Nowadays, when blockchain conquers the world, it’s hard to believe that not so long ago just a few people believed in the future of this revolutionary technology. Fortunately, times have changed and we can speak not only about the current situation, but share our views at trends and even make predictions. In the article below, the Elementh team has sketched out 5 important trends to keep an eye on.
Blockchain will reshape perception of financial services and institutions. Some experts believe that bank institutions will implement blockchain into their services for not to be displaced out of the market. In the nearest future awareness and popularity of blockchain will increase, therefore clients are looking forward to clear, transparent and faster operations with lower costs. Modes of payment with underlying blockchain technology provide the opportunity to get all these advantages and avoid intervention of the third parties. Are we going to the global decentralized crypto society?
Search for alternatives: developers will create new platforms. Though most of blockchain platforms are built on the Ethereum basis, crypto enthusiasts are searching for more alternatives. Taking a few substitutes into consideration, the costs of transferring data or executing smart contracts on Ethereum are quite high. Most likely, the future of blockchain is not tightly related to this giant, but would be powered by usage of some promising platforms like Stellar, NEO or other.
Deals and transactions will be built on smart-contracts. In the beginning of 21st century, online forms of interaction are extensively used. One of the reasons for such technology employment is search for the most convenient way to get a desirable product or service. And still, in many cases, we need to address governmental institutions to execute and realize our rights. This is far not a fast or easy procedure. But what would be if, with blockchain, we are able to solve this problem with minimal costs? For example, someone needs to buy a house. For this purpose, he needs to simply create a smart contract to be confirmed by two parties (buyer and seller). After processing all points of the deal, he is a new property owner. The Georgian National Agency of Public Registry has already started to use the Blockchain technology for performing government transactions related to property matters. Perhaps, soon we will also forget about months of waiting for registration of a deal with government like an intermediary!
Governmental cryptocurrency regulations. Every day, thousands of people worldwide join the crypto market, by using state-of-art tools for value exchange. Even now such a trend can not be ignored by many national authorities. One day international and local financial institutions will have to implement regulations within this growing crypto sector or just integrate into it among other participants in the crypto society.
Blockchain will come into our everyday life. Most of us aware that blockchain covers more and more spheres in the human society and economics. These changes have already affected such industries as real estate, medicine, HR, logistics and even law. Nowadays some HR departments in global corporations use blockchain platforms for qualification examinations. As well as modern manufacturers use blockchain-based systems to track transactions within the supply chain. But have you thought that blockchain technology can facilitate our daily routines? For instance, it can guarantee fast and safe buying and selling goods at the store, payment of travel without long queues or higher quality of services provision.
What is happening now is just the start of the process. Nobody knows for sure how the world will look like tomorrow. But we have already a good basis to be optimistic and believe that our future will be more transparent, reliable, sustainable and dynamically self-improving.
