24.9 C
Lagos
Friday, October 30, 2020

Blockchain Technology Five Years from Now

- Advertisement - data-full-width-responsive="false">

Without blockchain technology, bitcoin would not exist. It is the decentralised nature of blockchain technology which allows bitcoin to get around the need for banks – or bank accounts.

- Advertisement -

Instead, anybody can have their own bitcoin wallet online and send payments around the world easily. Thus, the blockchain has not just given rise to a new financial system, but new businesses such as Luno, who offer what many consider to be the best Bitcoin wallet available right now.

However, blockchain technology can survive and prosper without cryptocurrency. It can work as a standalone technology offering solutions in different industries. This is predominantly where blockchain is heading in the next five years. So, what are the details?

Blockchain Will Enter Even More Industries

Although blockchain technology is being used by other industries outside finance and technology, the technology is expected to keep travelling into more niches.

Up to now, blockchain has been adopted by the automotive industry to prevent odometer fraud, in retail as part of loyalty programmes and even used as a way to secure data.

In the coming years, the number of industries and businesses using blockchain will have increases, including the music industry which is planning to roll out blockchain as a way to protect artist royalties.

Big Data Will Be Used Within Blockchains

One of the biggest headaches for current people wanting to invest in bitcoin is the volatility of the market.

The cryptocurrency is known to have ups and downs, but these periods can be hard to predict. Some experts don’t even agree on what causes bitcoin’s price to fluctuate.

By combining big data and data analytics with the blockchain used for bitcoin, we could have a bigger and more detailed understanding of what is causing bitcoin to change in value – when tied up with social and political data, the overall benefit of this would be that the understanding of bitcoin’s volatility would be greater and investing in bitcoin would be less risky for investors and traders.

Blockchain Will Enhance Self-Driving Security

Blockchains can be used internally to a business as a private blockchain, and these can be then used to store customer data and keep it protected in line with regulations.

Advertisement
data-full-width-responsive="true">

This is not breaking news in blockchain because these benefits have already been noted. However, blockchain could improve our security in other ways.

The imminent arrival of self-driving cars will also offer blockchain a way to keep us safe. Hackers could potentially target self-driving cars and cause accidents in acts of terrorism.

By incorporating the blockchain into the way self-driving cars are operated, this will prevent such dangerous hacks from taking place.

In a Nutshell

Sometimes our association between bitcoin and blockchains can blur the potential of the latter. Blockchains are sole technologies that have the power to change the way we live and how we do business.

They are disruptive and more developments will be seen in the next years.

- Advertisement -

Trending Now

Spectranet Data Plans, Price, Validity and How to Subscribe

Spectranet Limited is a telecommunications company that provides internet service to users at very affordable prices. The company prides itself as the first Internet...
- Advertisement -

10 Best Places to Download Bollywood Movies

Do you spend hours watching Bollywood movies as I do? Have you been in search of the perfect sites to download the...

Startimes Subscription Prices, Packages and Channels List in 2020

StarTimes Nigeria is one of the popular cable TV providers in Nigeria. This service is a subsidiary of a Chinese based company...

StarTimes Customer Service Contact and Simple Error Fixes

StarTimes has fast become one of Nigeria's most used cable or digital Pay Tv. Despite its vast customer reach, the company has...

GB WhatsApp, WhatsApp Plus and OG WhatsApp Tips and Tricks

Checkout the new GB WhatsApp Tutorial. Hello, welcome to WhatsApp Plus, OG WhatsApp and GB WhatsApp tips and tricks. For the sake of this article,...

GOtv Error Codes: How to Clear and Resolve GOtv Errors

If you are a GOTV user, you have probably encountered one or two GOTV errors, and these errors are preventing you from...

New GOtv Packages, Channel List and Price for 2020

GOtv and DStv are both owned by Multichoice, and there's no arguing the fact that they have proven to be the largest...

7 Best Offline Racing Games for Android Users in 2020

Are you a real gamer? If you are one, then you will know how exciting it can be to experience the adrenaline rush that...

Best Low Size PC Action Games For Your Old PC/Laptop With Low Specs

Gaming time is one our favorite time and nothing beats the ability to play high-quality games on our PCs but like some of our...

15+ of the Best Tecno Phones to Buy in 2020 [Updated]

We are almost halfway through the year and many phones have been released by Tecno Mobile and we have assembled a list of the...

5 Best Blood Pressure Apps for Android

Blood pressure is the pressure the blood applies that on the walls of the vessels they use in travelling. There are two conditions relating...
- Advertisement -

Related Posts

7 of the Best Audio Booster Apps for Android

A large percentage of us have been using our smartphones as our music playing device on the go. Although smartphones have been getting larger over...

How Online Casinos Adapt to Advances in Technology

Every modern online business is at the mercy of technology. When it fails, it can be disastrous, but when it works well, the results...

Brief Guide to Boost Your Website’s SEO Ranking

Organic growth of your customer base may seemingly be a slow process. However, there are a few things that you can do to hasten...

What is an AV Cable?

An Audio and Video cable (AV) can be used to connect several audio-visual types of equipment. AV cables are of different kinds, depending...

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.