The environment around us is constantly transforming, challenging, and evolving the status quo. The “future is now” trend is reshaping the lifestyle of people along with driving new technologies and changing both businesses as well as human behaviour. Precisely, the introduction of robotics, artificial intelligence, augmented and virtual realities, and blockchain have seen a breakthrough in the past decade. These changes require people to stay up to date and understand blockchain future growth.
Far from being a futuristic concept, blockchain technologies are already being successfully put to use across multiple industries, which is expected to grow more in the near future.
Blockchain Evolving Beyond the Future
Blockchain is a database, which allows businesses to store data in a distributed way. In actual fact, applying blockchain to start-ups’ operations tends to be simpler as compared to what people actually realize. Oddly, it is also a lot more transformative. This is not a technology that is growing slowly or limited to niche industries. However, blockchain is used in all industries, whether technology, finance, manufacturing, and banking industry. Keeping in mind all of blockchain’s uses, it is a solution that is poised to change business as we know it.
Precisely, with blockchain, every piece of information starting from the exact GPS coordinates to the manufacturing facility, the logistics provider, and the retailer is digitized and recorded in an encrypted format, then saved in a single trusted source. Blockchain is the technology that verifies each step in the supply chain and validates the genuineness of the information.
The Blockchain Future Growth is Dynamic, Sustainable, and Experimental
The success of any technology depends on it being dynamic, sustainable, and experimental. Blockchain fulfils all these criteria making blockchain’s future growth vigorous. Blockchain takes up all the information available in multiple places, and not only making it secure but providing access for anyone along the supply chain, including the consumer. From increasing the efficiency of disaster relief to improving consumer services, a wide range of uses are being explored through blockchain. Actually, when blockchain works with other emerging technologies, it becomes even more effective and impactful in providing users insight into details about products throughout the supply chain. It is blockchain’s future prediction that it will help people a lot in post COVID-19 scenario. It will help with life-saving pharmaceuticals and emergency medical supplies, including the COVID-19 vaccine. Furthermore, the integration of blockchain and IoT can increase the traceability and reliability of information regarding critical medical shipments throughout the supply chain.
Blockchain Technology, Future Growth, and Prediction
To become successful, technologies such as blockchain should be dynamic, experimental, and sustainable. Furthermore, for any new or innovative technology to have a long-lasting impact, technologies such as machine learning, artificial intelligence needs to have clear real-world applications. Blockchain is a prime example of a disruptive future technology that is unfolding in the present, enabling both consumers and industries similar features.
Source – economictimes