Everything will be tokenized and connected by a blockchain one day _ Fred Ehrsam – founder, Coinbase
It begs admission that blockchain technology has completely revolutionized the world as we know it. It has created an environment where people can invest with complete trust, knowing that they are in on every transaction that may occur with their investments. Aside from increased transparency, speed, and efficiency, blockchain is the foundation of many Web 3.0 technologies that are set to change technology as we know it. Indeed, the potential benefits are endless, and here are some mind-blowing predictions about blockchains that may interest you.
What are Some Future Predictions about Blockchain Technology?
1. Stakeholders will employ blockchain to Tackle Climate Issues
Recently, there have been increased talks about employing blockchains to tackle climate issues. In this wise, blockchain may be used to develop new mitigatory systems or improve the already existing systems. For one, blockchain can provide, via ledger technology, effective and transparent tracking of donations to climate change. It can also improve climate governance, be used in employing smart contracts for implementing and tracking carbon credits and monitor stakeholders’ environmental performance.
2. More Countries will Adopt Cryptocurrencies as a Legal Tender
Only a handful of countries have accepted cryptocurrencies as legal tender. However, it is predicted that that will change come the next decade. Already, many African countries are looking to adopt Bitcoin as a legal tender. The coin is widely used in countries like Saudi Arabia and other parts of the Middle East. In a recent poll, it was seen that 27% of residents of the United States were in support of accepting bitcoin as a legal tender in the nation. It is predicted that these numbers will grow significantly in the coming years.
3. Blockchain will be used to Develop more Web 3.0 Mechanisms
One can argue that blockchain laid the foundation for the discovery of web 3.0. One cannot separate the role of blockchain technology in the development of Web 3.0. in its decentralized nature, blockchain can propel the expansion of Web 3.0 as it would serve to establish the pathway to the collection and separate management of the activities on web 3.0. experts have agreed that blockchain is indeed a formidable force in the advancement of the web. The next few years will involve the advanced combination of blockchain in Artificial Intelligence (AI), Machine Learning, and the Internet of Things.
4. There is an Increased Possibility of Partial Regulation of the Industry
Blockchain, by nature, encourages decentralized, autonomous, peer-to-peer networks. Unfortunately, with the recent FTX Saga, there have been speculations about the intention of individual governments to ease blockchain-developed machines, like cryptocurrencies, into regulatory waters. This attempt may mean that the world will soon witness some part of blockchain converted into a centralized and regulatory form. Thus, defeating the true purpose of the technology in the first place.
Conclusion
Granted that there may be associated news and scandals linked to blockchain, the platform has still brought about a lot of development to significant projects in the web 3.0 space. It is predicted that in the coming decade, the world will come to accept blockchain, and its use will be widespread.
