One noteworthy thing about technology is that it keeps changing, and often it changes faster than people expect. One notable instance is blockchain tech. It is only a decade old but within that time it has evolved in unexpected ways.
Today, blockchain is no longer a domain inhabited solely by hardcore geeks. The technology’s potential has been understood by governments and multinational corporations across the world. It has also emerged as a viable new age investment choice for millions across the world.
The industry experts have predicted a few development trends for blockchain and crypto currencies. Listed below are a few possible development trends for cryptocurrency. For more blockchain news and insights, visit PaySpace Magazine that publishes high quality and authoritative latest news on blockchain.
Post 2020, blockchain-powered applications are expected to become way more scalable than they are now. It is like dialup internet users experiencing broadband internet, the experts say. This is expected to give rise to new blockchain-powered applications, just like people started using apps such as YouTube, Instagram and similar video services after the Internet access speed multiplied. The services may spread in the web and mobile OS ecosystems.
Enhanced Privacy Norms
With evolution of blockchain, enhanced privacy norms are likely to be incorporated. As a matter of fact, today people are more privacy-seeking than in the past, and several instances of bitcoin exchange hacks have made it necessary to incorporate better security and privacy norms. This will help bring more people to this sector and reduce risk of fraud and hacking exploits.
Trading Utility-Based Services
Bitcoin trading is popular nowadays and experts think that in the near future the technology will be used massively for utilitarian projects. Recently, companies in the educational, healthcare, and aviation sector have been experimenting with incorporation of the blockchain technology, and with time more industries will hop onto the bandwagon. This may not happen too soon, but more companies are expected to start using the blockchain technology in the next few years.
Emergence Of Crypto Startups
In the next decade, the crypto startups will grow in numbers, analysts believe, and this may or may not replicate the dotcom industry of the last decade. These entities will raise funds using crypto currencies. They will offer tokens to early adopters. They will also gather global communities along with marketplaces at a rapid pace. Of course, the journey for these startups will not be rosy and they will have to cope with initial hiccups.
Adoption By Banking Institutions
Already a number of top banks have been experimenting with the blockchain technology, and more are likely to do the same in the near future. While some may use blockchain to enhance their core operations, others may think of launching their own crypto currencies. Libra may generate its share of disputes but cryptocurrency is expected to receive great acceptance in the banking sector.
Introduction Of Regulations And Norms
One of the strongest points of those opposing the crypto currency is that the blockchain sector lacks regulation. In the next few years, however, this may change. While the blockchain investors and proponents may oppose regulation on the scale of fiat currencies and other digital platforms, a certain level of government intervention to regulate the sector will actually bring benefits, say the experts.