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Future of Blockchain Technology

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Today apart from cryptocurrencies, the underlying technology- the blockchain is getting implemented for many industry functions. The blockchain characteristics such as decentralization, immutability, transparency, speedy transactions make it widely advocating for applications – PowerPoint PPT presentation

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Title: Future of Blockchain Technology


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Future of Blockchain Technology
blockchainexpert.uk
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  • INTRODUCTION

The year 2008 became witness to the birth of most
advanced technological innovation- the
Cryptocurrency-Bitcoin. The invention took the
world by storm, raising many eyebrows of the tech
enthusiasts. Soon, every industry started
exploring the tremendous possibilities of
cryptocurrencies and blockchain technology. In
2017, the price of Bitcoin rose to 20,000,
becoming the buzzword of the town. ICO funding
thus surpassed the traditional form of funding in
many industry platforms. No matter what the
industry was, ICO promulgated the choice of many
executives. Today apart from cryptocurrencies,
the underlying technology- the blockchain is
getting implemented for many industry functions.
The blockchain characteristics such as
decentralization, immutability, transparency,
speedy transactions make it widely advocating for
applications such as
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  • 1. Document Verification
  • 2. Supply chain and Logistics Management
  • 3. Defense and Securities
  • 4. Banking
  • 5. Health
  • 6. Automobiles
  • and much more. As days pass by, the tech brains
    are into digging more and more possibilities of
    blockchain technology. Therefore, one can
    ascertain that the future of blockchain
    technology is to prosper and multiply more.
  • In this blog is laying few of the blockchain
    possibilities or in other words say, what can be
    the future of blockchain technology.

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1. Government Cryptocurrency It is assimilated
that by 2030, every public organization is to
create their own cryptocurrencies. The
peer-to-peer payment network with no central
authority is attracting many government
organizations these days. Earlier, the lack of
central authority feared many government
officials in adopting the concept, however today,
the scenario has changed. Today we can ascertain
that the future government currencies are to be
inevitably the crypto. The perspective change is
on account of the strong properties of the crypto
coins such as reduced settlement times, increased
traceability, real asset backing and much more.
Also, the crypto characteristic to artificially
manipulate the price, makes it advocating for the
public sector. Cutting edge blockchain innovation
is expected to settle numerous present
impediments, for example, adaptability, security
controls, toolset development, and
interoperability. Price stable tokens will become
increasingly dependable as a method for trade and
as a store of significant worth.
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2. Blockchain Identity for Everyone If email
demonstrated to be the "killer application" for
the Internet, identity solutions will demonstrate
to be the "killer application" for blockchain.
Identity frameworks, as we probably are aware,
are very broken, working in silos, and uncertain.
Blockchain-based identity management frameworks
will tackle these issues. These frameworks will
give a solitary wellspring of confirmation for
people's identities and assets. Blockchain-based
identity management framework decentralizes the
information gathering, cross-checks the gathered
information through a consensus mechanism, and
stores this data on a decentralized ledger. It
empowers diminished danger of security breaks,
altogether higher efficiencies, higher
dependability, and in particular self-sway. As
indicated by different information sources, 1.5
billion individuals especially the refugees, need
evidence of their character or identity for
various applications. Blockchain-based
self-sovereign identity stages will give the
refugees and other disappointed populace, the
instruments to acquire and keep up legitimate
documentation.
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The new blockchain-based identity management
framework will be increasingly secure and solid
since comes stored on distributed ledger instead
of being in the ownership of a central authority.
Blockchain-based personality stages will likewise
empower self-sway, which eventually implies
individual privacy. The choice to unveil personal
data will be inside every individual's control.
With ongoing Facebook information breach
scandals, blockchain-based identity makes a
reasonable and significant answer for some
information protection issues. Blockchain-based
Identity can be implemented in the field such
as a. Government records (e.g., date of birth,
and so on.) b. Reputation and trust scores
(e.g., record as a consumer) c. Certificates and
verifications (e.g., college confirmation) d.
Healthcare and therapeutic records. e. Tax
distinguishing proof records. f. Employment
records
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Besides, a blockchain-based resource identity
platform will gather, store, and offer
information for both physical and virtual
resources. Blockchain will give a safe,
dependable, and effective component for these
gadgets to execute among one other. Blockchain
will keep a permanent record everything being
equal and will empower prompt installment
settlements (e.g., two IoT gadgets moving
resources between one another). Virtual
resources will likewise have a one of a kind
character on a blockchain. One case of virtual
resources would be crypto kitties, fictional cats
existing in a virtual game and living on the
Ethereum blockchain. With the intensity of
blockchain, these virtual items are transformed
into tokenized resources which, correspondingly
to physical resources, will have their one of a
kind personality. At last, blockchain will
empower a mechanized working framework flawlessly
associating people with resources in physical
just as in virtual universes.
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3. World Trade on Blockchain Technology By 2030,
a large percentage of world trade exchange is
expected to happen in the blockchain. One of the
most encouraging zones where blockchain can give
critical business worth is worldwide inventory
network or say world trade. In its present state,
world trade exchange constitutes a fragmented set
of business relationships that are riotous. No
mutual trust exists between the parties. This
eventually results with mistakes and
misrepresentation in trade. To name a few
instances, we have the cases of counterfeit
medications in the pharmaceutical business,
instances of adulterated food items, Counterfeit
car parts and much more. As is clear, the
issues in worldwide supply chains are critical
and, at times, dangerous. As indicated by WHO, a
huge number of individuals bite the dust from
fake medications consistently. The answer to
these issues is troublesome in light of the fact
that the business biological systems are divided,
siloed, just incompletely computerized.
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What is required is "against disruption"??i.e.,
carrying the request to Bedlam by utilizing
blockchain innovation as a power for unification
to bind together different progressions of
installment, physical merchandise, and data. This
won't be simple, and complete arrangements will
take a very long time to manufacture. In
actuality, one is developing an ERP framework for
a business biological system, which means it will
take longer and be more troublesome than
structure an ERP framework for a solitary
organization.
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Click here to read more about Future of
Blockchain Technology
11
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