What Does The Future Hold For Blockchain Technology?

November 19, 2018 4:59 pm

Blockchain technology has been one of the most talked about things for the last couple of years. Mainly, whenever you hear about it, you see it spoken about in relation to cryptocurrency. This is because things like Bitcoin are essentially created using blockchain technology.

Many people initially thought that the future of blockchain would depend on the health of the crypto market. However, this technology has proven to be pretty revolutionary, opening the door to many new ideas in the coming years. Bearing that in mind, here’s what the future could hold for blockchain technologies:

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Real Estate Tokenisation

As of right now, investing in real estate is relatively straightforward. You find a property you like, and you buy it; simple as that. However, blockchain technology has brought about the idea of tokenisation in real estate. Essentially, this could mean that people can now invest in parts of a building. By using the technology, you could theoretically split a structure up into different assets – almost like shares – which people can invest in. It basically means more than one person can invest in a property, and if that property does well and makes a lot of money, then the investors are rewarded!

National Cryptocurrencies

Of course, we can’t really talk about this technology without heavily linking cryptocurrency. One of the biggest predictions is that we’ll start to see different countries releasing their own national cryptocurrency. This would mean that you could use this digital currency to pay for things, as an alternative to the actual money. Who knows, over time, it could completely replace the physical version as well. We’ve already seen some countries take up this idea, with Venezuela being a great example.

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Blockchain Security Measures

The very nature of blockchain makes it ideal for security measures. I won’t dive too deeply into it, but the basic idea is that each ‘block’ is constantly checked whenever any transactions are made on cryptocurrency markets. As a result, it’s near enough impossible to hack blockchain technology. Therefore, we’ll surely see an increase in the amount of blockchain-based security methods throughout the world. By tapping into this technology, it can potentially do more than just make transactions secure. Governments could use it to protect records, it could become widely used in businesses; who knows what else it can do for security?!

Healthcare Improvements

Following on from the idea of blockchain security, it’s clear that this could play a significant role in the healthcare industry. This technology doesn’t just make it easier to secure data, but it also makes it much easier to share it with other people. In a healthcare sense, it could become far easier for doctors and medical professionals to collect patient data and share it securely around the world. Therefore, people can call on specialists from different countries to give opinions on x-rays or specific patient cases. It may lead to better treatments as it’s much easier to get multiple professional opinions thanks to the blockchain.

Bear in mind that all four of these ideas are just that; ideas! They’re merely predictions for the future, but they show the extreme potential this technology brings.

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