Can Blockchain Survive in the Future

Over 1,000 crypto projects shut down last year and are now dead. This may seem like bad news and some might think that blockchain is not going to survive in near future but this isn’t necessarily the case. It’s a common misbelief to think that blockchain and crypto-currencies are the same things. They are interconnected, but there’s a big difference between them.

Blockchain is a technology; whereas crypto-currencies are digital money.
Blockchain is an exciting technology. Its power as a distributed ledger technology is already laid across the globe. An advanced technology, blockchain has an up-and-coming future ahead of it and many real-life applications, although there are a good deal of myths that surround it.

Blockchain is a technological leap of faith into the future and not a fad. It has many advantages for businesses of all shapes and sizes, even at the most basic levels. There’s no chance of it dying away now that it has blended so much in recent years.

How Widely Used is Blockchain?

Central banks, national governments, international banks, and many other institutions are not just researching the technology, they are also acquiring patents after patents. Notable patent acquisitions are JP Morgan, MasterCard, Barclays, etc. Blockchain designs have also been initiated by over 200 governments for use in various applications including voting, property records, and digital identity.

More than $270 billion worth of assets has been handed out in Blockchain transactions. As of February 2021, about 612,000,000 different blockchain-based transactions have been made.

The United Nations World Food Program used blockchain technology for its refugee initiatives in Syria. The United Nations Secretariat also just recently issued bonds through the blockchain. And universities are designing new blockchain courses and offering scholarships.

These trends tell us that the blockchain is going to stay. It would change the way we view, send, and receive money. The blockchain will disrupt our business processes. It would change how we vote, select our leaders, and make decisions on a large scale — either individually, within organizations, or nationally.

How Transitioning from Web2 to Web3 Will Impact the Future of Blockchain Technology?

1. Decentralization

As the world is leaping onto web 3.0 from web 2.0, blockchain technology will perform a crucial role in forming the way we will recognize the new internet. Traditionally in web 2.0 lots of data are owned by big firms like google so there is a high chance of data being hacked or used in the wrong way. Blockchain solves this by sharing the information with everyone, so you would have to hack everyone individually which might be difficult and unviable for hackers.

2. Transparency

 Any information system rebuilt on the blockchain would allow people to have complete ownership of their information or assets without being able to mask information about underlying worth, unlike the current situation where companies like Facebook use our personal data for their own profitability.

3. Globality

Since no central party controls a distributed system, blockchain transactions do not need a middleman; accordingly, one can conduct a transaction with anybody anywhere in the world directly. This means we can easily navigate cross-border payments without having to switch currencies or deal with the complexities of the global Foreign Exchange market.

4. Immutability

Existing systems are controlled by one or a few parties — hackers need only breach one of these parties to change information. Imagine if you sent funds to someone for a good and then rewrote history by pretending the money was never sent. With blockchain, the transaction gets validated by thousands of nodes and unless you were to rewrite the history of each of their individual records simultaneously, you cannot falsify information in such a way.

Well, blockchain continues to take over the world. With the three pillars known as Decentralization, Transparency, and Immutability, blockchain embraces fields beyond Finance (Defi) and Government.

Future of Blockchain

With the introduction of 5G, it is estimated that the blockchain will further expand its range of applications to include banking, data processing, and the Internet of Things. Apart from crypto-currencies and NFTs, the Blockchain system may be used to save time and money, and address a variety of problems. For obvious reasons, Blockchain technology is predominately focused on Cybersecurity in the future.

The data is protected and verifiable, despite the fact that the Blockchain ledger is open and dispersed. To eliminate risks including illegal data manipulation, encryption is performed via cryptography.

Blockchain can create a more efficient and prosperous world where people can connect with each other without the need for intermediaries.

Companies can also deploy blockchain technology to provide a more transparent, trustworthy, and efficient service to the consumer. For instance, a company can use an authorized network to create an efficient system. They can also take advantage of it to keep transparency with the end-user by sharing information that can help build trust among users.
In general users, they can also utilize the blockchain to its full potential. If you are a creator, you can connect with the buyers directly using a blockchain solution. At this moment, we can’t predict properly when exactly blockchain will take over, but we do know that the process has already started.