The past of cryptocurrencies appears chaotic – everything from launches to oblivions to booms, storms, and explosions.
The present looks reasonably stable, be it a bearish or bullish market, with a new, established blockchain and crypto realm, great potential, and new heights to be looking forward to!
What about the future? What does the future of the crypto world look like?*
*This blog post is pure speculation and is based on general predictions for the possible developments in the blockchain and crypto industry.
We have all the reasons to believe that in about 10 years’ time, major governments around the world will have introduced their own national cryptocurrencies.
Such countries as Estonia previously made statements about planning to introduce national virtual currencies to fall behind on the rapid development of blockchain and crypto industries globally.
Comparing fiat and digital currencies, it becomes clear that the former are more efficient. They can be backed by an array of assets, take less settlement time, and offer increased traceability.
Another thing we believe in is blockchain-based identity for all. Sooner or later, a unified standard will be introduced.
Blockchain-based identity means that data collection will be performed in a decentralized manner, the collected data will be cross-verified by a consensus mechanism, and all information will then be stored on a decentralized ledger. What does it mean for data storage and security? Blockchain-based identity reduces general risk of security breaches, is, again, more efficient than the methods currently in use, self-sovereign, and highly reliable.
Here’s a list of only some use cases:
- State records (e.g., citizen data)
- Medical records
- Tax-related records
- Employment records
Increased standard of living
Blockchain will eventually find its way into most areas of our lives, not just being present but greatly improving our standard of living.
Most importantly, blockchain technology can help us reduce, if not eliminate completely, the poverty gap, which can be considered one of the main problems humanity has been facing for centuries now. How is that? It is possible by increasing global financial inclusiveness. If you think about it, no matter how developed you may think our world is, a lot of people in different corners of the globe are still underbanked. Some have no access to financial services whatsoever.
Financial inclusiveness is the most obvious benefit of blockchain-based cryptocurrencies, for example, the ever-popular Bitcoin.
What do you think? Do you agree or do you think that blockchain is on its way out? Make your predictions in the comment section below.
The CoinMetro Team