Blockchain technology is relatively new, which means it is undergoing rapid changes every year. It’s hard to keep up with the changes as its benefits are starting to be utilized in various ways. In this article, you’ll learn how the blockchain industry is developing.
Blockchain Technology is seeing rapid development and blockchain is part of that ecosystem. Therefore, you’ll see blockchain utilized differently as surrounding technologies improve. It’s a space that’s worth keeping an eye on as the true potential of the technology is yet to come.
Blockchain influencers and experts are partly responsible for the growth of the industry. These individuals, as an example have been the leaders in the space for quite some time. Some of the top blockchain influencers include Vitalik Buterin, Charlie Lee, Andreas Antonopoulous and Jameson Lopp. Keep track of the information they are releasing if you want to find out more about the industry.
More Trust and Fewer Scams
The blockchain industry grew to fame with Bitcoin, a digital currency that allowed people to transfer money anonymously. It’s the perfect currency for criminals to get paid without being caught by the authorities. Therefore, a lot of cryptocurrencies stories were surrounding criminals and how people are getting scammed.
Fortunately, the implementation of blockchain technologies across industries means that it’s better for the reputation. Nowadays, you’ll find blockchain being used in messaging apps, ride-sharing and voting. As the trend towards everyday continues, the reputation of blockchain will improve.
However, it would help if you still were wary of scammers trying to use blockchain to get paid from criminal activity. The anonymous nature of the technology means that it will be a danger for many years to come.
New Industries are Using Blockchain
As mentioned previously, blockchain technology has expanded into new industries beyond cryptocurrencies. It’s an exciting new technology that allows industries to upgrade their features and improve the service. Here is an example of industries that have benefited from blockchain:
- Cybersecurity: The power of blockchain means it’s very hard to hack data that’s stored on the system. It means that users can send encrypted data that’s safer than existing encryption protocols. Some say that it’s a good choice for people that want to avoid state monitoring that’s becoming an increasing problem. Cyberattacks are a big problem that is currently compromising many systems.
- Supply chain management: blockchain systems are great at tracking transactions, which means all system components are synchronized. It’s ideal for supply chain management services because orders can be tracked. There is no need to worry about missing inventory or orders that are lost in the system.
- Healthcare: access to patient data is quicker with blockchain technology. It’s ideal for healthcare systems that want to share data globally. The security and accuracy of the data will be better, which means blockchain brings valuable benefits.
- Voting: voting has been a big problem in recent years with the inability to secure a fair voting system in big elections. However, blockchain allows governments around the world to create voting systems that cannot be manipulated. It’s a big advantage that is an important step for democracy.
- Food safety: being able to track food along a supply chain helps spot potential safety problems. For instance, if a food item is problematic, then food safety agencies can track a potential supply source as contaminated.
- Apps: an increasing number of the top apps are using blockchain technology. Scan through the top 100 apps on the Google Play Store or Apple store and you’ll find several apps utilizing blockchain technology.
These are just a small handful of examples about how blockchain technology will advance existing industries. In the future, you can expect more industries to benefits or entirely new industries will be created because of blockchain technology.
The Future of Banking is Uncertain
The banking industry deserves its own section because of how it could completely change in the future. Cross-border payments used to be a limiting factor in the past for businesses to be profitable. That’s because payment fees were high and it cost a lot of money to pay.
International money transfer with blockhain technology is faster and virtually free, which means it will be the primary choice for users. Gone will be the days of banks being used for cross-border payments. Once an increasing number of people switch to cryptocurrencies the change will be solidified.
To summarize there are a lot of changes undergoing in the blockchain industry. The technology is hardly a decade old so there is still a lot of improvement to be had in the future. An increasing number of companies and traditional banks are starting to use blockchain to improve their features. It’s only a matter of time before blockchain technology is used in most digital infrastructure around the world.