Blockchain technology is starting to fulfil its promise to revolutionise the way transactions are performed all over the world. Cryptocurrency websites reveal three major indicators the blockchain is going mainstream —and why this technology of trust should be expected to stay for good.
While the blockchain is still at its early stages, the world’s biggest companies, governments, and experts are quickly recognising its potential for completely altering the way people do business and day-to-day life. No more a buzzword or a passing fad, here are three important signs that the blockchain is going mainstream:
- Traditional Industries are Adopting the Blockchain
Typically conservative industries like financial services, banking, supply chain management, healthcare, academics, and insurance rarely become early adopters of cutting-edge technology, but many companies in these fields are starting to create ways in which they can integrate the digital asset blockchain into their processes.The main reason for this is the potential of blockchain in simplifying operations and reducing cost. It can significantly improve traceability, payment security, digital asset management, accountability, and other strategic advantages that such traditional companies deeply value.
- Governments are Starting to Implement the Blockchain
Increasing government support is another factor that is bringing blockchain to the greater public. Very few technological innovations have succeeded without the backing of governments since their use has to be legalised and integrated into current regulatory norms.Today, the blockchain is starting to gain traction in numerous countries such as Thailand, Switzerland, and Canada. For instance, the Thailand Revenue Department has begun to use blockchain technology to track VAT payments. The official government credit bureau in Dubai has announced a move to introduce the blockchain to verify digital payments in the public sector.In addition, various local governments around the globe are starting to accept cryptocurrency payments to boost tourism, and these developments are expected to rise over the years.
- The Blockchain and the Internet of Things
The IoT market is predicted to bring in $520 billion in 2021, making it one of the most critical and profitable innovations in recent years. Unfortunately, poor data assurance and security are still in the way of widespread IoT adoption.The blockchain empowers immutable record keeping for IoT by establishing a trustworthy and secure ledger for interactions and transactions. It can also host smart applications such as smart contracts that are compatible with specific IoT processes. These two technologies are set to converge and complement each other on their way to mainstream status.
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