For more than a decade, blockchain has been the buzzword in the technology field. But little by little, it is turning into reality and the time has come when we will finally start seeing real applications of Blockchain technology for the general public.
The growth of blockchain has often been compared to the growth of the internet. Both have had their share of supporters and detractors, but ultimately the internet led to what is now known as the information age.
What will become of Blockchain technology, and its potential state of application in 10 years? Shall we make predictions?
But before we do, here are some important points about the current state of blockchain: In 2021,the blockchain market was valued at about $3.67 billion and is expected to reach $40.7 billion by 2025 with an annual growth rate of 67.3% While the technology was made famous by the crypto-currency Bitcoin, its future prospects go far beyond that field.
The Hyperledger project, led by the Linux Foundation and involving more than 100 companies (including big names like IBM, JP Morgan, etc.), is an umbrella project that seeks to discover and create new applications for blockchain technology.
Platforms such as Ethereum are playing a progressive role in the development of decentralized applications using blockchain technology and smart contracts. Let's turn to smart contracts. This is the icing on the cake. At its core, a smart contract program allows for the automation of certain activities that take place in the process of a transaction. It is akin to an escrow service, but the middleman is replaced by a standalone smart program coded using the Solidity programming language.
Here are some other points describing the challenges in developing blockchain in the future:
Although applications of Blockchain technology are being developed by some of the largest companies in the world, the technology is still in its infancy. It is still in its infancy. In fact, no one really knows how to design a blockchain interface. Those who do know have not yet found stable solutions. On the other hand, everything that makes blockchain so powerful is what the world really needs right now. Blockchain's promises of transparency, decentralization and immutability are a necessity in a world where trust in centralized organizations is a major concern. Threats to data privacy and security loom large in the digital world. Only blockchain, or perhaps something similar to blockchain, can provide a solution to this problem.
More importantly, features such as Proof-of-Stake implemented on a blockchain may seem great at first glance. But the truth is that such security implementation requires a lot of computing power, which is not cheap. Even then, such transactions implemented on blockchain networks would take a long time. Which is not a major problem in today's conventional transactions. Taking all of the above into account, here is a prediction of the state of blockchain over the next decade:
1) Over the next decade, blockchain may not become commonplace, but it will gain traction as we see new platforms and implementations emerge. It's kind of like the Internet growing over time. We will certainly start to see new and very promising Dapps.
2) However, the pioneers would be the giant companies of the world, and it is likely that public blockchains will not find a valid use case even in 10 years.
3) Public blockchains are difficult to implement. Also, governments will not be willing to make things that transparent within 10 years.
4) Even in the next 10 years, it would be difficult to see an existing business moving to a Blockchain network for transactions or record keeping. Even if some do, it may take another five years for the changes to be visible.
5) But for startups, blockchain will be a new playground to explore, as many new startups will emerge using blockchain development. The advantage for these startups is that, unlike established companies, they will not have an existing burden or method to throw away.
In conclusion, it would be best to say that blockchain will remain as popular, if not more so, even 10 years from now. But by then, it will be a much more mature technology. Market leaders will continue to innovate in this area and acquire new emerging startups that will take the technology further. If you are an aspiring entrepreneur looking to get into blockchain, now is the best time to invest. This is the best time to invest and hire Blockchain developers in India (being one of the most profitable IT playgrounds, hiring developers in India can provide the best return on investment). Who knows, maybe a new Blockchain company today could end up becoming something like Amazon or Google (two companies that wouldn't have existed without the Internet) in 10 years.
