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Three Trends Shaping The Future Of Blockchain Technology

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Blockchain is changing just about everything and will continue to do so in the future.

If you think of a traditional database like a spreadsheet, the blockchain distributes it so that the spreadsheet runs on millions of computers. It also uses state of the art cryptography. Therefore, once a user adds the information, it is virtually impossible to extract again without the original passcode.

The blockchain is revolutionizing the future of real estate, healthcare, and even voting.

In fact, the technology continues to grow in popularity as multiple industries find new uses for it.

In a report from Deloitte titled, “2018 Global Blockchain Survey,” the group highlights some of the trends well worth watching.

No. 1 — Enterprises are Putting More Resources Behind it

Traditional enterprises are putting more resources behind blockchain than ever before. This is an effort to achieve greater efficiency. It is also an attempt to develop new business models and revenue sources for the future, says the report.  That means the technology is gaining wider acceptance and confidence.

“As more organizations put their human and financial resources behind blockchain and come to better realize how it can improve their business processes and their bottom lines, we expect the technology to gain significant traction, as its cost savings, competitive advantages, and ROI benefits become more pronounced.”

No. 2 – Applications are on the Rise

Blockchain already found relevance in a number of industries.

“Blockchain is at an inflection point, with momentum shifting from “blockchain tourism” and exploration of the technology’s potential to the building of practical business applications. This is particularly true among “digital enterprise” organizations, rather than in more traditional enterprises that are still working on how to incorporate digital into their existing operations and protocols,” notes the report.

No. 3 – It Plays a Big Role in Cybersecurity, now and in the Future

Blockchain was created to ensure the security of transactions. So it shouldn’t come as a shock that this is part of the reason for its adoption.

According to Forbes, “Typically, once data is stored on the blockchain it cannot be manipulated or changed – it is immutable. This is because of the architectural nature of blockchain structures where every block has a specific summary of the previous block in the form of a secure hash value.  Since these blocks are structured in the form of a ‘chain’ sequence, the timing, order and content of transactions cannot be manipulated.”

Therefore, the blockchain holds significant promise for the future of technology.

 

 

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