Blockchain and cryptocurrency are the new buzzwords that you must have heard a lot in the past two years. But what does the introduction of these two new technologies mean for the world’s economic scenario? Let’s look at the top 5 predictions made about the future with this tech.
Smart contracts are what one can call automated contracts. As one part of the agreement is completed, the next one is automatically set in motion without the need for human intervention in terms of tracking & verifying. How does this work? When two companies get into an agreement and sign a contract, as soon as the blockchain registers that the payment has been made and cleared, it can place the order for dispatch of goods automatically. Once the goods are shipped, tracking IDs are automatically shared with the concerned parties, etc.
To track a single transaction down is a seemingly impossible process and that is assuming that there was no manipulation done to change or hide it. With the introduction of blockchain, these transactions become indestructible and thereby, making it extremely difficult to commit fraud or lose track of any transaction. With blockchain in place, the need for indefinite paperwork to track goods & money will also reduce dramatically and with technology, in time, we can track all of it from anywhere with the right accesses.
Russia has already introduced their first state-issued cryptocurrency- Crypto Ruble. As the blockchain technology companies advance the tech and blockchain technology becomes more common, countries will feel secure to introduce their own cryptocurrencies and even blockchain wallets. Understanding blockchain on a mass level is the need before such measures are undertaken but it’s a matter of a few years before it becomes more commonplace. Since no organization can deny the efficiency & transparency that blockchain provides.
With the increasing number of IoT devices surrounding us, it’s imperative to also work on not just the cyber security but also the physical safety that these devices provide in terms or smart CCTVs, baby monitors, etc. Blockchain makes everything traceable but also extremely difficult to disrupt. This means with the advent of blockchain tech being integrated with IoT tech, your smart devices become safer from any potential cyber-attacks. This can also allow us to make purchases using micro-transactions and since blockchain can’t be altered, maintaining the financial ledgers for these transactions would be super easy and accountable.
Everyone is well aware of how the current world economy is fraught with tedious processes & corruption. It’s a long process involving multiple stakeholders often across nations which leads to really time-consuming processes that can also become lost in translation. This makes the whole system rather inefficient and dysfunctional which results in commerce & trade that is impossible to be kept away from fraud & corruption. With blockchain crypto tech in place, these problems instantly get resolved to a great extent. With increased transparency and no need for an extensive paper trail, any malpractices can be alleviated and make the whole process much smoother & faster.
With the right kind of tech expert in place, like Valere, you can always innovate your own unique features that will make your mobile application stand apart. So if a mobile app idea is on your mind, think about you can integrate blockchain and crypto for the most future-forward user experience. To get an estimate on the budget for your app, you can check out our App Development Cost Calculator.