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Future of Blockchain Technology

15/July/2019
The year 2008 became witness to the birth of most advanced technological innovation- the Cryptocurrency-Bitcoin. The invention took the world by storm, raising many eyebrows of the tech enthusiasts. Soon, every industry started exploring the tremendous possibilities of cryptocurrencies and blockchain technology.
 
In 2017, the price of Bitcoin rose to $20,000, becoming the buzzword of the town. ICO funding thus surpassed the traditional form of funding in many industry platforms. No matter what the industry was, ICO promulgated the choice of many executives. 

Today apart from cryptocurrencies, the underlying technology- the blockchain is getting implemented for many industry functions. The blockchain characteristics such as decentralization, immutability, transparency, speedy transactions make it widely advocating for applications such as 


and much more. As days pass by, the tech brains are into digging more and more possibilities of blockchain technology. Therefore, one can ascertain that the future of blockchain technology is to prosper and multiply more. 

In this blog is laying few of the blockchain possibilities or in other words say, what can be the future of blockchain technology. 

1. Government Cryptocurrency
It is assimilated that by 2030, every public organization is to create their own cryptocurrencies. The peer-to-peer payment network with no central authority is attracting many government organizations these days. Earlier, the lack of central authority feared many government officials in adopting the concept, however today, the scenario has changed. Today we can ascertain that the future government currencies are to be inevitably the crypto.

The perspective change is on account of the strong properties of the crypto coins such as reduced settlement times, increased traceability, real asset backing and much more. Also, the crypto characteristic to artificially manipulate the price, makes it advocating for the public sector.

Cutting edge blockchain innovation is expected to settle numerous present impediments, for example, adaptability, security controls, toolset development, and interoperability. Price stable tokens will become increasingly dependable as a method for trade and as a store of significant worth. 

2. Blockchain Identity for Everyone
If email demonstrated to be the "killer application" for the Internet, identity solutions will demonstrate to be the "killer application" for blockchain. Identity frameworks, as we probably are aware, are very broken, working in silos, and uncertain. Blockchain-based identity management frameworks will tackle these issues. These frameworks will give a solitary wellspring of confirmation for people's identities and assets. 

Blockchain-based identity management framework decentralizes the information gathering, cross-checks the gathered information through a consensus mechanism, and stores this data on a decentralized ledger. It empowers diminished danger of security breaks, altogether higher efficiencies, higher dependability, and in particular self-sway. 

As indicated by different information sources, 1.5 billion individuals especially the refugees, need evidence of their character or identity for various applications. Blockchain-based self-sovereign identity stages will give the refugees and other disappointed populace, the instruments to acquire and keep up legitimate documentation. The new blockchain-based identity management framework will be increasingly secure and solid since comes stored on distributed ledger instead of being in the ownership of a central authority. Blockchain-based personality stages will likewise empower self-sway, which eventually implies individual privacy. The choice to unveil personal data will be inside every individual's control. With ongoing Facebook information breach scandals, blockchain-based identity makes a reasonable and significant answer for some information protection issues. 

Blockchain-based Identity can be implemented in the field such as:

a. Government records (e.g., date of birth, and so on.) 
b. Reputation and trust scores (e.g., record as a consumer) 
c. Certificates and verifications (e.g., college confirmation) 
d. Healthcare and therapeutic records.
e. Tax distinguishing proof records.
f. Employment records 

Besides, a blockchain-based resource identity platform will gather, store, and offer information for both physical and virtual resources. Blockchain will give a safe, dependable, and effective component for these gadgets to execute among one other. Blockchain will keep a permanent record everything being equal and will empower prompt installment settlements (e.g., two IoT gadgets moving resources between one another). 

Virtual resources will likewise have a one of a kind character on a blockchain. One case of virtual resources would be crypto kitties, fictional cats existing in a virtual game and living on the Ethereum blockchain. With the intensity of blockchain, these virtual items are transformed into tokenized resources which, correspondingly to physical resources, will have their one of a kind personality. At last, blockchain will empower a mechanized working framework flawlessly associating people with resources in physical just as in virtual universes. 

3. World Trade on Blockchain Technology
By 2030, a large percentage of world trade exchange is expected to happen in the blockchain. One of the most encouraging zones where blockchain can give critical business worth is worldwide inventory network or say world trade. In its present state, world trade exchange constitutes a fragmented set of business relationships that are riotous. No mutual trust exists between the parties. This eventually results with mistakes and misrepresentation in trade. To name a few instances, we have the cases of counterfeit medications in the pharmaceutical business, instances of adulterated food items, Counterfeit car parts and much more. 

As is clear, the issues in worldwide supply chains are critical and, at times, dangerous. As indicated by WHO, a huge number of individuals bite the dust from fake medications consistently. The answer to these issues is troublesome in light of the fact that the business biological systems are divided, siloed, just incompletely computerized.

What is required is "against disruption"?—?i.e., carrying the request to Bedlam by utilizing blockchain innovation as a power for unification: to bind together different progressions of installment, physical merchandise, and data. This won't be simple, and complete arrangements will take a very long time to manufacture. In actuality, one is developing an ERP framework for a business biological system, which means it will take longer and be more troublesome than structure an ERP framework for a solitary organization.