Blockchain is often associated with cryptocurrency. However, it is much more than that.

Of course, it’s not hard to see why this technology has become synonymous with digital currencies. As currencies like Bitcoin have exploded in popularity, those who want to understand what this asset is and how it works have flocked to the network.

In fact, those who still want to learn more and stay up to date can use sites such as CryptoVantage, which cover a variety of topics. It is useful to continue to use these sites as resources because the industry will continue to grow and change, especially as technology develops and adapts.

Blockchain is expected to be one of the fastest-changing and fastest-growing technological advancements, especially in the next decade.

Uses of blockchain: How and where can it be used?

Blockchain technology is a distributed ledger that records transactions across a network. As mentioned above, most people usually associate it with cryptocurrency. The technology keeps a history of transactions while ensuring that transactions are encrypted and protected from hacker attacks.

However, the network has many other uses. It is used to store smart contracts. Some cryptocurrencies use this technology, the most notable of which is Ethereum. They are digital contracts that are automatically executed and stored on the blockchain.

Blockchain technology has been used in various industries. It can be used throughout the logistics industry to help improve efficiency by streamlining certain processes. Time management and transparency are also other aspects of the supply chain that can be improved. In other areas, industries such as healthcare, real estate, and education have been able to use blockchain to improve their services. Due to the sensitive nature of the data that may be required, these industries all use the technology to increase security and verify identities.

What advances should we expect to see in the next decade?

As technology continues to advance and develop, blockchain will surely be a beneficiary of future changes. In the next 10 years, we should be able to expect many trends to emerge:

Blockchain as a Service (BaaS)

As more people become aware of the benefits and potential advantages that can come from using blockchain, we will likely see blockchain sold as a service. Several companies are already working on developing such cloud-based services that allow digital products to be created for a blockchain environment without having to set up infrastructure.

AI

AI is a big beneficiary of technological change due to its continuous learning nature. As AI develops, it will likely be able to come up with new policies, security features, and understand risks, which can then be applied to blockchain, making the technology more secure.

Improve fraud protection

As mentioned above, blockchain technology already incorporates several features that enhance security. However, we could see more developments in this area over the next decade. Fraud protection may need further improvements if security threats become greater. We could see time-stamped records as these can help with anti-money laundering and flag suspicious transactions.

Metaverse and Web3

Metaverse and Web3 are two Internet technologies that are expected to take off soon. As people have expectations for both technologies, what they will bring and how they will change the Internet, blockchain technology is expected to play an important role. Its use can make new Internet technologies decentralized, allowing users to control their own data and publish what they want. At the same time, this means that security needs to be enhanced.

Is blockchain really the future?

People may be skeptical about the role that blockchain technology will play in the future. This is normal as some will think that it is just a phase and something new may come. Cryptocurrency was also seen by many as the same idea, but since it has been around for more than a decade and still persists, the same thing should happen here.

As we have seen, this technology plays an important role in the security field. Although many people may not know that they are direct users of this technology, it has been adopted by many large companies in various industries that we use regularly.

It has a wide range of uses and far-reaching impacts. As technology advances, so will blockchain.