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Future of Blockchain, Crazy way to use it in 2021

The Future of Blockchain:

What makes blockchain technology so exciting and useful?

  1. A blockchain is permanent when information is stored on it it will be there forever and it can never be tampered with.
  2. It’s verifiable every entry has been approved and has a time stamp preventing fraudulent activity
  3. It’s distributed the people maintaining the system are not all employed by the same entity, they’re contributing individually from all around the world decentralizing power.

Let’s get into the Financial Applications, right now blockchain is most popularly used in Cryptocurrencies like Bitcoin. Anyone with an Internet connection can use cryptocurrencies. Let’s stop and consider that fact for a second because it’s more far-reaching than you might think at first glance an estimated 2 billion people worldwide have no access to financial services, they can’t get a loan, store funds, or transfer money to other people safely. These are services most people take for granted but they’re actually really important now and in the future also as a blockchain.

Cryptocurrencies change all of that giving financial access to anybody with an internet connection, No identity verification, minimum balance, or financial institution need. Now it’s true nowhere near every person has access to the Internet but that figure is growing rapidly between 80 and 300 million people per year, our world is becoming more interconnected every day soon almost everybody could have financial access due to the combined power of the internet and cryptocurrencies that means less poverty, more businesses, and an overall healthier global economy. This is how blockchain impacts our future.

Future of Blockchain | futureyan

Cryptocurrencies are making our economy more inclusive and global, but what else in the future blockchain can help us with besides financial applications. Cryptocurrency and financial use cases aside Blockchains can also execute digital agreements called smart contracts, a smart contract is a blockchain-based agreement that has the power to automatically execute and transfer funds once conditions are met. These contracts work in if-then statements.

The key to smart contracts is the automatic part, that’s an important point Once the contract is signed and sent off it can execute automatically immensely simplifying legal disputes. Now the technology behind smart contracts is still being worked out creating a digital program that understands the complexity of real-life events is really hard at best, It’s gonna take some time before these can be implemented in real life.

The Blockchain technology is still in its infancy but here’s a taste of what smart contracts might be able to do in the future:

1. Legal Disputes: They can Simplify Legal Disputes in almost any area disputes happen when people who sign the contract don’t carry out its terms if you use a smart contract there is none thing to dispute about.

2. Replace Escrow Services: They can replace escrow services that hold onto money during deals. Escrow services are used to help us complete transactions by holding on to the money until the deal is secured, the problem is they add a lot of hassle to your transaction not to mention the fee instead you could use a smart contract as a decentralized blockchain-based Escrow service. It could automatically complete and transfer funds once you receive the deed to your house.

Future of Blockchain | futureyan

3. Automate Payments: Smart contracts can also automate payments like insurance or payroll. Using a smart contract you can easily do timed payments of any kind. Imagine setting one up to pay your rent on the first of every month so you’d never have to remember again.

All the crazy and cool ways we can use Blockchain in the future:

Blockchains can be used to securely verify and transfer all kinds of information many of these applications are still being built, but here’s a taste of what blockchain might be able to tackle in the future.

1. Identity

Today’s tech giants have unprecedented data on you me all of us, what we like to watch, what we search for, what we buy even, where we are. Blockchain could allow us to create secure digital identities so that we can prove who we are to third parties without actually having to give away our personal info like birthdays, home addresses, or social security numbers which benefit us now and in the future. At the end of the day, this ensures that you’re in control of who has and doesn’t have your information.

2. Ownership Rights

Using a blockchain right to the music, art, and real estate can easily be defined transferred and even split up into thousands of little chunks and sold one by one just like Shay in a company. In theory, any physical asset could have a digital counterpart that is easier to keep track of and transfer even if you don’t have a lot of cash this opens up a whole world of investment opportunities. Imagine if you could own a slice of a pizza restaurant or a stroke of the Mona Lisa you know how do they say a picture is worth a thousand words, Instead of having to buy the whole thing.

We know sometimes blockchain just sounds like a well-designed buzzword salad with like cryptography and croutons or something like that, but here’s the thing blockchain is still growing and fast like the Internet in the early 90s this technology is not done yet, but it has a bright future.

In 20 years we might not be able to imagine a world without blocking as talented minds flock to this new space we might soon find blockchain integrated into the systems we use every day, think computers, money, social media, and more. The future is global decentralized and in your control.

FnQ’s For The Blockchain:

Q1. Does Blockchain have a future?

1. A blockchain is permanent when information is stored on it it will be there forever and it can never be tampered with.
2. It’s verifiable every entry has been approved and has a time stamp preventing fraudulent activity.
3. It’s distributed the people maintaining the system are not all employed by the same entity, they’re contributing individually from all around the world decentralizing power.

Q1. Is Blockchain died?

We know sometimes blockchain just sounds like a well-designed buzzword salad with like cryptography and croutons or something like that, but here’s the thing blockchain is still growing and fast like the Internet in the early 90s this technology is not done yet, but it has a bright future.

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