Business Daily.
.
Teamwork
A+ R A-

Does Blockchain have a future?


The future of Blockchain remains ambiguous. However, innovations are on the rise each day promising greater and bolder use of the technology. It is estimated that annual spending on blockchain solutions will surpass $16 Billion by 2023. Gaming, finance, healthcare, Cannabis and many more industries have one thing in common: They are all seeking blockchain applications.

This means blockchains’ future is near or it’s already here. Oschain.io is one of the blockchains-power intellectual property marketplaces, that uses a token mechanism set up to reward creation, refine and embody intellectual property.

Read on to get an in-depth answer on blockchain’s future. Let’s get started.

Government data distribution

By implementing the use of distributed ledger technology (DLT), governments will have made a major migration from a paper-based system to a digital data system. DLT is renowned for providing trust, transparency, immutability, and security by encryption and validation features. Recently, Dubai took the first step to change all government systems with DLT-enabled digital structures, which shows the potential for growth of DLT.

Cross-Border Payments

It is no secret that traditional transfer for payments across international borders is an expensive and slow process. A valid explanation for this is that the transfer process involves the participation of several banks in different locations before the receiver can collect their money.

But with blockchain, the process of cross-border payments is easier than before. This is because blockchain can provide a robust and inexpensive alternative when compared to traditional cross border payment methods. In addition, blockchain guarantees real-time transaction processing speed.

Gift card & Loyalty programs

Blockchain has already demonstrated the potential for transforming gift cards and loyalty programs. The technology can be of use to retailers because it provides a more secure and cheaper way when compared to middlemen, tasked with the process of issuing cards and sales transactions.

Additionally, the technology reduces cases of fraud by preventing illegitimate users from obtaining stolen accounts. An example of a gift card & loyalty company using blockchain is Loyyal, which is at the forefront of innovating a way of making the exchange of loyalty incentives across different sectors more flexible.

Education & Information services

Academia credential verification remains a manual process, which could be susceptible to fraudulent claims of unearned credits. Fortunately, blockchain has the potential to streamline the verification procedures and reduce instances of fake education credentials. companies such as Sony Global Education in partnership with IBM have already invented an educational platform that uses blockchain to secure and share student records.

Forecasting

The recent embrace of blockchain technology by industries has greatly impacted Research, analysis, and forecasting industries. As a result, forecasting and analysis industries can utilize the technology’s accurate transaction records in their data analysis to forecast targeted predictions and insights. Augur is one of the blockchains 'predictions markets' that rewards users for their accurate prediction of future events.

Business Daily Media