Blockchain technology has been striving to reach mass adoption for over a decade. Recent developments in the industry have proven that consumers and businesses can truly benefit from what decentralization can bring. A recent survey done by Deloitte highlights that over 75% of C-suite executives agree that digital assets will most likely replace fiat money in the following years.
A social and financial revolution is underway, and according to industry experts, it will completely change the way transactions are processed, services are delivered, and data is managed. Read on to learn more about what the future holds for blockchain technology.
Endless possibilities as NFTs Blockchain Technology reaches mainstream adoption
Blockchain technology can provide endless business possibilities. In the past 5 years, it has managed to get us closer to a trustless type of internet powered by decentralized transactions, speed, privacy, and transparency. For 2022, the most relevant use case concerns non-fungible tokens or NFTs. Groundbreaking in every way possible, NFTs have changed the way people buy and sell digital assets with true value in the real world.
Every NFT developed is unique by nature, and can’t be swapped, stolen, or changed due to blockchain technology. It can, however, be traded, bought, donated, or sold by its original creator. In the future, researchers believe that NFTs could potentially rule over a new era of digital collectibles, such as unique accessories or art.
Decentralized, faster transactions
Blockchain technology is famous for the security it can provide, and it’s nearly impossible for cybercriminals to hack it. Furthermore, all data entering the blockchain software development is verified and published in an open-source digital ledger on the internet for everyone to check. This means that transactions can’t be tampered with, and users can rest assured that all of their trades are completed safely and securely.
On average, it takes 3 days for a bank to process cross-border transactions. Depending on the type of blockchain, it can take as little as a few seconds in a decentralized environment. Increasingly more banks and financial institutions worldwide are looking into its potential as many are realizing that if they don’t adapt their business models, they risk losing their customer base and decreasing their profits.
Authentication questions and passwords are pretty common when verifying one’s identity online. With the help of blockchain technology, the whole system could be replaced by digital identity verification that’s a lot easier to manage, safe, and secure. Passwords and usernames can be stolen or hacked, whereas a digital identity leverages decentralized technology to assign random numbers on the blockchain network. In simple terms, it means that your identity will never tamper with without full access to your private key.
Streamlined, fast, and secure healthcare
If digital identity information can be managed safely and stored on the blockchain, so can health records. The health system has always had issues keeping data safe. Patient records are private and often times they need to be exchanged between physicians to establish proper diagnoses. However, there have been numerous hacking attempts over the years that slowed down the system, even more, putting people’s lives in danger.
To increase security in healthcare, blockchain technology helps improve speed and reduce redundancies while fully protecting the privacy of the patient. Furthermore, experts argue that the global market size of decentralized technologies in healthcare could reach $230 million by the end of 2022, increasing by over 63% compared to previous years.
There’s tremendous potential for blockchain technology in the future, and as increasingly more industries implement blockchain-based elements into their business models, soon enough it will enter mass adoption.
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