Top Trends Redefining What Blockchain Technology Can Do

Businesses and developers continue to find new and innovative uses for blockchain technology every day. Here are some of the biggest trends rocking the industry today.

The continued rise of DTV

Right now, we are in the midst of yet another unexpected development in blockchain technology. Just as no one saw the rise of Bitcoin and other cryptocurrencies coming, no one could have expected the impact that non-fungible tokens (NFTs) would have on the world of blockchain technology.

This new application of existing blockchains like Ethereum offers a new way to provide beneficial ownership of digital assets. The non-fungible part means they are not interchangeable. It’s not like owning Bitcoin. It’s like owning a unique and distinct piece of art.

The visual artwork itself kicked off the NFT boom. This application of tokens is easy to understand, an individual token signifying ownership of an individual work of art. It can then be traded or sold like any other token, with ownership of the accompanying artwork.

However, visual artwork and collectibles are just the very beginning of what NFTs have to offer. Already people are starting to implement them in unique ways. A TVN can be a ticket to a concert or other event. In fact, he could carry the brunt of any smart contract with him.

Eventually, we may even see this extend to the ownership of physical assets. The deed of ownership of your home could be 100% secure and impossible to lose if kept in NFT form, with a permanent record of past sales. The same can be said for your vehicle or just about anything. The sky is the limit for this nascent application of blockchain technology.

Provide more efficient and versatile identity management

In a way, blockchain has been about identity from the very beginning. The initial application of blockchain technology was Bitcoin, the very first cryptocurrency. Bitcoin has used and continues to use private keys to establish and verify ownership of specific coins.

Thus, from the start, the blockchain was used to verify the identity of wallet holders to allow them to access their cryptocurrencies. The key here is that the wallet address itself is the identity. You are nothing but a string of numbers on the blockchain. But what if it is not?

What if, instead of just logging into your digital wallet, your private key could log into your digital identity? This is where many see blockchain technology heading today, providing a secure and tamper-proof method for identity verification.

Blockchain identification can be used for anything. This could simplify the creation of online accounts. It could serve as a passport or driver’s license. It could fill the role of cards, usernames, passwords or whatever else you need to establish your identity.

One of the main benefits of this new trend is that it will dramatically increase the security around your identity. Blockchain identification allows sharing only essential information. Think about all the times you had to show your driver’s license as proof of identity. All they need to know is that you are you, but you’ve given them your address, date of birth, and more.

Rationalization of international finance

Transferring money across borders has never been easy. There are currently many services competing for their share of the fees and percentages that businesses and individuals pay to send money overseas. Cryptocurrencies could eliminate all of these problems.

While there are still fees associated with using cryptocurrencies, they are pale compared to the cut banks and other businesses are taking on foreign currency trading. By maintaining a constant supply of Bitcoin or other cryptocurrencies, a business can facilitate these transfers on its own, eliminating the middleman.

This kind of blockchain use is still in its infancy, as tax codes and regulations around the world make it difficult to do business in cryptocurrencies. If these issues are ever resolved, Bitcoin could become the norm for making international money transfers.

It is equally important to be careful of the various websites or services that claim to be exchanges, but in reality, these are get-rich-quick programs like Immediate Edge which has been called a ‘blacklisted scam’ by the cryptocurrency portal.

Future blockchain trends

NFTs, identification, and international finance are all areas where blockchain is already in use today to some extent. They are all set to continue to grow, and there is no doubt that countless more new apps will follow closely.

About Marion Browning

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