What will be the future of blockchain technology?

By Wirba Brice Divine Ransinyuy. [email protected]

Towards the end of the first decade of the 21st century, something new came to light in the world. Since its creation, it has not stopped from evolving and improving, gaining hearts after hearts. Nations after nations are taking it into consideration, with some nations practically using it in other sectors in the nation in order to achieve political, economic and social growth like to control electrons, healthcare uses, property records, cryptocurrency and in smart contract as they facilitate and verify a contract agreement or transaction.

Many countries are getting to use blockchain technology for the purpose for which it was created that is to render the financial sector more secure, transparent and safe, with some countries joining the line of users. This is the case with the French government in France. Having seen the marvels blockchain technology can bring to their nation, France, they have decided to move forward with it by bringing it to a factual context. It is known as the Energy Market Barometers, brought to light by the Grenoble Ecole de Management, commonly known as (GEM). It was done in 2018. In this they stipulate, the vital importance and role, the blockchain technology will in the French electricity system of tomorrow. Going in line with this, in December 2018, Jean-Michel Miss and Laure de La Raudiére who are parliamentarians asked their government to invest 500 million euros on public blockchain in order to strengthen the fragilised financial system in their country. This was said in order to build a blockchain nation in the coming years.

Moreover, due to the significant rise and growth of organizations and companies, a renowned expert known as Ghosh advised companies and organizations to use blockchain technology in order to eliminate inefficiency in supply chains, improve product tracking and safety and also address the challenges of global trade and tariffs which are a hindrance for trade and countries on the path of development. Cooper went ahead to add and emphasize on this by saying that “by removing the middleman, and using the blockchain technology, blockchain will enable businesses to fastly and easily trace the products and transactions which took place right to their original roots”.

Getting further, as said by Marta Piekarska-Gaeter “ blockchain technology is of help by assisting everywhere where you have users, be it human beings, devices, companies or organizations as it demands and stipulates you are building a trusted network using blockchain technology.

From these perspectives, many companies and countries envisage the use of blockchain technology as there is an increased interest in the adoption of blockchain technology, but before that, there should exist a careful and cautious approach that involves good testing over a period of time in order to increase the collaboration and trust in using the underlying blockchain technology. Blockchain technology is promising and it is on a verge of being used by all, though it is a step by step adoption.