Blockchain, the technology that runs cryptocurrency of any and all kinds, sounds more fascinating than the virtual money it drives. Blockchain is decentralized, encrypted, and immutable. The term was once synonymous with Bitcoin, but that was before tech aficionados started wondering if there are more ways in which it can be utilized.
Without getting into details of what blockchain is and how it works, let’s just move on to what the future may hold for this much-discussed tech marvel. Read along, it’s going to be interesting.
Better Self Driving Cars
This may sound like coming straight out of a Sci-Fi movie, but blockchain’s encrypted database structure makes it all the more useful for other purposes too. Blockchain’s decentralized working can make driverless cars completely immune from cyber threats. The technological sophistication that we have been able to achieve may look like cassette player in times to come.
Speaking of cassette players…
Piracy Free World
Be it books, movies or music files, blockchain can be used to create a file just the way a bitcoin or any other cryptocurrency is made; one digital token that can’t be copied. Every music file, movie or book will have a unique digital signature attached to it, which will belong solely to the purchaser. And that’s even better than mix tapes we used to get recorded back in the times.
Voting and Taxes
From all the benefits blockchain can offer to governments in near and far future, voting and taxes are by far the most crucial points we can discuss in present times.
Working on the same model that it is, blockchain can, and will, help in keeping forged votes and tax theft completely at bay.
Whether it pooling and vote or filing a tax return, if there’s no record on your name, you shouldn’t be able to do either. With blockchain, you won’t be able to.
Lengthy payment models, bot traffic, domain fraud are among common challenges in the world of digital advertising. And once again, the decentralized nature of blockchain can save the day, every day.
At its core, blockchain creates a trustless environment that builds trust among all the peers. The transparency with which blockchain works can easily make room for honest transactions. At the same time, bad players will also be reduced from the supply chain.
The moment bitcoin came into existence; people realized the power of blockchain and the security it brings along. Its crystal clear movement across all the involved parties has surely made it a favorite among all the technically inclined people.
What we did with currency, can be done with land title, stocks, bonds and other assets, even flyer miles! The options of digitization are galore, and their easy accessibility will surely bring more people on board.
Blockchain is not just a technology; it is a complete industry in itself with a massive scope of implementation. While bitcoin is no more a fad, the technology behind it will always be a focus point for all the techno-commercial brains out there.
We aren’t far from days when blockchain will be a part of our honey and milk. Blockchain is the future, and you need to prepare yourself for the revolution.