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The future of blockchain is the essence of the blockchain revolution. In just one decade, it has come incredibly far and has left so many changes in its path. Like the internet or the smartphone, blockchain is a system that is believed to be heading in a direction that will make massive changes to our entire way of life.
You will likely find that blockchain will change everything from the way we sell art and products to the way we manage finances and purchase goods. There are many ways that blockchain technology can have a major impact on our future.
Blockchain has the ability to bring about a great amount of security with it.
Because of this, there is a huge potential to greatly reduce the risks attached to the online space. Identity authentication will be offered through a public ledger that makes it easier for people to be caught when they are committing fraudulent activities.
There are already requirements attached around numbering, maintaining, and indexing records around transactions, and the information that is provided in the records needs to be communicated from time to time, as well. This is especially true when you are working with different financial services to assist you with certain activities.
Having a blockchain system storing all of this information would make it more easily accessible, as well as it would increase the security and efficiency around the storing of the information.
There are many other things that can be controlled, as well. For example, if blockchain technology was more widespread, pieces of physical property could be attached to the blockchain system and could perform incredible functions on its own. Fridges, for example, could be equipped with sensors that allow them to order and pay for food, as well as arrange software upgrades.
In addition, it could track its own warranty, so if something was wrong it would be able to make a claim and then the appropriate servicing department would come out to assist you in fixing your fridge.
This could be true for many things, beyond just fridges. Cars could be hybridized and parked on specific parking pads that would charge them, and they would automatically pay for their charges.
Your car could track its own warranties and any things associated with it that may need to be repaired or fixed. There are several items that could benefit from being connected to a blockchain system with sensors and internet connection.
This type of connection would enable many of your pieces of technology to be self-sufficient and would require minimal maintenance on your behalf to keep the system functioning properly.
On a business end, small businesses would have the ability to use the sophisticated blockchain technology to create their own trusted trading platforms which they could then trade among other small businesses.
The corporate trading industry would no longer be restricted to only large corporations, but rather any business who wanted to get involved. This would open up a great opportunity to help bring transparency to the trading environment, especially the post-trade section.
Based on the speed of blockchain technology, the timing associated with investment risks would be completely altered. Trading as we know it would be completely different from what it is now. Another reason why the speed of blockchain would be incredible is that it would alter the speed at which the bank is able to pay suppliers.
Payments could be made instantly, which could make the rate at which things are done much quicker. People would no longer have to wait for transactions to be approved and authenticated and then released because these fulfillments would be done instantly.
Blockchain would also have a major impact on crime. Based on the methodology behind blockchain, there are people who are claiming that they can use this system to track down criminals faster than ever.
Additionally, this service would be cheaper than existing tracking services. There would be less waiting to catch criminals and fewer criminals on the streets being left to their own devices.
Anyone who committed a crime would be much more likely to be identified, caught, and forced to serve their justice. There are some complications that arise when it comes to integrating blockchain with banks.
These risks are currently the reason why many banks have hesitated to get completely on board with the new system. Many banks, however, are investing in learning more about these technologies to see how they can alter the risk and turn it into a positive.
If banks were to adopt blockchain technology, it is not surprising that cryptographically secured currencies would spread rapidly and become more widely used in the everyday world. They would become more prominent in the trading and investment environment, as well as more commonly used with transactions.
Blockchain technology also has the ability to completely eliminate the need for centralized banks. Since the system is infinitely more secure and efficient, physical bank locations would cease to exist due to a floundering need for their presence. Still, the real risks associated with banks would remain present, even if the banks were to be transitioned over to the blockchain technologies.
Other amazing things associated with banks becoming involved in blockchain technologies is that the costs associated with securities trading, cross-border payments, and regulatory compliance could be greatly reduced.
It would be much less costly for them to complete the transactions and therefore they could save as much as $20 billion by the year 2022. The number of applications that would be associated within’ and outside of centralized banks would be greatly reduced, as well.
Blockchain transactions would contain all relevant information for transfers to be successful, and therefore there would be no need for such a high volume of paperwork and contract signings to be associated with transactions.
Some people, however, do not see blockchain as being positive. Some banks believe that this system could be dangerous as there simply isn’t enough IT infrastructure available to support the system. If anything were ever to go wrong with it, there wouldn’t be enough knowledgeable minds to fix it.
Additionally, if the system was down for any amount of time, it would have the potential to be compromised and it would cause a serious backlash on the markets. They believe that the blockchain system might just be the opportunity for another cartel to be opened and that it will be dominated by cryptocurrencies.
These banks believe that blockchain would fail to be able to function effectively enough to operate everyday payments, which is a major part of banking for the majority of people. Blockchain technology has the potential to completely change the face of financial infrastructure as we know it.
Smart contracts, smart property, and other blockchain-based applications would completely change the way the systems functioned and there would be no need for existing methods to be used anymore. Ultimately, it could completely bypass the way our financial systems currently operate and change the face of the financial world entirely.
Nothing would be untouched by the system, from trading and transactions to sales and everyday banking. Many other industries would be greatly impacted by the blockchain systems, as well. While these industrial changes have not been as deeply explored as the financial industry’s changes have been, they still exist.
Ultimately, it will be up to those industries to really see how exactly blockchain systems can have an impact on their businesses. Still, it is inevitable that they will be directly affected by the system. One way that blockchain is guaranteed to have an impact on various industries is through transaction processes.
Virtually every industry has an underlying financial structure, and this structure will not be immune to the changes that blockchain will bring about.
It is, however, believed that blockchain would have a highly positive impact on these industries. For example, these businesses would not have to rely on third parties to facilitate transactions within’ their business. Instead, it would all be done through blockchain systems.
This would completely change the face of business banking. In addition to changing the financial structure of the business and the way transactions are facilitated, blockchain would have the ability to create entirely new business opportunities.
Existing technologies and processes would be completely disrupted, but as a result, there would be entirely new opportunities available.
People could use blockchain as a trading post, they could rent the excess cloud storage, and they could become trained as blockchain consultants to assist others in navigating the blockchain environment.
There would be many other careers opened up too, as a result. Blockchain would have the opportunity to completely shrink the world as we know it. The boundaries between countries and businesses would be completely eliminated.
Transactions and trades across the board would be easier than ever to facilitate, and there would be much less difficult when working with businesses from anywhere. Transactions would be instant and businesses could interact overseas just as effortlessly as they would if they were direct next-door neighbors.
Ultimately, the face of business would completely change. Models behind businesses would change, career opportunities would open up, and trading would become much easier.
Businesses large and small would all have fair chances at the same opportunities, and there would be almost nothing keeping small businesses from having the same impact as large businesses currently do.
Smaller businesses would be opened up to opportunities to have a major impact on the world and take their business from a local market to a global and universal market. In addition to banks and businesses, blockchain would also have a massive impact on governments.
If blockchain were to be completely integrated, traditional currencies as we know it could be eliminated entirely. Instead of having different currencies for different nations, we would have bitcoin and other cryptocurrencies that would dominate the market. There would be no need for country- or region-specific currencies.
As well, blockchain would be an excellent way to distribute currencies to developing nations in order to assist in raising social welfare and ensuring that everyone across the globe was taken care of. We would be able to eliminate the boundaries and lines across countries and come together as one united global community.
Another powerful way that blockchain would have the ability to impact government is through elections. As we have already explored, blockchain could be used to eliminate the expenses and time investment in elections.
Instead of having to fund expensive election facilities and hire and train the people to run them, everything could be done instantaneously online. This would increase the speed, improve voter turnout, and decrease the costs associated with elections.
The idea of self-driving cars, fridges that order and pay for food, and technology that can completely self-service itself was once a mere dream of a futuristic society.
People dreamt up a vast number of incredible changes that society would endure if technology advanced to such a space, and in the meantime computer scientists, cryptographers and mathematicians were in the process of turning those dreams into a reality.
Blockchain is the system that is bringing us forward into this futuristic society in the fastest way possible.
Just a decade ago, blockchain was only a dream. It rapidly became a reality, however, and it continues to hurtle forward to be the new potential for our society. Time will only tell how far this blockchain revolution actually goes, but it is clear that it isn’t about to stop anytime soon.
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