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icon date05th Aug 2020

How Will Blockchain and Cryptocurrency Be Used in 10 Years?

As Timo Wilson, CEO of Asap Credit Solutions explains, there are two main things that blockchain and cryptocurrency will bring us in 10 years’ time:

  1. More industries will benefit from blockchain technology. Cryptocurrencies will serve as an alternative to traditional currencies. Businesses will appreciate the power of this technology and explore its potential.
  2. Cashless payments will be more used for transactions. Looking at the bigger picture, one benefit that blockchain and cryptocurrency can bring us is that we won’t be needing to use paper bills or coins to spend or purchase something. With just a few clicks on our phone, the transaction will be made if you are both using the blockchain system.

With that said, we asked execs from all types of industries, “How will blockchain and/or cryptocurrency be used in your field in 10 years?” Here are some of their answers:

Blockchain and VPN

“I work as a digital marketing professional for a VPN product. One key observation is that from the last 2 years, almost 15% of our B2C customers prefer paying for the service via cryptocurrency to ensure anonymity. That’s twice as much in comparison with 2017. This is an industry-wide trend which isn’t specific to one company or product.

Since most of our customers are online privacy and security-oriented and opt for a VPN to ensure anonymity over the internet, it only makes sense for them to choose a secure and anonymous payment method as well.

Moreover, there have been numerous scandals surrounding internet giants such as Facebook and Google in regard to malicious privacy and data logging practices which has also led to serious trust issues among common users. Customers now actually bother to read the T&C of any privacy policy and want to be in complete control of their data so we can safely assume that the usage of cryptocurrency in the VPN industry is expected to go only higher.”

Saad Rana, Digital Marketing Executive at PureVPN

 

“Blockchain-based storage solutions are gaining popularity every year. This will probably be the norm in a decade. The main feature of blockchain technology is its decentralized nature. This will come in very handy when trying to secure the data. Because of this, hackers no longer have a single point of entry, nor can they access entire repositories of data if they do get in. The cryptographic access key can also be revoked any time, making it harder to breach. This is just one of the many applications of blockchain technology in cybersecurity. I can see that more and more applications are in the works as we continue to discover its many uses.”

-Michael Miller, CEO and Security Evangelist of VPN Online Multimedia Inc.

 

Blockchain and Title Insurance

“Anyone who has ever visited the real estate records archive in the various jurisdictions across New York State, will likely tell you that an often non-computerized decentralized record-keeping system offering a paper-based trail, would make it extremely difficult to implement an historical blockchain. But that said, would it possible to take the title analysis that’s compiled on a property by property basis going forward to create a blockchain of ownership?

The caveat is that this would of course assume that any title analysis done and then put onto a blockchain was 100% correct and that no defects to the chain of title were missed (i.e. the title report is only as good as the title company creating the report), missing or misfiled. Additionally, any analysis would likely only be done as a real property was changing hands, meaning that a truly valuable blockchain would be decades in the making.

That is of course unless jurisdictions around New York State, many already cash-strapped, took a real property blockchain upon themselves to create. Unlikely!”

Michael Haltman, CEO of Hallmark Abstract Service

 

Blockchain and Credit Repair

“I’m excited for blockchain to come into effect for the credit sector. Although I’m not quite sure how this might work at the moment, I believe it will become the norm in time. We see plenty of financing options now going interest free, which means that blockchain credit may be the highlight of this as the trust between the creditor and the customer will be the highlight within blockchain transactions. We have seen this through the use of Bitcoin to make purchases, I’m confident that we will see credit options work in a similar way, and I’m sure it won’t be long until this comes into effect.”

– Andrew Roderick, CEO of Credit Repair Companies

 

Blockchain for authors

“Blockchain will allow a mass network where authors can send our books to seek testimonials and forewords without fearing because of the amount of blood, sweat and tears poured into writing out the book, the last thing the author wants is to be stolen from their own property. The cryptocurrencies can be tokens traded to attain books from different bookstores, there will also be reward system to thanks author for their hard work.”

-Lee Hock, author of The Book on What Real Estate Is

 

Mass Digitalization of Medicines: Anchored to the Blockchain

“The future of the pharmaceutical industry will see blockchain technologies used to track the flow of medicines around the world–from the manufacturing plant to the patient’s hand–at the dosage form level.  We will be able to know that the pill in the palm of our hand is the right drug, in the right place, at the right time.”

-Peter Wong, COO at TruTag Technologies

 

Blockchain in travel

“Already, we’re seeing a shift with some airlines using ORG.ID (decentralized business ID and registry) for automated, secure access to APIs and payment settlement using smart contracts in travel. I expect the evolution from fiat to stablecoins is next. Also the use of decentralized ID moving from just business IDs down to the individual travelers will be a huge game changer. IDs will become more flexible and verifiable thanks to blockchain technology, reducing fraud and accelerating traveler processing times.”

Pedro Anderson, co-founder and COO of Winding Tree

 

Blockchain and e-commerce

“I have been an eBay expert for years and with blockchain and cryptocurrency, I believe that the future of money is now towards digitalization. 10 years from now, if they gain widespread acceptance among consumers, we will see more merchants and online businesses welcoming this as a form of payment. It will make purchasing easier, more private, and more secure. Since transactions will be encrypted while being done online, it will eliminate the possibility of theft and fraud and entails real-time transactions. Soon, service charges and fees will be abolished since blockchain and cryptos can be made possible directly from the buyer to the seller without the need to pay for administrative processes.”

-Shari Smith, Founder of Shari – Sells

 

Blockchain for record keeping

“In 10 years from now, blockchain will serve as a record book for all the cryptocurrency transaction that is going on with the company. It will be a part of the essentials of a business. In my field of business, transactions are happening everywhere thus it will help my company to be efficient in managing financial statements for the company. It will immediately organize all the transactions a brand is making. This technology might be a huge investment but the after-effects will make life easier.”

-John Howard, CEO @ Coupon Lawn

 

Blockchain and IoT

“In 10 years, trillions of Bluetooth-enabled devices will be connected to the Internet that never could before. Blockchain is extremely important in securing IoT networks by providing a decentralized infrastructure for ‘machine to machine’ trust. This means that we can secure critical infrastructure and our personal devices in a way where no third parties can access data. Another feature of blockchain, cryptocurrency, provides a way to incentivize the growth of wireless networks by paying people to deploy “nodes” in a network, whereby you, the smartphone user are ‘the internet,’ for all things around you. At Nodle, we are doing just that; leveraging people’s smartphones to securely locate and connect nearby IoT devices with Bluetooth. Cryptocurrency enables the incentivization of a network by anyone with a smartphone, anywhere in the world.”

-Eliott Teissonniere, Blockchain Architect at Nodle.io

 

Blockchain and crypto in the Currency (Forex) Trading industry

  1. Deposits and Withdrawals. As blockchain-based cryptocurrencies continue to gain mass adoption across industries, they will be widely used for deposits and withdrawals in trading companies. Cryptocurrency is easier to use for online transactions as it does not require one to convert fiat currency into virtual cash. Also, as more people join the online freelancing industry, the use of cryptocurrency will increase.
  2. Preventing Manipulation of Data. The secure nature of Blockchain will go a long way in preventing fraudulent activities by shady brokers who manipulate their data feed to swindle traders. Once Blockchain is introduced into the industry, neither the trader nor the broker will be able to manipulate the data originating from the interbank. This will go a long way in improving the regulation and supervision of online currency brokers.
  3. Faster Transactions. One of the concerns that traders have with regards to online trading is the slow pace at which brokers process their withdrawals. These issues are caused by, amongst others, the need to verify trades, apply anti-money laundering practices and verify customer information. However, with the integration of Blockchain, all of a client’s data will be kept in one place and the tedious work will reduce, paving way for faster transactions. If applied, traders will be able to withdraw their money and get it within minutes or seconds.

-James Jason, Financial Analyst and Currency Trader at Mitrade

 

Cryptocurrency ATM use will increase

“Cryptocurrency ATMs currently do well at businesses with extended hours, such as gas stations or rest stops. However, with more retailers, restaurants, and even health and home service providers accepting blockchain currencies like Bitcoin as payment, crypto ATMs could make a huge expansion into shopping centers, malls, and even private businesses and offices.”

-Casey Dawson, Consultant for Pelicoin

 

Mass Adoption

“In 10 years, I expect the crypto mass adoption to be accomplished. The distributed ledger technology will solve the tasks of document management, supplies, elections, etc. The Blockchain will be integrated into the banking sector for transparency and security. Cryptocurrencies will legally exist in any country, along with gold and fiat currencies, and will be an integral part of the global financial system.”

-Danny Donahue, Editor-in-Chief at Cryptodetail.com

 

Blockchain and the Jewelry Industry

“The two main challenges in the gold and diamond jewelry industry relate to authenticating the origins of the product and proving provenance along the supply chain. Blockchain technology can be used to digitize each ‘event’ or occurrence that happens to the jewelry item and track it all along the supply chain. For example, nanochips can be incorporated into the jewelry item which will store key information such as the source of the gold and composition of details. The chip would then act as a tracking mechanism and record the movement of the item along the supply chain from mine to retail shop to the end consumer. All the data tracked would be digitized and available to be seen and verified on the blockchain.

In 10 years, I predict that this technology and processes will be part of our day to day life. Each and everyone one of us will be using blockchain without being aware of it and knowing how it actually works but will benefit from it.”

-Sukhi Jutla, Co-Founder of MarketOrders