At over ten years old, blockchain is finally making its way into the mainstream sphere. Leaders are beginning to recognise its potential as not just a cryptocurrency platform, but also as a solution to all our tracking woes.
The Fourth Industrial Revolution is here, and blockchain technology will be a key part of it. So, where will the next decade take blockchain?
Suspicion turns to confidence
In the last ten years, blockchain technology has experienced major hype. However, this also means that people have been ultimately disappointed. With any new technology, there are growing pains – and blockchain definitely experienced these. Despite hundreds, if not thousands, of blockchain start ups, very few saw real success.
Blockchain still somewhat lacks maturity and needs to expand its use cases before it becomes widely accepted. However, by 2030, blockchain will be the norm. Experts forecast that the blockchain industry will be worth $21.28 billion AUD by 2024.
Solid use cases by big corporations
While there have been some monumental wins for smaller blockchain businesses, big corporations adopting blockchain reaches a wider audience who rely on them to adopt only the best technologies. There are already some large companies, such as IBM and US grocery store Walmart, who have brought blockchain into their own businesses.
However, the number of large companies using blockchain technology is limited – though the list is definitely growing. With collaboration, we can ensure that global companies, both big and small, understand the value of blockchain and set an example for others.
The blockchain gap will be addressed
By 2030, we will have solved the problem of blockchain accessibility. Instead of only those in developed, digitally competent countries, blockchain’s benefits will reach everyone. This will allow blockchain to reach its full potential in helping to lift people out of poverty, by giving them access to jobs, knowledge and better services.
Even in Australia, many people still lack digital access, and there are particular digital disparities between younger and older Australians. This will need to change, with better learning, accessibility and affordability.
Blockchain’s success hinges on the technology becoming global and benefiting all. Over the next ten years, we will move towards a world connected through blockchain and other nascent technologies. This will ensure that our data is secure, accessible and global.
Interested in finding out more about blockchain’s place in the future? Click here to see how our platform STAMP uses blockchain to secure and track data.