2017 was the year when cryptocurrencies conquered the world. Bitcoin prices touched almost 20,000 dollars. Blockchain Technology was the new dream every other executive was talking about.
Is Blockchain application development really worth all the hype? Or is it just another overrated gimmick. Experts say it is not and that it will change the world as we know it. Blockchain technology is supposed to take over our planet in more ways than one by the year 2030. Let us take a closer look at what the future of blockchain technology looks like:
- Governments Will Lap It Up!
Cryptocurrency is predicted to be the currency of choice for governments because of its efficiency. It trumps its closest rival fiat currency any day because of lesser settlement times and traceability. It is assumed that nations with developing economies will experiment with cryptocurrency. For example, thanks to the inflation in Zimbabwean dollar a lot of citizens in the African country have already switched to bitcoin. Considering how easy buying Bitcoin is, this is not surprising. However, the phenomenon has extended to other cryptocurrencies as well with Venezuela setting an example with almost 5 billion raised during a cryptocurrency pre-sale event. With the crypto community growing day by day, it is expected that some of these early projects will fail because the technology is still at a nascent stage.
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A lot of governments might end up being scammed by hackers because they will have to take external advice and consultancy while trying to adopt this new technology. The early days of the World Wide Web were also marred with a lot of businesses failing because of their lack of expertise in e-commerce. But Blockchain application development will cure traditional currency problems like privacy control and interoperability. It is expected that price stable tokens will start to become more popular and reliable as a means of monetary exchange.
- The Trillion Dollar Turmoil
Four leading companies in the world including Apple, Amazon, Google and Microsoft are in a race to become the first organization to reach a trillion dollars. They are all part of a new economy that has embraced virtual currency and online exchange. It’s Web 2.0 as we know it and will probably be called Web 3.0 in the next decade.
The old economy is completely analog and dependent completely on tangible physical resources propagated through tangible physical systems. It will not disappear completely because it’s an integral part of our daily existence. But its economic role will get drastically reduced in the future.
There is a new economic system that has been rising favourite of the stock market for quite some time and it continues to grow. The traditional nature of a company or firm as suggested by Ronald Coase talks about how firms exist because transactions inside are less costlier than transactions outside. According to him although certain transactions will have to be with other business entities, internal transactions remain crucial to the foundation of a company.
Blockchain completely changes this by reducing the cost of any transaction. A big firm often stands strong because of the superiority of the processes inside it. But blockchain application development evens this out through a smooth flow of tokens and other virtual assets. So soon enough, trillion dollar firms will lose their place to trillion dollar tokens.
- Blockchain Will Become Intrinsic To Identity!
It is said that emails changed the way people warmed up to the internet and similar things can be said about blockchain’s identity solutions. Present identity systems are extremely unreliable compared to the level of verification that blockchain offers. Blockchain-based identity systems have a process of cross verification through consensus and collects this data on a decentralized ledger which has fewer chances of facing a security breach. It is also notably efficient and extremely sovereign.
Lack of identity is a huge problem in the world today, especially for the planet’s 65 million refugee population. Blockchain’s self-sovereign status will allow the disenfranchised to have their own legal documentation. This will be much stronger in terms of credibility since it’s not issued by an authority and is simply registered on a virtual ledger. An individual will have tremendous control over their own data which is very significant in the light of the recent Facebook data breach.
A blockchain identity platform can contain credit history, university records, healthcare records, tax records and government identity proofs. However, it is most likely that instead of a single solution, verifying identities will have multiple identity platforms working together.
Blockchain will also collect and share data about physical and virtual assets, especially IoT devices such as smart refrigerators which have powerful AI-powered chips. These devices continually communicate with the internet and through blockchain, they can engage in safe and smooth transactions like settling payments between two devices.
Virtual assets will have their own identity and can be turned into tokenized assets. Blockchain will therefore seamlessly integrate physical and virtual assets.
- It Will Act as A Catalyst for World Trade and Business!
If we look at the global supply chain today, it’s disorganized, unreliable and unstable. This leads to errors and an overall lack of faith in international trade. Counterfeit medication to the fake Louis Vuitton bags which are sold in Asia, everything is a part of this problem.
Even after WHO pointing out that thousands of deaths happen due to fake drugs, international trading environments still remain risky with no check or guarantee on quality control. This is because of the lack of a strong authority that is calling the shots. Blockchain can bring order into this chaotic environment using unification- a process which will bring together physical products, different types of cash flow, information and knowledge.
This technology is not yet functional but is expected that blockchain technology application development will have a huge role in unifying international supply chains and facilitate global train.
Furthermore, blockchain allows the use of technology to bypass government censorship or restrictions on certain products. While no one would advocate for users to purchase drugs online, services like casinos you can play through Bitcoin allow for gaming without undue intervention.
Last but not the least, blockchain is a great leveller. It allows tokenization on a huge scale for assets which are value generating which only the rich can own. But blockchain allows people to buy something and continue paying over several years because of the tokenization of the asset. It allows even the not so well-off people to invest in an asset.
The blockchain is an innovation that is here to stay. It will shape our civilization differently in the coming years. This article gives a detailed picture of the Blockchain technology
List of Top Blockchain Development Companies in India
Several IT companies have started blockchain related services and development services. Below is a list of leading IT companies that are providing blockchain services. Take a look at blockchain application development companies in India for a comprehensive list.
Logiticks: Regardless of the size and type of your organization, Logiticks offers tailor-made Blockchain application solutions that meet your business requirements. With several years of expertise in providing enterprise level IT solutions, they have demonstrated their capabilities in blockchain services.
Brsoftech: Brsoftech is one of the leading Blockchain application development companies in India, which provide exemplary services related to Blockchain application development with the aim of providing value adding deliverables globally.
Appiness World: Appiness World is another reputed company that offers digital consulting and product development services focusing on innovative technology solutions and optimal support for Blockchain application development, UI/UX design services, web design and other development services.
Openxcell: With a wide-range of services, Openxcell is rated as one of the top blockchain developers in India that provides outstanding blockchain development services along with, mobile app development, real time solutions and many more.
W3 Villa: With extensive expertise in software development and maintenance, Blockchain development, interactive data visualisation, payment integrations, UI/UX, and technology consultation services, W3villa delivers consistent and quality results on-time.