Block Chain Technology In The Future
In 2017, Bitcoin took the world by storm. By the end of this year, Bitcoin’s value went up to as high as $20,000, which made investors and finance experts take notice of Bitcoin and cryptocurrency in general. However, this moment of glory for Bitcoin was short-lived as the value went down to more than half in just a couple of weeks.
Right now, though Bitcoin’s value has been stable at around $7,000, but its historical erratic behavior has made many people, most of which are investors, skeptical about the future of Bitcoin and cryptocurrency. You can even check this link right here now to see how the crypto market is faring this past couple of months.
However, from the unfortunate decline of cryptocurrency rises an innovative technology that most experts see a huge potential for widespread, multi-industrial application in the future. The Blockchain Technology that Bitcoin has utilized is now starting to make waves in various industries worldwide.
Here are some of the predictions of Blockchain technology in the future:
Potential for Blockchain derived World Trade
The current state of world trade being conducted via fragmented sets of business relationships between various parties across the globe has resulted in inefficient and error-prone system that is vulnerable to fraudulent activites. With the introduction of block chain technology, many experts believe that this system has promising areas in world trade system particularly in the global supply chain.
Implementation of Smart Contracts in a wider scale
One of the key features of Blockchain technology is the use of smart contracts. These programs are designed to oversee all aspects of a written agreement down to the final execution. This technology uses a self-executing and self-enforcing system when the right conditions are met. This allows for a more secure and more automated system which is cheaper and much faster compared to our current traditional contract laws,