It seems the future of finance will be largely in blockchain technology. Traceable international currency, perfect infrastructure: all of this will offer huge cost reductions across markets. We are going to see changes in global banking, as Bitcoin does for payments what email did for communication.
What is really changing?
Some predict that central banks will start adopting blockchain, bringing wider security in currencies used. Nasdaq will launch a blockchain digital technology, which will enhance and expand the management capabilities offered.
Here are some of the most important things that will change in the future of blockchain:
- The year of understanding
Blockchain is now better understood by people, and that these tools can re-modulate the political, financial, and social systems. But how trustful are people of this new technology?
2. Control
- Blockchain can reduce cyber risks, such as identity authentication using a visible ledger.
- Car rental agencies will involve people confirming payments using a blockchain record.
- Refrigerators with a sensor and permanent internet connection can order and pay for the food you need, and track its own warranty and quality.
- Small businesses will use blockchain to create trading platforms between them, forming better collaboration with more transparency in the post-trade world.
3. Privacy puzzle
Companies will have the opportunity to scale their own proofs of concept, with full production in a cloud environment, all done with a simple click. Another step will mean optimizing Ethereum on private transactions.
4. Crime & Banks
- Blockchain provides the ability to track down criminals cheaper and faster than ever before.
- Blockchain could reduce cross-border payments, regulatory compliance, and securities trading.
- Blockchain has the power to change how lenders operate, by making them save around $20 billion per year in settlements.
5. The future of industry
- Education and time: industry is waking up to how blockchain can reduce or maybe eliminate other parties.
- Blockchain can create future industries and change those in existence, with more efficient transactions.
6. Governments will change
- Countries may adopt Bitcoin and other cryptocurrencies before their own currencies.
- Elections may become less expensive, perhaps even free, and instantaneous.
7. Global energy markets
There has already been evolution, progress, and growth in the engineering science zone. The energy tech realm has improved and become more efficient, with a new type of business model emerging, focused on peer-to-peer interaction above the grid. Ethereum can bring further efficiencies, with a continuous, decentralized grid.
8. Microsoft dominance
- Microsoft will continue to lead the way in blockchain, as blue-chip Azure offers security by creating sandboxes in the production area. This year Microsoft added Ethereum with a smart contract over the programming language in Visual Studio.
- The project Bletchly will add Microsoft services, as an Active In order to have better key maintenance. Microsoft will use Ethereum to add blockchain proprieties for Microsoft Office.
9. Asia starts to flex
India has a solid knowledge base in Delhi, Chennai, and Bangalore, and major companies like Tech Mahindra, Accenture and Synechron are developing blockchain solutions.
China has developer’s pools in smart cities to develop projects and internal banking apps for blockchain.
Conclusion
Ethereum was the programming language with the power of a CPU, hard drive, and memory. On the other hand, Bitcoin is very limited to the scripting language and also is stateless.
Ethereum can create apps in all industries, while Bitcoin only moves a token to one person to another. Yet, when it comes to prices, both are growing, and the world of blockchain is continually improving.
Image from pixabay here
