If there is one technology that overshadows every scientific breakthrough of the 21st century, that is Blockchain!
Its strides have been giant; not even a single industry is left that is not adopting blockchain – a technology that is disrupting and rewriting processes and operations in every global sector!
Here’s a robust stat: according to Deloitte’s 2021 Global blockchain development Survey, almost 76% of executives said they expect digital assets will be a solid alternative to fiat currencies for global finance in the next 5–10 years.
What this means is that this is an onset of a revolution across all industries that will change everything from making transactions to delivering services.
Carl Runefelt is a global crypto expert who often talks about blockchain, NFTs, and crypto on his YouTube channel, The Moon. In one interview he said, “Blockchain is genuinely game-changing, and it represents a massive transformation for the global economy and, indeed, the whole globe. It represents a paradigm change.”
Blockmochain Embrace is Ongoing
But many people are still understanding the blockchain. More and more companies are experimenting with it to see how it can add value even more value.
Then there are industry leaders who have tried this innovative technology and now believe it to be reliable and offer impregnable security with its unbreachable cryptographic methods.
Carl Runefelt emphasizes here, “I know that for the fact that you cannot hack Bitcoin. You can hack exchanges which is something different but not Bitcoin. It’s important to understand that you can hack YouTube, you can hack banks, or literally any internet company out there, but you cannot hack Bitcoin. This is because the blockchain is very robust.”
Blockchain has already left indelible marks in retail, real estate, healthcare, and some other industries. And this march is underway, with more industries adopting it.
Let’s have a look at some of the ways blockchain will impact the future.
Non-Fungible Tokens (NFTs)
The state-of-the-art technology of blockchain is giving rise to numerous advanced use cases. Like cryptocurrencies, NFTs are making round in the digital arena for quite a while now.
NFTs utilized to represent real-world items digitally and prove ownership and authority over digitally existing items like artworks, collectibles, gifs, etc. The best part? NFTs are one of a kind; they can’t be replaced.
This means that only the original owner/creator can sell or trade their NFTs. The demand for NFTs is through the roof. A recent survey confirms that the global non-fungible token market size was valued at USD 15.54 billion in 2021 and expected to grow at a compound annual growth rate (CAGR) of 33.9% from 2022 to 2030.
And this is just the beginning; the possibilities with NFTs are unlimited and we have just opened the gate yet!
Everything Faster & Secure
The technology of blockchain has almost become synonymous with speed and security. The nature of blockchain is decentralized and distributed which ensures immutability and impenetrable security.
Today, there is no technology faster than blockchain that can process transactions at lightning speed. No wonder, the banking and financial sector are so obsessed with blockchain’s might!
As its popularity continues to grow, the financial sector will completely adopt blockchain by shifting almost all operations to the blockchain. One critical survey corroborates that 66% of banks expect to have blockchain solutions in production within the next three years.
In the future, you would likely be able to make transactions 24/7 anywhere with incredible speed.
Carl Runefelt adds, “With crypto, people can make free and instant transactions but also allow the user to choose whether to send an off-chain or on-chain transaction. So, people can use security over speed, or they can use, or they can choose speed over security depending on the amount of money you’re sending.”
Welcome to Digital Identity
With the arrival of blockchain, adding passwords and security questions will become relics of the past. Blockchain is in the process of creating your digital second life. It will be far more secure and easy to manage.
So how will it work technically? Instead of giving some personal, arbitrary piece of information that could potentially be guessed or stolen, your digital identity is based on the uniquely random set of numbers assigned to each user on a blockchain network. This innovation will mark the end to online stealing of identity and hacking. Only you will have your private key. With rapid advancements in progress in blockchain, more work is done to protect digital identities – a place where most of our time will be spent moving forward!