The past few years have seen cryptocurrencies and the Blockchain come to the attention of many. There have been both positive and negative speculation about their future. In the short period that cryptos and its underlying technology have existed, we have witnessed over 1,000 projects come and go.
However, much like the Dot Com bubble of the late 1990’s and early 2000s, many experts believe the failed projects are part of the “boom and bust” cycle which is necessary as the Blockchain finds its footing on the larger economy.
With this in mind, let’s have a look at some predictions of what the future might hold for the blockchain according to these seven experts.
The Need For Credible Crypto Backing Will Grow
Claus Jepsen believes that money, whether physical or virtual needs credible backing. Now considering that there is no trusted party when it comes to handling cryptocurrency transactions, then the role of the Blockchain becomes even more crucial.
So if in the future a cryptocurrency is to be an official currency, then in DLT the necessary tech exists. It will ensure transactional integrity that prohibits tampering with transactional data.
The Blockchain Will Continue to Mature and Strengthen
Allison Clift believes that as the blockchain technology that supports not only virtual currencies but other types of businesses matures we will continue to see its real value emerge. He adds that the impact of the technology may be greater than any of us realize. It has the potential to impact business, economics, and society. According to him, we are just beginning to scratch the surface of what is possible.
Increase in Blockchain Based Government Systems
Rohan Pinto believes that the distributed ledger technology (DLT) is here to stay. Dubai is one city that has decided to take the lead when it comes to adopting emerging technologies. The city has vowed to replace all government systems with Blockchain structures by the year 2020.
A move that shows that the DLT will just grow over time. The technology will provide the underlying trust, transparency, and immutability that such systems desperately need.
There will be Transparency across Different Industries
Antonio Altamirano believes that the DLT will ensure there is transparency across different industries. The use of a single publicly available digital ledger will make it easy to spot issues like hacking attempts. It will also reduce the messiness that is associated with systems that contain multiple ledgers.
The above will be possible because the Blockchain is built as a distributed ledger which ensures complete privacy and control of data. Any changes to the system are visible to the public.
5. There will be Widespread Distributed Data Models
According to Billy Bosworth, the Blockchain has already highlighted a critical aspect of how data will work in the coming decades. A world where data will increasingly be distributed. He adds that any solutions for the next generation data problems will have to understand this fact. They will have to plan for a day where critical data will be distributed among many geographies and other platforms.
There will be More Standardization and Collaboration
Thiru Sivasubramanian believes one area that is likely to see advancement in Blockchain will be the standardization of interoperability among different blockchains. What we are realizing now is that in the future there will be several blockchains with specific business purposes. True benefits for the enterprise or consumers will be realized when they are able to collaborate in an open standard.
There will be More DLT-Based Security Measures
Chalmers Brown sees more focus being placed on the powerful potential of the distributed ledger technology for financial and non-financial applications. Currently, we are witnessing more investment that is being put towards building out tools and platforms that are built on the Blockchain. Systems that will help with identity verification, contracts, payments, and other security measures.