What's the future for Blockchain?

If you've been following banks or investing in cryptocurrencies for the last 10 years, you're sure to know the term "blockchain" the record-storing technology behind the Bitcoin network.

Blockchain has driven the strong growth of cryptocurrencies over the past 10 years. As a decentralized network that records cryptocurrency transactions, Blockchain can also record data on its network transparently. Let's take a look at some of the current popular applications of blockchain.

Payments

Traditionally, money transfers will go through banks in many locations this process is extremely time-consuming as well as money-consuming. The reason for this delay is the agency.

Blockchain technology is capable of providing a faster and cheaper solution, especially with large funds. With the traditional way, the transaction cost can be up to 10% of the transaction value, blockchain helps reduce this cost by a small fee, billions of dollars can be transferred on the network that costs only about 10 dollars, with a guaranteed time of operation 24/7.

Blockchain can be considered one of the important areas that blockchain's application is aiming for this decade.

Smart Contracts

As same as confirming valid transactions during the payment process. A very simple principle for applications to run smart contracts on the blockchain “you put money in, water comes out, you don't put money in, water doesn't come out”. Computer programs and algorithms can monitor the terms of the agreement, from facilitating to enforcing.

Source: https://twitter.com/CroissantEth/status/1412574240717656064

The use of smart contracts offers an automated alternative in trading to eliminate agencies, reduce errors, reduce costs as well as be cheaper than traditional methods today.

The applications of blockchain technology to smart trading contracts can extend to almost all economic sectors today, from purchases to education and healthcare. Let's wait for the space expansion of blockchain technology into smart contracts in the coming years.

Identity Security

As the internet grows, the fact that information is leaked on websites negatively affects individuals and organizations. There are always companies or organizations that are looking to steal information to profit from these digital items.

Blockchain provides a safer, less risky internet approach due to the theft of personal information thanks to the independent verification process that takes place on network nodes on the blockchain network.

In addition to helping protect the identity of internet users, blockchain can expand the scope of applications to elections, ensuring transparency. Blockchain technology has the ability to record information, data in real-time, and this process cannot be changed.

Source: https://twitter.com/etherscan/status/1412805755237900288

Blockchain is a record-hosting technology that has many potential applications thanks to the elimination of human-involved intermediaries, reducing errors (According to a report eighty percent of errors coming from the human factor). Thanks to that, it is possible to reduce processing time, reduce costs, improve work efficiency. Although blockchain is popular with people through cryptocurrencies, surely its applications are huge for life. Therefore, we need to have an understanding of blockchain and how it is used to serve a better life.

Which one of these applications do you think blockchain would be?
Please share your thoughts down below.