5 Predictions about the Future of Blockchain Technology

Last year, a lot of funding was raised for blockchain start-ups. However, being a new trend in the market, it still is immature in its implementation. The Web development company in India assures that all the latest trends are kept in mind to deliver the excelled solutions. Blockchain technology became popular due to the well-known cryptocurrencies like Bitcoin, Ethereum, Tether and many more. This technology is able to enhance flexibility, security issues and data processing due to its advantages.

Let’s discuss Why Blockchain Technology is the Future?

The concept of blockchain has now started to capture public attention. In simple words, blockchain technology is a cloud-based system used to store information.  It is predicted that block chain technology will be soon implemented by various industries and will revolutionize traditional business processes. Some of the few blockchain technology points that will shape the world by 2030 are as follows:

1.  In the Upcoming Time, Government may Adopt Some Form of Virtual Currency

It’s highly predicted that the government currency in the near future will inevitably be cryptocurrency. It’s more efficient, reduced settlement time and incredible traceability features make it more likely to be used. The government crypto currency area is going to be an area of experimentation and exploration mostly in the developing nations with its unstable economies and weak institutions. Blockchain technology is going to resolve plenty of major issues such as scalability, privacy controls, toolset maturity and interoperability.

2.  Blockchain Experts are Going to be in High Demand

Though Blockchain is popular these days, there is a lack of blockchain experts in the market. There are a limited number of blockchain engineers in this increased demand for blockchain skills. If you are willing to enter into the blockchain industry and gain some experience, it is going to serve you well. Blockchain is going to soon set trends for 2030 due to its high demand in the near future.

3.  Blockchain with IoT

The International Data Corporation (IDC) reports that plenty of IoT companies are implementing blockchain technology in their solutions. The IDC expects that 20% of IoT will be deployed on blockchain services by 2019. Blockchain technology provides a secure and scalable framework for communication across IoT devices. Also, it has high resistance to cyber-attacks. It will allow smart devices to take automated micro-transactions and its distributed nature is going to conduct transactions faster and cheaper. IoT devices can leverage small contracts that will be considered as an agreement between the two parties to enable money or data over a network.

4.  Economy and Finance will soon Lead Blockchain Application

Unlike other traditional businesses, financial institutions have also seriously begun to consider adoption of blockchain technology for traditional banking operations. They don’t need to introduce radical transformation to their process for adopting blockchain technology. According to a PWC report, 77% of financial institutions are going to adopt block chain technology in their in-production system and process by 2020. It is going to allow the bank to reduce excessive bureaucracy, faster transactions at low costs and improve its privacy. Also, the Australian Securities Exchange is planning to use the blockchain technology system to manage the Australian Financial market by the end of 2020.

5.  National Cryptocurrencies will Start to Appear

The government is soon going to exploit the benefits of blockchain derived technologies. Russia has already proposed a national crypto currency “Crypto Rouble” and is under usage. When the use of Bitcoin increased, the government expressed their doubts regarding the application of cryptocurrencies. Also, they started to worry when they found out that Bitcoin became a traceable currency that can be easily controlled by any government.  By 2020, Gartner has predicted that at least 5 countries will issue a national cryptocurrency.

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What is the Expected Blockchain – Cryptocurrency Market by 2030?

The Allied Market Research Projects have come up with great statistics that will completely transform the market of blockchain by 2030. Some of the statistics are:

•  The cryptocurrency market will soon hit $4.94 billion by 2030, more than triple its estimated size of $1.49 billion in 2020, according to a new latest study.
• The main drivers will be increased demand for international remittances and more transparency in global payments systems, according to Allied Market.
• More than two-thirds of the industry’s 2020 size was attributable to the mining segment, which is expected to retain this position of dominance in 2030.
• However, the transaction segment is going to see the fastest growth
• Allied Market forecast says that the Asia-Pacific crypto industry will be growing fast due to increased competition from a growing number of exchanges.

Conclusion

Blockchain is going to revolutionize business processes in many industries, and its adoption is going to require time and effort. The government will soon adopt blockchain technologies to accept its benefits and improve financial and public services. By 2020, you will get to see some major adoption of blockchain technology into their business.