Blockchain

Blockchain to Be Among the Top Technologies of the Next Decade

Out of the most revolutionary phenomena of the 21st Century, blockchain technology has been a standout and within just a decade of launch, it has already taken the world by storm. When Satoshi Nakamoto introduced blockchain as the underlying technology powering Bitcoin, he wouldn’t have thought that his creation will disrupt the technology space and create innumerable use cases.

However, despite all its achievements, blockchain still has tremendous scope for growth, and the coming year will see blockchain ruling the roost in the tech world. Taking this into account, popular crypto influencer and Chief Digital Evangelist at Salesforce, Vala Asfhar tweeted that blockchain could be the third most talked about and used technologies of the coming decade. Along with blockchain, he also mentioned Artificial Intelligence, the Internet of Things, and 3D Print.

Interestingly, the video shared along with the tweet, which was attributed towards the World Economic Forum, did not include blockchain, though it included other modern technologies like robotics, connected sensors, automated mobility, IoT, next-level mobile communications, etc. Therefore, Asfhar’s claim is his opinion and he didn’t provide any specific data to back his claim. Apart from the top four, other technologies he mentioned in the list of 15 includes mobile includes autonomous cars, mobile internet, robotics, VR/AR, wireless power, quantum computers, 5G, voice assistants, cybersecurity, cloud computing.

Despite this, blockchain remains of the most anticipated technologies going forward, with several sectors adopting DLT and the future seems robust now. Following are a few examples of why blockchain will be a force to reckon with in the coming decade:

Adoption by Global Organizations

The success of any concept, idea, or technology depends on the mass adoption at an international level. In this regard, blockchain has already established itself, and the future seems to be promising, too. All major global companies like IBM, Microsoft, Apple, Facebook, Google, Amazon, Alibaba, TCS, Intel, etc., have adopted, and in fact, have established dedicated departments for blockchain development. However, what’s more interesting is the fact the international administrative organizations, like the United Nations and governments of various countries like China, Russia, Venezuela, the US, South Korea, Germany, etc. are beginning to show interest in the tech, which is great news in itself.

Various Use Cases Coming Up from the Mainstream Industries

Blockchain technology came into being as the underlying technology for Bitcoin, but soon, the world realized the hidden potential of a distributed ledger. Various industries have adopted blockchain technology, including pharma, oil & gas, telecom, and tourism. The latest entrant in the automobile sector, where major companies like Hyundai, Fiat Chrysler, General Motors, etc. have begun blockchain adoption on a large scale. Similarly, global mining giant Glencore announced earlier this month that it is joining the blockchain consortium RSBN. Likewise, blockchain-based online gaming and gambling has also shown significant growth in the last few months, a trend that is likely to grow in the foreseeable future.

Increasing User Base

The above two factors are the defining ones that strongly indicate that blockchain technology will be a major driving force, and there are strong stats to suggest so. While TRON Network is the leader in the blockchain activity matrix, the underlying stats that have come up are quite interesting. Hundreds of thousands of users are entering the blockchain ecosystem globally by using dApps or other forms of applications like crypto wallets, money transfers, etc. Ripple alone has partnered with over 200 banks and other financial institutions, which has brought millions of people in tough with blockchain. Similarly, Tata Consultancy Services, a global IT giant from India, has products like BaNCS, which serves more than 450 establishments across the globe with a mind-boggling one billion strong userbase. Such big companies partnering with companies like Ripple will only push the ecosystem towards the sky.

Tags

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.
Back to top button
Close