Blockchain technology, and where we’ll be in a decade

Over recent years, blockchain has become synonymous with cryptocurrency — and bitcoin in particular. The mechanism itself, however, has a claim of fame in its own right, as one of the first technologies to introduce a virtually hack-proof system. With blockchain, information is distributed across a ledger comprised of connected “blocks” (hence the name). Each block contains specific information, and when new information is added and validated by other users, a new block is created. That block then spreads that information across a series of computers. Since each bit of information has its own block, and there are numerous blocks with other information, it’s incredibly hard for a hacker to decipher who exactly owns what. Combine that with the fact that the information in these blocks is protected by a numerical ID and not a name, and it makes the task that much more complicated.

As bitcoin continues to grow in popularity and adoption, it is safe to assume that blockchain and its uses will expand as well. Predictions of the future are by no means an exact science, but our data team has compiled some intriguing potential next steps for a technology that is poised to introduce a revolution in banking. These assertions are based largely on an analysis of current, publicly available research.

Healthcare will take full advantage

One of the biggest inconveniences in today’s healthcare systems involves the lack of a secure, simple central data center for analysis of patient records across different hospitals, specialities, and even nations. Healthcare experts like Dr. Ernest Brown of Washington, DC, a concierge doctor that relies on relevant, cohesive patient records to conduct care, indicate that this has been a pain for providers for years. With one system, providers and first responders would be able to triage patient issues much quicker and more effectively, and patient histories could be accessed with the click of a button. The problem of security would be solved by relying on a blockchain network where no one actor held more control than another. We’re seeing companies dive into potential practical applications for a system like this, and the prospects look promising.

Widespread adoption will be likely

If blockchain continues to prove itself as a system that’s virtually impenetrable, it will likely begin to enjoy more widespread adoption and may even replace current digital security methods, particularly in industries like finance and computing. While some forums suggest everyone will have their own blockchain ID in a few year’s time, we believe it’s more reasonable to assume that most will at least be aware of what blockchain is, and how it can be used.

Governments will attempt to regulate

The beauty of blockchain is in its complexity. The sheer presence of so many nodes and the anonymity and security a block of information provides really does give users the autonomy to make peer to peer transactions without the need for a regulating third party. Of course, widespread adoption of a technology like blockchain would likely lead to government intervention, as officials would want to prevent bad actors taking advantage of less than savvy users. Depending on how you view it, this could be good and bad. When governments begin to take notice and attempt to regulate, it’s a good sign that widespread adoption is imminent. However, it’s important that blockchain remains un-dominated by any one particular group or entity, which could be easier said than done when governments get involved.

The prospects for what blockchain could become are interesting to think about, to say the least. At BitLeague, we’re committed to leveraging cutting edge blockchain technology to continue to provide the best bitcoin banking experience available. Visit us at bitleague.com to learn more about what we do!

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