The Future of Blockchain Technology: My Top Five Predictions for 2030
Hi friends, My name Is Lavanya from India.
In my today post, I share my Top 5 major predictions that we see in Blockchain technology in the upcoming 10 years.
Blockchain starts at 2009 but in 2017 we see its height Price of $20000 for each BTC. On seeing this growth lot if people get attraction and start working and investing in the crypto field.
This growth gives new hype in the crypto world. Then after a lot of blockchain technology-related projects start, along with ICOs also increased to Ten times.
Then after slowly ordinary people also start investing here. Now I share my predictions about Blockchain technology how it shapes our World by 2030.
Prediction # 1: Government Crypto
By 2030, each country government start and adopt its own virtual currency using Blockchain Technology.
I think this process already started, even India also planning to its digital currency. Hope soon those are available in the market. Due to this slowly fiat currency usage reduced and start degital currency dominance.
This pandemic teaches us a lot of lessons, how to use digital currency teaches, how to buy and sell goods online. Now all most all people try to use digital wallets for their needs.
Those helping to create each country own digital currency for their needs. That help, reduce a lot of time and transactions cost too.
Due to this possible to reduse Black money in Nation, so we see a huge development in each country.
If you have your digital currency they possibly to regulate and possible to avoid misuse of that amount. That's why a lot of Countries now think about it.
Future technology will resolve many current limitations, such as scalability, privacy controls, toolset maturity, and interoperability.
A lot of new projects already started their services in different fields using blockchain technology. For example Tether, BitShares, Maker, Basecoin, Carbon, Stably, Havven, Kowala, TrueUSD, Arccy, Sweetbridge, Augment, Fragments, Petro, and others already start their services.
Prediction #2: Trillion-Dollar Protocols
By 2030 we see more than Trillion Dollar investment in crypto frim to Trillion -Dollar Tokens.
Now there is four most popular comanies in a race to reach Trillion Dollar club. Apple, Amazon, Google, and Microsoft are in a race.
Those companies are playing a huge role in crypto growth. They already start their investments in crypto . Those Companies becomes a role model for new company starters. They easily attract to the crypto world. So each new project starts on using blockchain technology.
Using blockchain technology is possible to reduce the cost of transactions and information flows.
So like those changes will transform Current Trillion dollars firms into Trillion-dollar Tokens. Means current finance platform transformed into Decentralized platform , Due to this, we can resolve all our current issues very easily and effectively.
Prediction #3: Blockchain Identity for All
By 2030, all identity verifications occur through blockchain technology for individuals, as well as physical and virtual assets.
For example, if you give your email address to killer app ,it may possible to hack your all details. If those identity verification occured through block chain technology like those hacking not possible. Because it is decentralised and higher security providing technology.
In Blockchain technology all information stored in a decentralised way from collecting data from consensus mechanism and store in a ledger format. .
It enables the reduced risk of security breaches, significantly higher efficiencies, higher reliability, and most importantly self-sovereignty.
From a recent survey, nearly 1.5billion people don't have identity proofs. Along with another 65 million refugees are there. Blockchain-based self-sovereign identity platforms will provide decentralized secure legal documents for their needs. Using those they can live happily. From this, they possibly to get all Government offer benefits easily. From this possible to get a better life.
Real life use cases for data stored on a blockchain-based identity platform :-
Government records ( Date of Birth, Date of Death,Pan cards,...)
Reputation & trust scores ( credit card score, ...)
Certificates & attestations ( Education certificated,land documents,..)
Healthcare & medical records
Tax identification records
By 2030 all those date store in blackchain i think. Because from this we get secure ,open source,easy to access of data fromboth physical and virtual way.
Now we using More than 20 billion IoT devices already. From your smart refrigerator to an aeroplane engine, these “smart” chips are already pervasive. Those chips always connect to the internet, so its store, collect and share securely data as per needs. Those are store in blockchain technology. So possible to solve all issues very easily now.
Now we having some blackchain based comanies for solving individual identity today: uPort, BlockAuth, Civic, PeerMountain, IDRamp, Sovereign, Sovrin, LifeID, TrustedKey, Ping Identity, SelfKey, TheKey, NuID, ValidatedID, 2way.io, Microsoft, CryptID, ExistenceID, IBM, Blockstack, BlockCerts, Lumeno.us, etc.
Some other companies solving physical & virtual asset identity today: WAX, Verses, BlockV, Xage, Guardtime, Filament, Chronicled, Blocksafe, DMarket, etc.
By the end of 2030, we see more companies and those services available to the common person.
Prediction #4: World Trade on a Blockchain
By 2030, world trade activities are done through Blockchain technology
This is the most important growth in Blockchain technology? It's not so easy too at starting. But I strongly believe at the end of 2030 we see 70 -80% trade goes using blockchain technology.
Currently, world trade is conducted via a chaotic, fragmented set of business relationships among parties that are untrusted. From this we see insecure, fraud and black money too.
Those issues not possible to solve completely without using blockchain technology.
Due to untrusted supply chain we getting lot of issues like.
Counterfeit medicine supply from pharmaceutical industry.
Expired food supply chain
Counterfeit auto parts in North America
Fake Louis Vuitton handbags and other fashion apparel in Asia
Enterprise IT equipment: 10 % more IT equipment we getting from the grey market.
Like that we having a lot of issues in the current trading method. We solve 100 % of all those issues using blockchain technology. Due to its transparency, secured, trustworthy we can possible to solve all issues. Dure to this possible to avoid Dark money also.
Alredy we having some companies,they start their services but not widly available.
Sample Companies: Skuchain, Provenance, Blockfreight, Blockverify, Caravaggio, Cargo Chain, Chain of Things, Consentio, Everledger, Filament, Fluent, Kioog, Kouvola Innovation, Mojix, Modum, Synechron, Tallysticks, Tradle, Wave, Zerado.
Hope we see more developed in this sector also.
Prediction #5: Blockchain give Bright Future
By the end of 2030, we see all people from worldwide live with the world’s standard of living due to development of Blockchain Technology.
In the current situation, the poor become poorer, the rich become richer. Not possible to balance both.
But on using Blockchain technology is possible to balance. Because here all data, transactions stored in ledger possible to see any information from anywhere at any time. Due to this possible to resolve Dark money from circulation, so everyone gets equal rights to earn and spend here. From this is possible to give equal life to all people throughout the world.
10% of the world population lives with on spending $2 a day,2 billion people throughout the world are unbanked persons, not having financial services too.
Using blockchain technology we can to reduce the gap between poverty, by increasing financial inclusiveness, reducing corruption, and enabling decentralized access to value-creating assets.
In blockchain technology unbacked persons also possible to access financial services, and possibly to earn in trading and mining too. From this each trader, holder, miner earning their needs easily from this possible to live happily.
I am one of example for this,from steemit social media blackchain, i can full fill my needs on spending my free time here. This platform helping me a lot in this Pandemic situation.
blockchain technology reduces corruption by creating transparency of official records. Due to this 100% illegal activities get to stop with a single click. Corruption in each country reduces Country GDP growth. If we do not stop those activities not possible to get good development in each country.
Using Blockchain we can resolve those issues very easily.
Alredy some companies offering like those services using Blockchain technology.
Sample companies solving this problem: Everex, ChromaWay, Velox, The BitFury Group, Factom, AlloyCoin, Disberse, etc.
Blockchain realtime use cases are increasing day by day at the same time illegal activities using crypto also increasing. But technology growth not possible to stop but we can regulate those smartly.
All my predictions are not possible to full fill 100% at the end of 2030 but we can see major changes in each country behaviour on crypto. They don't have another choice to resolve all those issues only solution is Blockchain Technology.
Hope soon we see a huge development in the crypto field.
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Thanks for reading my Post.