Blockchain Technology is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a blockchain is resistant to modification of the data. the blockchain is a decentralized technology. A global network of computers uses blockchain technology to jointly manage the database that records Bitcoin transactions. That is, Bitcoin is managed by its network, and not any one central authority. let’s look at the main blockchain development trends that are expected
Blockchain Technology Trends in The Near Future
Most blockchain startups will fail blockchain technology in the future will affect every aspect of businesses, but this is a gradual process that requires time and patience. Gartner predicts that most traditional businesses will keep an eye on blockchain technology, but won’t plan any actions, waiting for more examples of the best applications of the technology.
Economy and finance will lead blockchain application it will bring considerable savings for banks. Blockchain technology will allow banks to reduce excessive bureaucracy, conduct faster transactions at lower costs, and improve its secrecy. One of the blockchain predictions made by Gartner is that the banking industry will derive 1 billion dollars of business value from the use of blockchain-based cryptocurrencies.
National cryptocurrencies will appear it’s inevitable that governments will have to recognize the benefits of blockchain-derived currencies. At the rise of Bitcoin, governments expressed their skepticism regarding the particular application of cryptocurrencies. However, they had to worry when Bitcoin became a tradeable currency that couldn’t be controlled by any government.
Blockchain integration into government agencies The idea of the distributed ledger is also very attractive to government authorities that have to administrate very large quantities of data. Currently, each agency has its separate database, so they have to constantly require information about residents from each other. However, the implementation of blockchain technologies for effective data management will improve the functioning of such agencies.
Blockchain experts will be in high demand blockchain is on the top of its popularity, the job market experiences a lack of blockchain experts. Upwork, an online freelancing database, has recently reported a fast-increasing demand in people with blockchain skills. While the technology is new, there are a limited number of blockchain engineers.
Blockchain meets the Internet of Things blockchain technology can provide a secure and scalable framework for communication between IoT devices. While modern security protocols already appeared to be vulnerable when implemented to IoT devices, blockchain has already approved its high resistance to cyber attacks.
Law integration into smart contracts The main idea of smart contracts is its automatic execution when conditions are met. For instance, delivering goods after payment is received. However, other conditions of contracts should also be automatically regulated. Thus, Insurers AIG is now piloting a blockchain system that allows creating complex insurance policies.