LETS DISCUSS ABOUT THE FUTURE OF BLOCKCHAIN

So much has evolved in the world of technology and that has been awesome. This has cut across every sector of the world ranging from the internet, science, health and even the blockchain. Most times when I look at the world of blockchain, I am optimistic about the future it holds ahead. Look at the world of blockchain 5 years ago, none of us would have really imagined the vast development that has happened and trust me more will still happen shortly.

Who would have taught the world of crypto would have gained this massive dominance 10 years ago? Take for example some of the pathetic stories we hear about people who bought BTC when it was still in its early stages but sold it off because they don't see the future therein. Several times I have said this and I will continue saying this that blockchain is here finally to stay. Nothing is stopping and preventing it. Yes, blockchain is here to stay. The blockchain we are talking about did not just evolve today, it has been around for years. Hive didn't get where it is today, bitcoin didn't get where it is now, and Leofinance didn't get to where it is now. And also the world of blockchain didn't get to where it is now today.

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Blockchain has been around for a long time, from the point where it was used for crypto coins like Bitcoin and the rest, it has evolved into a more prominent tool that if well harnessed could cause a change in the order of business, tech and ICT world and even in the government. Blockchain will keep evolving as the day goes by and this will lead me to the topic for today for us to discuss some of the innovations blockchain will certainly come up with in the future not only that but also gives us a glimpse of how the future of blockchain looks like.

If I am not certain of anything, one thing I am quite sure of is that there will be a higher number of people using blockchain in the finance industry. As we can already see there has been a massive improvement in the banking sector due to blockchain, transactions are done and processed at a faster speed compared to before aiding work to be carried out effectively and efficiently. The speed can still be worked upon so let us be rest assured that in the future, more work will be carried out faster than the rate it is been done now. But not only that but also, transactions have become cheaper and have more security than before.

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Sending money to other countries has never been more easier and secure, thus causing a decrease in the rate of scamming. In the future, there will be more innovation that will come which will make it to even become more easier than it is now. With the introduction of blockchain, you do not need banks to perform certain transactions as blockchain has made that possible by creating new ways of managing our money. Not only that but also with blockchain you do not require a middleman before carrying out transactions like borrowing money and trading. It will come to a point where the work of middlemen will fade away in some sectors like finances because of the great development that will emerge from the world of blockchain.

Quite interesting to know that blockchain doesn't affect only the finance sector, it has also been used in the health sector for safe safekeeping of medical files and records. It is more secure using blockchain since you can control the persons who have access to your files. Blockchain will also make it possible for you to convert your assets into tokens that could be easily purchased online, these assets may include arts, stocks etc. making them more accessible even to a wider range of customers than it is now. Blockchain will make it possible for you to identify the source of items like medicines and edibles. This will help to enhance our safety as we can confirm the authenticity of the products and whether it is safe for use or not.

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One thing I am sure of is that If the idea of blockchain technology is incorporated into our election system, voting will some extent be free and fair, this will also drastically reduce electoral malpractices and violence. In years to come, rest assured that the electoral system of some countries will be run and controlled entirely by blockchain. Before I round up in today's edition of my publication about the future of blockchain, let's briefly look at some of the disadvantages blockchain also has. Yes, everything that has advantages also has Disadvantages and vice versa. There are some issues using blockchain which I believe should be looked into and solved in the future so as not to grow into more negativity.

Take, for example, The blockchain network that might not be able to handle a large number of transactions as in the case of elections I talked about earlier. Not only that but one thing I have noticed is It becomes a challenge when you want to reverse your transactions in blockchain. This I believe a lot of hive users are familiar with as it has happened to us before. Maintaining blockchain technology will also require a whole lot of funds. Blockchain, no doubt is the future but it is also important that we take into consideration these issues regarding the technology when using it for different purposes. I believe with a little improvement towards managing the disadvantages of the technology, blockchain will make the world a more efficient and safe place.

Posted Using LeoFinance Alpha