Blockchain technology has the potential to bring about major changes and create new opportunities in a variety of industries, from banking and cybersecurity to intellectual property and healthcare.

What is blockchain and what is its impact on the future of business?

A recent Trend Insight report by analytical firm Gartner made the following prediction:-

Through 2022, only 10% of companies will achieve radical change using blockchain.
By 2026, the commercial value of blockchain will grow to just over $360 billion, then to over $3.1 trillion by 2030.
By 2022, at least one pioneering company based on blockchain technology will be worth $10 billion.

What is Blockchain?

The term blockchain has been thrown around in many social and business conversations over the past few years, and everyone seems to have heard of blockchain technology, but most of the population doesn't know what it actually means.

To clearly explain what blockchain technology really means, we will give you a brief summary of the history of the development of money trading. Historically, whenever people exchanged valuables, there were intermediaries whose sole purpose was to capture the authenticity of both parties and build trust between them. These intermediaries are now known as banks. The use of banks and brokers continued over time, and with the emergence of digital assets such as stocks, electronic money and intellectual property, there was a need for a more secure method. This is because digital assets are usually files on a computer, which are therefore vulnerable to manipulation and theft. Thus, the use of blockchain technology enables open and transparent business between parties, ensuring the security and efficiency of the exchange.

The Future of Bitcoin

Blockchain has the ability to disrupt the financial industry in the same way that social media disrupted mainstream media or Netflix destroyed Blockbuster movies. Blockchain technology can be used as a platform to provide financial services to anyone around the world, including people in developing countries who may not have access to traditional banking services and cannot afford the interest rates required for large transactions. . This technology has the potential to make major breakthroughs in almost all major areas that are usually handled by large corporations.

The use of Blockchain technology in Education

Using blockchain technology in education, it is possible to find out which students actually need scholarships and who can afford them. This is because some students have circumvented the system and received funding. This would actually harm poor students who drop out or accumulate a lot of debt that almost forces them to work.

Finally, much of the population may be hiding their heads in the sand right now hoping blockchain will go away, but this technology is definitely not going anywhere. In the near future, we will all trade on the blockchain as part of our daily activities. Our grandchildren read about money and ATMs just as we read about barter and gold. It is therefore imperative that we act as quickly as possible and adapt before we have to.

The Future of Blockchain Technology