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Finance Presents: Future Prospects of Blockchain Technology

Blockchain technology is one of the latest trends globally accepted across a wide array of industries. Its overall impact was seen as vital for bridging the gaps that exist across these industries. Its sheer advantage of offering a more convenient, private and safe forum for online transaction making. However, given its overall advantage over its impact across sectors, there is still a sense of disparity between consumers and governments regarding its use and implementation. One of the major reasons for this is the failure to understand the intricacies and to find ways to implement that system effectively.

Here are a few developments that could define the Blockchain industry and allow it to be effectively and accessibly integrated into a system

Increased regulation in implementation:

Although many countries are still revising the concerns about the introduction of this technology, there are still governments that have recognized this technology’s optimistic prospects as well. Government restrictions on contracts and interdepartmental transactions would, however, be significantly imposed to allow for a safer and more secure way of transacting online.

Increased demand in the gaming industry:

Internet gaming is today one of the most sought after recreational sport. With the rise in online transactions in the gaming industry, there has also been a growing interest in making such transactions possible in a secure way. In the near future the Bitcoin and Blockchain technology could come to rescue.

Cloud computing in Blockchain technologies:

A substantial amount of investment is needed to set up one’s own Blockchain technology. However, cloud computing servers allow companies to use the computing and storage resources provided by a third party / service to develop their own Blockchain products. Those cloud computing services are currently being offered by corporate giants such as Amazon and Microsoft (Blockchain as a Service-BaaS). But the future could see an increase in more companies

Integration of Blockchain services across sectors:

Gone are the days when this technology was confined to a specific industry. Increasing numbers of industries today are attempting to merge their Blockchain technologies to create a nexus of interoperability. This allows this technology to be used faster and more efficiently, which benefits users and facilitates workflow across sectors.

A new currency:

In the Blockchain technology and related industries stable coins are becoming the new fad. One of the main attributes of stable coins is that their price does not depend on stock prices and is therefore not variable based on stock market ebbs and flows. Alternatively, its value is determined by fiat cash and dependent on the goods.

Securing rights among involving parties:

With the increased relevance of securing the rights of both ends of the participating parties, the demand for ‘ security tokens ‘ is slowly coming. It helps investors secure their rights over the Initial Coin Offerings made in this transaction process.

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