BLockchain will be knocking on your doors by 2021
By: Lakshay Taneja
Tags: Blockchain, Blockchain Application, Blockchain Startup, Blockchain Development, Blockchain Government

Blockchain is the biggest opportunity set we can think of over the next decade or so.- Bob Greifeld, Nasdaq Chief Executive

Blockchain Startups Coming in Large Numbers

Blockchain technology in the future will alter every attitude of businesses, but this is a slow process that requires time and patience. Gartner predicts that most traditional companies will keep an eye on blockchain technology but won’t plan any actions, waiting for more examples of blockchain technology’s best applications.

The reason for this is that classic enterprises require more conversion for blockchain deployment than newly-appeared businesses. According to Gartner, only 10% of old companies will achieve any radical change with blockchain technologies by 2023.

Economy and Finance Will Lead Blockchain Application

Though the concept of blockchain is easy, it will bring considerable savings for banks. Blockchain technology will allow banks to reduce enormous bureaucracy, conduct faster transactions at lower costs, and improve their secrecy.

Blockchain is used for launching new cryptocurrencies that will be coordinated or controlled by monetary policy. Banks always want to reduce the competitive advantage of standalone cryptocurrencies and accomplish greater monetary policy control.

Blockchain Integration Into Government Agencies

The distributed ledger’s idea is also lovely to government authorities who have to administrate vast data quantities. Each agency has its split database, so they must continually need information about residents from each other. However, the implementation of blockchain technologies for adequate data management will raise the functioning of such agencies.

Estonia has already implemented blockchain technology on the government level. Almost all public services in Estonia have an approach to X-Road, a decentralized digital ledger that contains information about all residents and citizens. The technology uses advanced encryption technology and includes 2-factor authentication, enabling people to control their data and ensure security.

Blockchain Experts Remain in High Demand

Although blockchain is on the top of its popularity, the job market lacks blockchain experts. Upwork, an online freelancing database, has reported a fast-increasing demand for people with “blockchain” skills.

If you enter the industry and achieve some experience in blockchain technology, it will deliver you well. Many people will adopt to quit their current job to work on a blockchain project.

Blockchain Meets the Internet of Things

Blockchain technology provides a secure and extensible framework for communication between IoT devices. While modern security protocols already appeared to be accessible when implemented to IoT devices, blockchain has already approved its high resistance to cyber-attacks.

Besides, blockchain will grant smart devices the to make automated micro-transactions. Due to its distributed nature, blockchain will handle transactions faster and cheaper. IoT devices will leverage smart contracts to enable transferring money or data, which will be considered the agreement.

Law Integration Into Smart Contracts

Besides cryptocurrency, blockchain technology helps us with another acceptable possibility, such as “smart contracts.” The central concept of smart contracts is their automatic execution when conditions are met. For example, delivering goods after the payment is received. However, other states should automatically monitor other states of contracts. Insurers AIG is now piloting a blockchain system that allows creating complex insurance policies.

It would advise if you also kept in mind that smart contracts are decentralized and aren’t managed by any authority. But what should parties do in case of any disagreement? Participants of smart contracts usually agree to be bound by governance, but what if friction presents between parties from different countries. Now, it remains to be hazy about how should settle contractual disputes. Thus, the rule of law should be imposed into smart contracts shortly for resolving any disputes between the parties.

Birthvenue has been working towards adding value to India’s blockchain ecosystem by contributing not only through our enterprise solutions work but also through our learning and development division. We have built platforms to accommodate multiple use cases and deliver our solutions through robust partnerships with industry leaders.

Reach out to us at admin@birthvenue.in to discuss any potential ideas you might have. We will be able to actualize those ideas for you and bring them close to fruition.