Back in 2017, cryptocurrency took the world by a great storm, and the price of ever-green Bitcoin rose to $20,000 while the ICO returns were estimated over tenfold. The funding for ICO exceeded the conventional VC funding, and blockchain technology gained traction, and everyone is thinking, “Is this just a temporary hype?”
Honestly, it seems to be beginning because blockchain technology has immense potential, and the future seems pretty bright. That being said, we are sharing about the future of blockchain technology and what it will look like in ten years. So, are you ready to find out? You can visit quantum ai to know more.
The Government Crypto
In the next ten years, the majority of governments will adopt digital currency or create a form of digital currency. In fact, we believe that government currency is cryptocurrency since it’s more efficient and promises less settlement period while offering higher traceability.
The cryptocurrency can be supported by real estate properties, just like fiat currency, and the price can always be artificially manipulated through monetary policies.
At a short-term range, the government-oriented cryptocurrency will create a way for exploration and experimentation, supported by the developing countries with weaker authorities and unstable economic conditions.
These steps will result in a hasty movement, but the timeline will be impacted by the political aspects as compared to technical progress and economic stress. For instance, the Zimbabwe dollar has suffered from 500,000,000,000% inflation.
However, creating cryptocurrency will be a great way for the Zimbabwean government to improve the perception of national monetary challenges. On the other hand, such experiments with cryptocurrency will be unintentional, particularly because of a lack of internal expertise. For this purpose, the countries need to turn to external consultancy firms to ensure they are making correct financial decisions without compromising on security.
By the year 2030, the world will have more than trillion-dollar tokens as compared to trillion-dollar companies. Currently, the companies like Apple, Microsoft, Amazon, and Google are racing to the benchmark of one trillion dollars.
It wouldn’t be wrong to say that these companies are representing the new economy and are based on the years-long shift to online connections and digital business. In simpler words, it’s the internet economy or web 2.0, while the next era will be web 3.0.
On the other hand, the pre-internet and traditional economy is based on resource and oil extraction and is analog. It’s obvious that the real world will stay here, but the economic role has already declined a great deal.
Now, the new economy is a fine value layer above the physical substrates. Honestly, it hasn’t managed to diffuse properly in the economic and global sphere. The impact will gradually grow and will achieve better and higher growth valuation.
After these four companies, other companies will also cross the said threshold, but it’s needless to say that the next era is rising. Also, they are actually following a unique pattern as compared to the previous economic transformation patterns. The only difference between these two economies is that they are predicated on the basis of a company’s notion.
With the evident increase in cryptocurrency, the cross-border and self-sovereign identity standards will rise up for the individuals, virtual assets, and physical assets.
To illustrate, identifying solutions turned out to be the killer app for blockchain technology, but they tend to be dysfunctional and insecure. However, the blockchain-oriented identity systems will fix these issues and will provide a sole source of verification of the assets and identities of individuals.
The blockchain-oriented identity systems will decentralize the data gathering, store the information on a decentralized ledger, and cross-verify the data through a consensus mechanism.
Consequently, the risk of security breaches will be reduced, resulting in higher efficiency, reliability, and self-sovereignty. The aspect of self-sovereignty means that the individuals will be more secure, and the individuals will have control of the information release.
Recently, Facebook suffered from data breaching scandals, but blockchain-oriented identity will create an essential and viable solution to various data privacy issues. Some of the information recorded on these platforms include government records, trust and reputation scores, attestations, certificates, medical and healthcare records, employment records, and tax identification records!