Although the future of blockchains and cryptocurrencies is of course uncertain, anything could happen, there are some predictions that can be made about the part this new technology will have in the day to day lives of everyone in the years to come.
Over the years, blockchains and bitcoins have become almost inseparable. Yet although the bitcoin cannot live without a blockchain, blockchains can certainly live without the bitcoin, with its application going far beyond the use of cryptocurrency. Industry experts have made some predictions into how the use of blockchains are going to be used in the future.
– With the growth of Ethereum, there is soon going to be a growth in the formation of smart contracts, which basically allows for contracts to be made binding online. Something that previously was never possible. Although this technology is already in place, it is yet to fully take off and show its full potential in the field. Some large tech companies, such as Microsoft, are excited about the prospects that Ethereum holds.
– Banks and many other large financial institutions will start to make use of the security and other benefits that blockchains offer. However, it will take a lot of work to make it all happen, as the technology will have to integrate with what is already in place, such as Know Your Customer and Anti-Money Laundering.
– This year voting based blockchains may start to emerge, making it possible for voting to go digital. In this way, people who otherwise may not have used the internet may become more tech-savvy, and will allow them to become more in touch with blockchains. Plus, once these people understand how blockchains work, it may make them more interested in using cryptocurrencies.
Despite all these uses for blockchains, it is still very much an emerging technology, and like many business start-ups, it will take time to come into effect across the world as it will have to gain the trust of many. Although in the past the technology has gained a lot of attention, it is yet to make a real mark on people’s lives like it will in the coming years as more tools and interfaces become available.
See the infographic below to see bitcoin’s history and growth compared to ethereum’s history and growth, as well as how bitcoin and ethereum work. You’ll see who’s behind them, and some estimated predictions as to the future of bitcoin and ethereum, and the potential future of cryptocurrencies.
Cryptocurrencies will start to be used by the majority rather than just the minority, and there will be significantly reduced fees for all. Cyber risks will become a thing of the past, as identity authorization is visible through a public leisure. If we look even further into the future, it’s possible for blockchains to completely replace central banks.
So although the future of blockchains are uncertain, it seems highly likely that we will be seeing much more of this technology very soon as it becomes a part of our day to day lives, as bitcoin has.
Originally posted 2017-06-04 01:21:17.