- There has been a steady increase in the rate of adoption of Blockchain technology.
- Major projects like the metaverse which are still being worked on.
Blockchain technology today
Since 2013 when Bitcoin was launched from an initial idea of having a digital currency, there has been a steady increase in the rate of adoption of the same. At the moment, there is around 170 billion USD total value locked in decentralized finance on all blockchain platforms. It is this value that has encouraged more investors into the crypto world.
However, this does not mean that the trends are any close to completion. There are major projects like the metaverse which are still being worked on. In a few years, let’s say 2030, there will be much more improvements in blockchain technology. Apart from the Finance and business sector of the economy which is associated with blockchain most, AI is being incorporated to bring about diversity in the field. Some of the things that are about to improve are discussed below.
Change in the Gaming Industry
Leave alone when Cryptokitties was the talk in the gaming world, the blockchain technology is making great steps to make known the art of play-as-you-earn. With the use of cryptocurrency, players can sell their collectibles as Non-fungible tokens on online gaming platforms. This is quite revolutionary as players can easily become crypto investors, hitting two birds with one stone!
Laws and legal regulations
The fact that the blockchain technology is decentralized makes it hard for the federal government to follow up with activities taking place in the platforms. one reason the central bank is involved in the activities around the finance sector is to keep the processes and investor assets safe. When this is lacking, there is impunity for criminals. When legal regulations are involved in the blockchain, there will be fewer crime cases, especially of hackers.
Zero-knowledge Proof quality
By incorporating NFTs in the blockchain, there is expected to be an improvement in the quality of verification. With the use of private keys and public key, exchange and transactions can be done with the principle of privacy being upheld. It cancels the need to give underlying information about the sender or the recipient. This is so since mathematical operations are employed.
Proof of Stake vs. Proof of Work
The digital world has improved the platforms by incorporating the Proof of Stake instead of the Proof of work. The former is an improvement of the latter. By use of mathematical consensus algorithms, there is a reduction in the cost of production, more particularly labor energy consumption. Cardano, QTUM, and Ethereum are some of the platforms that have already embraced the Proof of Stake.
The blockchain network has laid down plans on how they can decentralize biodata and the identification of individuals. The plans are relevant in that information about an individual including their prowess and skills, their bio-data, and their experience at work will be compiled and put together. This will reduce the rate of fakers and impersonators. Apart from provenance, it will be reliable to find all data one wants in one place for example during job interviews.
It is advisable to join the blockchain now since improvement is certain. If all plans laid out are accomplished, it will be a better experience for investors and traders.