streaming
We can also see the potential uses of blockchain technology in companies that rely heavily on data streaming sites such as YouTube and Netflix. In this industry, the advantage lies more on its potential for increased operational efficiency and decreased operational cost. The technology can be utilized for greater interoperability as well as keeping data more secure. More importantly, blockchain technology can distribute the processing power data streaming requires across a network of computers that have untapped processing capability, which lessens the load on these data streaming companies.
4. More New Jobs
This is no longer a future trend as we are already seeing a surge of companies looking for tech employees with knowledge and experience in blockchain technology.
5. Regulation and Standardization
As blockchain technology becomes more useful, governments will find it necessary to regulate and create standards for the use and proliferation thereof, which isn’t really such a bad thing as these are usually implemented to protect the people who use the technology.
The trends mentioned above shows that blockchain has a great potential to further improve normal processes. In the next few years, we’ll be able to see more advancement using the blockchain technology.