The Future Of Blockchain Technology – Every Company Will Use Blockchain In Next 10 Years

The Future Of Blockchain Technology – Every Company Will Use Blockchain In Next 10 Years from Coding compiler. Along with the blockchain technology enthusiasts, there are skeptics who consider it to be another bubble. However, we are convinced that in ten years this technology will be applied in one way or another in every business.

Almost ten years ago, Satoshi Nakamoto created Bitcoin and quietly revolutionized the credibility of organizations, particularly banks, by releasing an eight-page study on how money can be decentralized. At that time, few people realized the potential that was contained in these eight pages.

But I am not talking about the decentralization of money, I am talking about decentralization in general. Nakamoto, in his study, did not simply explain how we could regain control over our money – he proposed a method that would allow strangers to work with each other without risk. You may have met people who deny the potential of the blockchain and advise you not to believe the hype. My advice: don’t believe these people.

The Future of Blockchain Technology

In this article we will talk about five ways how the blockchain will go into the work of your company in the next ten years. But let’s start with the basics: what is a blockchain?

In simple terms, the blockchain is a database. Constantly growing database of different types, which has remarkable properties:

  1. As soon as the data gets into the database, they cannot be changed or deleted. Each entry in the blockchain is stored forever.
  2. The base does not have a sole owner – it is owned by several thousand users, and each has a copy of the base.

To understand how several people can keep their own copies of the database, which are synchronized with each other, imagine the following:

There are ten users online. Each of them has an empty folder and a sheet of paper. When one of them performs any action, such as transferring money, he announces the entire network.

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Each of the users fixes these ads on their sheet, until the place runs out on it. When the place ends, everyone must seal the contents of their page, solving a math problem. Solving this problem allows you to make sure that the entries on each page are the same, and you cannot change their contents. The one who seals his page first gets a certain amount of cryptocurrency as a reward.

Companies that do not adapt to the decentralized world of the future will soon be in the past.

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As soon as the page is sealed, it is placed in a folder. A new blank piece of paper appears, and the process repeats constantly. Over time, these pages (blocks – blocks) containing important information (transactions) are added to the folder (chain), thereby forming a database (blockchain).

Thanks to its unique properties, the blockchain technology can be used in a wide variety of industries, from banking and accounting to the entertainment industry.

Below we will talk about how blockchain will affect your business.

1. Contracts

Nothing is real unless a contract is signed – Glenn Danzig

What would you call a business that “does not do business”? Blockchain will very seriously affect how organizations interact with each other. “Doing business” means interacting with third-party organizations to get what you would not be able to get alone. In such conditions, the two organizations must be sure that they can trust each other.

In 2017, the key to this trust is a set of pages, or a contract, which lists all the terms and conditions of the contract. When one of the parties fails to fulfill its obligations, the law will help to solve the problem – but this process can take a lot of time and money. Therefore, in many cases, going to court because of a breach of contract is simply not cost-effective.

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Smart contracts written on the basis of the blockchain are absolutely unchanged after activation.

With blockchain technology, many of these contracts can be transformed into smart contracts. Unlike conventional contracts, smart contracts are based on software code and are executed by the blockchain network. The advantage of these contracts is that they cannot be changed after the conclusion – thus, none of the parties to the contract will be able to evade their obligations.

Imagine that you are playing in a group and you want to sell your music to someone, that is, to transfer an audio file. What are the guarantees that the buyer will pay after receiving the file? At the same time, the buyer may also not trust you and think that you will not send the file if he pays it in advance. A smart contract ensures that immediately after the money is transferred the audio file will be sent to the buyer. After the activation of the contract, no one can cancel its execution. Both parties to the contract trust the code.

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2. Payments

If it seems to you that nobody cares about you, try skipping a couple of loan payments – Steven Wright

If you need to make international money transfers for business, the blockchain can help you here too. One of the most important prospects of the blockchain is that one day it will be able to replace money. Of course, such radical changes usually take years, if not decades. But now with the help of the blockchain you can transfer money in minutes, not days.

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One of the advantages of decentralized money is that payments can be made directly between people without the participation of banks or other intermediaries slowing down the process. Given this, international transfers will be another area of ​​business where the blockchain will be used.

3. Personnel policy

We will become housewives for robots. This is how work will look like in the new world – Gray Scott

Experts predict that one day the robots will take our jobs. However, until that happens, managers around the world will need employees.

However, unlike robots, people do not have trademarks or reputation badges. Therefore, finding worthy employees for your company can be a very difficult task.

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But what if such information about potential employees becomes publicly available? As the author of this article wrote , the blockchain can make quick, accessible and objective (that is, you don’t have to believe other people for the word) possible checks of applicants.

Each person will receive a feedback base that will accumulate throughout their careers from past employers. This will allow new employers to quickly check the job record of applicants and decide whether to invite a person for an interview.

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For companies, it would be very convenient, but what if this database contains false information? Suppose your past boss is a cruel, vindictive person. Does this mean that this trace of negative reviews will haunt you all your life?

To avoid this, the feedback system must be mutual. So employees will also be able to evaluate employers and, if necessary, each other. A negative review from a company with a bad reputation will have less weight than the one that has proven its adequacy.

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4. Cloud Storage

Behind each cloud is another cloud – Judy Garland

If you run a business, it’s possible that your company’s data is stored in the cloud . According to a recent report released by the cloud service provider BCSG, more and more small and medium businesses are turning to cloud computing. Currently, 64% of small business owners use an average of three cloud solutions, and this figure is expected to increase by another 72% in the next three years.

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Blockchain plays a huge role in the decentralization of cloud storage, because with the help of this technology will be able to work together. Instead of storing your files on a single central server, you can store your files on thousands of devices all over the world at once.

Here’s how it works: each file you upload will be divided into several small parts, and each of these parts will be stored on several devices on the network. The location of each part of your data will be recorded in the blockchain. If you need a file, the system will collect it based on this information.

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Storing data in a decentralized repository will be even safer than in the cloud. While a centralized cloud service keeps your file in multiple backups, decentralized storage will keep your data on even more devices, thus increasing reliability.

In addition, the reliability of a centralized system depends on how protected the company’s servers are. In the case of decentralized networks, no device will store the full version of the file, making it impossible for unauthorized persons to access information.

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5. Less Hierarchy – Better Management.

Business will flourish in an environment where power will not be concentrated in the hands of individuals, although many organizations are built on this principle.

These current authoritarian structures are the result of an inefficient approach to working with a large number of people. The blockchain itself is not a new technology; it is a combination of technologies created a decade ago: p2p networks and cryptography. In the same way, solutions based on the blockchain consist of several parts that are ideally combined with each other.

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When using a combination of smart contracts based on the blockchain, communities will get a management system without hierarchy . There are all reasons to believe that soon your company will be almost completely free from bureaucracy, and all important decisions on which the entire work of the organization depends will be made through a completely transparent blockchain-based voting.

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Each proposal is recorded in the form of a smart contract for which everyone can vote. If the threshold set by the company’s rules is exceeded, the offer will be accepted and further steps will follow.

Blockchain is coming …

In these areas, blockchain can be integrated into your business faster than you think, but the possibilities for its use are in fact endless. There are several thinking patterns that can be applied to the blockchain.

If I need to determine the potential of the blockchain for a business, I like to view technology as a way to push strangers to work together. Very soon, the blockchain will penetrate your business – through your employees, partners, the supply chain or any other element.

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