Over the past decade, digital currencies have been a huge part of the conversation about the future. Whether you are speaking about the financial sector, sustainability or even intellectual property, the technology has proven that it has the potential to change things up quite a bit.
At the center of all this is blockchain. This is a distributed peer-to-peer ledger system whose biggest promise still sends shock waves across various industries. The technology is aimed at eliminating centralized systems such as those powered by financial institutions. Besides that, it also delivers on other perks including unmatched levels of transparency, speed, safety, and accuracy.
Now as much as getting rid of the middleman is a desirable thing, are we ready for that revolution? The truth of the matter is that there are lots of factors that come into play. Moreover, the trajectory of the sector’s growth must be viewed from multiple perspectives. To get an overview of what we can expect, we must look at where the sector is right now.
Governments Taking Interest
At first, governments seemed to be the biggest casualties of the blockchain revolution. Well, there has been a unique twist to all this with several governments now finding ways of adapting the technology. Already we can see some jurisdictional authorities looking towards implementing distributed ledger technology systems. These will likely replace traditional paper-based systems that have been the norm for years.
Digital data systems have so much potential. They remain a core part of our future. However, with blockchain, these systems will be supercharged. Additional benefits will include better security and increased trustworthiness. This will be possible thanks to the unmatched encryption and validation features that blockchain promises.
More Institutional Involvement
Governments aside, institutional interest in blockchain and crypto has picked up pace over the past couple of years. Even financial service providers have begun to see the true potential of the sector. Many of them have started pursuing projects that involve blockchain.
The main advantage of this is the fact that this move essentially brings blockchain closer to mainstream adoption than ever before. Lots of people still use and trust these traditional financial services. As such, the operators have immense power to shape how the future of the industry moves going forward. The inevitability of blockchain’s integration has never been clearer.
Transparency and Fairness Across Industries
Blockchain’s use cases across various industries have been quite impressive, to say the least. In addition to bringing forth a whole new generation of industries and services, it has also been able to fill some gaps. For instance, online casinos and online poker sites among other gambling services have often dealt with concerns about fairness and transparency. That is where the concept of provably fair games comes in. So far, it is working out very well.
Given how much governments and institutions have been working towards integrating blockchain, the idea of better accessibility for the public is very heartwarming. That level of openness and transparency was previously almost unheard of.
Other futuristic capabilities that are worth keeping an eye on include such things as smart contracts. These are still in their early days but the sector is moving quite fast and thus more changes could probably be in the pipeline. Most notably, other conditions in smart contracts could also be subject to automatic regulation.
A Growing Niche of Expertise
To build the blockchain-powered future that everyone is talking about, we of course need to have the right talent. Enterprises, institutions and governments have recognized the potential of the sector. Their ambitions for the sector cannot be achieved without professionals of individuals with the skills and knowledge.
There has been a radical growth in demand for talent. This has opened new possibilities for a job that was non-existent a little over a decade ago. Moreover, even learning institutions and platforms are taking the sector very seriously. Today, the sector offers some very lucrative opportunities for aspiring blockchain and crypto professionals.
So, Are we Ready for Decentralization?
Yes, we certainly are. As it stands, all the things that are needed to get the ball rolling are already in place. There is an emerging and rapidly-growing class of young blockchain professionals ready to push the industry forward. Institutions and governments are also actively pursuing investments that should fuel its growth further. Moreover, discussions around regulation are beginning to pick up pace in many jurisdictions.
The future is going to be decentralized. There is a price to pay especially in terms of having to adapt to some monumental changes but that should all be worth it in the long run. Given the mind-blowing ambitions that various stakeholders have, users can expect a lot of great things to come their way. That journey has already begun and we can all be a part of it in one way or the other.