A blockchain is a decentralized, digital, public ledger for cryptocurrency transaction. The future of cryptocurrency has been vastly speculated with both the negative and positive comments. Regardless of the much-hyped cryptocurrency transactions and blockchain technologies, reports from TechCrunch identify that numerous projects on cryptocurrency are dead. Akin to the Dot Com bubble that was present in the ‘90s, researches and specialist claim that the failure of this cryptocurrencies is part of the process. According to members of the Forbes Technology Council, the following is bound to happen in the future of cryptocurrencies.
The Future of Cryptocurrencies According to Forbes Technology Council
Distributed Ledger Technology digital structures are growing with time. According to the Dubai government, by 2020 all government systems will be operated on DLT structures. DLT is bound to provide the security and trust that is required by these systems. Currencies and money need a reliable backing system, either digital or physical money. For cryptocurrency to be a trusted official currency in the future, a credible backing up system is vital. Currently, numerous technologies have been put in place to guarantee integrity and prescribe any form of data tampering. Although in the future there will be the presence of numerous cryptocurrencies and blockchains with different agendas and purposes, for consumer benefits, collaboration and standardization of these currencies will be vital. The structure of blockchain is made in a way that privacy and user’s data control is given top priority. Changes made in blockchain are made accessible and transparent to all. The advantage of using one public ledger for all currencies is that any hacking attempts can be easily identified and also the system will reduce the complexity associated with numerous ledgers. Despite the public technical debts created by obsolete cryptocurrencies, there remain high chances of triggering smart contracts. In the future, there is a likelihood of having ecosystems made of specialized chains, utility chains and operating securing working in parallel. With increase and focus on non-financial and financial blockchains applications, there is a need for tight security measures. More platforms and tools are being built and invested on for identity verification, payments, contracts, and other security measures. Since blockchain technologies doe not only support cryptocurrency but also supports several business applications, it is likely to attain more strength and mature faster than we anticipate. Distributed ledger technologies can change the society, businesses, economics, etc., its applications currently are just a beginning of a bigger future.
The Growth of Blockchain Technology Is On The Rise
After value exchange and distributed consensus fundamentals, secure distribution standards and data are on the rise. Within a few years to come, free trade and negotiations will rise to make markets more efficient to consumers due to the autonomous application from distributed data.
In the market, new products undergo both deflation and inflation, so is blockchain and cryptocurrency. These technologies are bound to rise with time once they are understood in all major markets.
With extensive market and growth of different cryptocurrencies, most states are making cryptocurrency an official currency hence boosting its growth and demand. Some years to come, blockchain and cryptocurrency will have established its roots in business thus making it have a brighter future than it is currently anticipated.
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