Blockchain is an emerging field in the technology world. For sure, there have been numerous improvements in blockchain development that accounts for the current success of blockchain and cryptocurrencies. Despite the several eventful years of blockchain existence, there is still a need for some development that'll pave the way for the climax of blockchain technology. Here are some of the expected technological advancements expected in the coming years:
· Integration of blockchain into social media- Social media platforms, majorly Facebook, Twitter, WhatsApp, and Instagram, are the internet giants of the 21st century. Blockchain will really bring remarkable developments to the world of social media. The data being shared and stored will become more secure, difficult to trace or duplicate, and somewhat indestructible. Blockchain will give the maximum power regarding data ownership and content ratings. We really hope these platforms consider this promising feature.
· The dominance of stable coins- Despite the relevance of cryptocurrencies, the volatility of coins remains one major concern naïve individuals worry about in the adoption of blockchain and cryptocurrencies. Stable coins have been introduced, but to a large extent, they are still in the initial phase of adoption. The introduction of Libra, Facebook's cryptocurrency, was expected to push the use of stable coins to an all-time high. This is yet to come to fruition, but we expect a surge in stable coins soon.
· Use of BaaS by big tech companies- BaaS is the acronym for blockchain as a service. This is a cloud-based service that allows users to create personal digital products (smart contracts, decentralized applications, and so on) in partnership with blockchain. Some tech startups and enterprises have utilized BaaS. Big tech companies will really make an impact in shaping the future of blockchain. Microsoft and Amazon are reportedly working on providing BaaS services, and we can't wait.
· Integration of blockchain into government/government agencies- The governments of various nations have been a significant obstacle in cryptocurrencies and blockchain's immense success. They are still fighting it without any regard for the potential benefits if they can only integrate it. Recently in Nigeria, the apex bank was alleged to have released a memo to commercial banks, denouncing cryptocurrency as a legal currency and authorizing the closure of accounts dealing with digital coins.
Governmental agencies will benefit excellent data management and security from blockchain if they decide to adopt the network. It has projected that over a billion people will have their data on the blockchain, one way or the other, in the next two years.
· Integration of blockchain with IoT and AI- The Internet of Things (IoT) network is a very diverse and large technology. In 2020, internet-connected devices surpassed the 26 billion mark and counting. This has caused safety challenges and serious unrest for network providers. Artificial intelligence is expected to have a huge impact on blockchain development. AI will increase the volume of applications on the network and make it more understandable. It will even boost the efficiency of blockchain, ensuring better program run. Although some integrations with IoT and AI are currently undergoing, full involvement is required to achieve the best era of blockchain technology.
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