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What’s the next step in Blockchain technology?

Lawrence Luza
20/09/18

Cryptocurrency has taken the world by storm since its introduction in 2009. In fact, the hype of Bitcoin (the most popular type of cryptocurrency) is hard to get away from. Invented under the pseudonym Satoshi Nakamoto, Bitcoin currently has the largest market capitalisation, although there are over 4,000 others types of altcoin (alternatives to Bitcoin).

None of this would be possible however without blockchain. If you’ve never come across blockchain before, here’s how it works. It’s an incorruptible digital ledger that records all types of transactions, where information can be added but never removed. Essentially it’s a true, unaltered record of data, stored in multiple locations making it truly transparent and easily accessible. But with governments now cracking down on cryptocurrencies, what does the future hold for blockchain technology? Let’s find out:

Blockchain identity

Due to the hyper-secure nature of blockchain technology, our personal information will inevitably be stored on this type of database. Government issued documents such as birth certificates, employment details and medical records will be moved over to the blockchain model, meaning we’ll have ownership of our personal data. Rather than having to traipse around to the various corporations or governing bodies to retrieve your data, blockchain technology will enable us to have a single portal, reducing security breaches and the fear of losing your birth certificate.

Government cryptocurrency

While Japan has declared Bitcoin as a legal currency, Venezuela has taken this one step further. With the average monthly wage just under £2.70 and inflation sky rocketing, something drastic needed to be done. So Venezuela became the first country to have a cryptocurrency as their primary currency. The government has introduced Petro, an oil-backed cryptocurrency, as a modified version of Bitcoin. And although the solution was born out of desperation, the model it’s based on is now on the horizon for other countries in the future.

Smart contracts and documents

Blockchain could help to overcome security problems surrounding issuing new and continuing existing contracts. According to newgenapps.com, “Blockchain-based lists will allow online retailers and financial organizations to conveniently vet their customers and fight against fraudulent activities.” When you hire a car, for example, you’ll only be able to continue doing so once the payment has been made, due to the blockchain technology.

In the same way that the internet has developed and grown exponentially since its invention in the 1960s, we expect blockchain technology will take on new formats far removed from what it was originally intended for. Our advice: watch this space!

Read our related blog: Blockchain – is it the future?

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