THE FUTURE OF BLOCKCHAIN TECHNOLOGY

Blockchain technology has made financial transactions much more efficient and effective. Though, boosting the activities in the financial sector is just one of so many benefits obtainable from a proficient utilization of the Blockchain technology. The concept of blockchain technology cuts across a wide range of applications and it is much relevant to our daily life in areas such as health, voting, traveling, etc. Experts of this technology that the future which will be driven blockchain technology is imminent. 

Below are some of the areas in which blockchain technology affects the future.

Identity Management

Privacy is one of the challenging issues of the internet age, safeguarding the identity and information of internet users has also been difficult to achieve. Despite the efforts of individuals and institutions to keep sensitive data out of reach of cyber threats, there are often cybercrime actors who still find ill-means to steal information. However, blockchain technology offers prospective methods of eliminating the risks of online identity being tampered. One of the most problematic results of the internet age has been identity security.

Owing to the independent verification processes from member computers on a blockchain network, this technology provides an exceptional degree to securely keep information of internet users safe from threats. 

CROSS-BORDER PAYMENTS

Customarily, money being transferred or payments being made have been both costly and slow, and this is more pronounced on transactions that place between transnational boundaries. The peculiar reason for this is, the transaction processes usually authorization from multiple banks in different locations within a state and across international borders before the intended recipient receives his or her money. Blockchain is the technology that bridges this unnecessary gap and facilitates these transactions. 

Blockchain technology provides the concept of guaranteeing a less expensive and much faster option to ensure that cross-border payments are more effective and the receiver gets his / her money. Blockchain technology also offers money remittance costs for as low as a few cents while maintaining the speed of processing the transaction in real-time. On the contrary, the typical remittance cost is can go as high as 20%. This is one of the best hopeful areas blockchain technology applications can be effectively maximized.

SMART CONTRACTS

A smart contract is referred to as a computer program that is designed to digitally expedite, authenticate, or implement the negotiation or enactment of a contract. Smart contracts also permit the execution of reliable and secure transactions without interference from third parties. Smart contracts are sometimes seen as a very important application of blockchain technology, starting from the initiation to the completion, the blockchain technology oversees the computer programs of the smart contracts that run all sections of an agreement. However, smart contracts remain one of the best techniques that blockchain technology offered other than the usual cryptocurrency, as it provides a more safe and robust substitute for the typical contract law.

Other areas in which blockchain technology is the future include healthcare organizations, travel management, secured voting and much more.

CONCLUSION

Conclusively, blockchain is a technology with a tremendous range of uses presently and in the future. Despite being popular for its connections in the cryptocurrency world, blockchain technology has applications in other different areas that can be maximized. Certainly, as time unfolds, other applications of blockchain technology will surface.

Disclaimer: The blog content above does not constitute financial advice in any way whatsoever. Nothing published by LinqCash constitutes an investment recommendation, nor should any data or Content published by LinqCash be relied upon for any investment activities.

LinqCash strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.