The most exciting thing about blockchain is that it’s still in its infancy. No-one is truly sure where the ceiling is for this technology.
It’s easy to forget that blockchain was designed solely to be a decentralized ledger for Bitcoin.
Now, this technology seems to disrupt hundreds of industries within the next couple of years, and that’s all a bonus.
Here are some of the most exciting blockchain developments that you can expect in the near future.
Publicity surrounding the work to improve the speed of the Bitcoin blockchain is well publicized, but there are similar projects taking place among dozens of altcoin blockchains too. The fact is that all of these projects will push each other to create faster transaction speeds (and probably better security too).
We’ve seen the beginning of what can be achieved with smart contracts, but there is a lot more to come. Insurance is one of the key industries set to be disrupted by blockchain in the near future.
We’ve been led to believe it won’t be long until all insurance claims will be settled automatically thanks to algorithms stored within smart contracts. All the information needed to process a claim (from multiple sources) and decide the correct outcome will automatically be stored within the blockchain. Ultimately, the process of settling the claim can begin without a human lifting a finger.
This will serve to improve the accuracy of claims, while cutting the cost for insurance companies, allowing them to lower premiums (if they wish to do so).
The improvement of smart contracts and therefore the automation of blockchain will play a big role in its mass adoption across several different industries. There are even several start-ups working on introducing a blockchain-based solution to political voting. Perhaps we’ll be voting for out next president through the blockchain…
Improved decentralized autonomous organizations
The introduction of decentralized autonomous organizations (DAOs) was one of the most hyped uses of the blockchain. More than $150 million worth of venture capital funding was raised in order to launch the first DAO (called ‘The DAO) in 2016, but this was promptly hacked and the project was eventually canned.
Hype surrounding DAOs has died down since, but there is still plenty of working going down to improve this capability of blockchain technology. It is still widely believed that we’ll see the first corporation not managed by a human in the future.
While we can’t know what the future holds, one thing is for certain — blockchain technology has only scratched the surface of what we’ll see happen in the coming months and years.