What the Future of Blockchain Looks Like

Blockchain technology has revolutionized government, finance, insurance and personal identity security. In 2025 it will be predicted that companies will spend $20 billion annually on blockchain technical services. Tech giant IBM is to invest over $200 million in research and over 90% of European and US banks exploring blockchain options

While the world has only taken it by storm in recent years, blockchain technology is already on its way to becoming a legitimate disruptor in a wide variety of industries. So what exactly does blockchain do to make it so popular?

Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets across a network. An asset can be tangible (for example, a house, car, money, or land) or intangible (for example, intellectual property, patents, copyrights, or branding). Anything of value can be tracked and traded on a blockchain network, reducing risk and lowering costs for everyone involved.

Blockchain technology is revolutionary as it allows businesses to receive information faster and more accurately. It provides instant, shared and transparent information stored in an immutable ledger that can only be accessed by authorized network members. Blockchain’s ability to track orders, payments, bills and production while giving members confidence and transparency in their transactions is what makes it so groundbreaking.

One of the most appealing features of blockchain technology is the built-in smart contracts. Smart contracts speed up transactions by essentially providing a set of rules stored on the blockchain that run automatically and have the ability to define terms for things like corporate bond transfers or insurance terms.

While blockchain technology has rapidly expanded and become popular, the space is still not without its problems, especially with the incidence of crypto fraud such as carpet pull and exit scam† Exit scams occur when cryptocurrency promoters disappear with investors’ funds during or after an initial coin offering (ICO). DeFi back pulls out another type of exit scam where crypto developers abandon a project and leave with investors’ money by withdrawing buy support or Decentralized Exchange (DEX) liquidity pool from the market.

Newcomer to the blockchain space Concordium believes that the blockchain world can rid itself of these problems and become a more secure space by implementing accountability. Through the integrated ID layer, the company has designed a platform that increases privacy while addressing the issues of accountability, trust and transparency.

The platform was built with the assumption that more authentication will lead to more user accountability, which will ultimately lead to more trust. Many other blockchains still have unclear anonymity guarantees that make users think they are anonymous, while still allowing their actions to be fed back to them.

While regulation can promote identity, Concordium believes that one of the most critical issues it can help solve is liability. Users using Concordium’s technology are completely private and protected unless they abuse the system. It is ultimately intended to encourage users to act responsibly or to face the consequences of their actions.

Blockchain technology has provided a breakthrough solution for many industries, but there are still many flaws that have led to nefarious activities such as exit scams. As technology grows and evolves, new entrants like Concordium can pave the way for a safer space by introducing regulation through identification, trust, transparency and accountability.

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