Blockchain technology is fast growing and has the potential to change the narrative across several sectors such as finance, security, and supply chain. The rise in popularity of blockchain and its technology can be said to be attributed to the popularity of cryptocurrencies like Bitcoin and Ethereum. The blockchain technology market was valued at $5.7 Billion in 2021 and was predicted to rise to $1.59 trillion by 2030. As a result, the demand for blockchain developers has increased significantly and it’s expected to continue in the near future.
Opportunities for developers in blockchain technology are: security, decentralization and smart contracts. Challenges for developers in blockchain technology are: Scalability, Talent Shortage and Complexity
In this article, we delve into the future of blockchain technology and what opportunities and challenges exist for developers in the future of this technology.
Some of the opportunities for developers are: Security, Decentralization, and Smart Contract
Future Of Blockchain Technology
Blockchain technology has risen from being barely known when Bitcoin launched in 2008 to make a big revolution across several sectors or industries.
The future of blockchain technology is undoubtedly bright, but there remain questions on how to reach mass adoption. The simplification of outdated processes, transparency, trust, and reduction of bureaucracy are some of the benefits of blockchain technology. However, challenges are inevitable as no system is 100% efficient, but if these benefits are properly exploited, they can compensate for these challenges.
Below are some of the use cases of this technology
- Cybersecurity
Cybersecurity is one of the most promising sectors that blockchain technology has the potential to disrupt. This technology leverages the principle of decentralization, cryptography, and immutability to prevent data tampering, secure data and reduce vulnerabilities. Transactions on the blockchain are recorded and distributed across every node in the chain, hence making it difficult to hack and tamper with data.
According to reports, about 61% of defense companies have adopted blockchain to improve data security and maximize the privacy of data. The use of this technology gives companies the opportunity of identifying potential hacks on time and tracing manipulated data to the origin.
The introduction of blockchain technology eliminates the use of passwords, which is perceived to be the weakest line of security. This technology provides a specific secure sockets layer( SSL) that prevents criminals from editing or having access to information transferred. Other applications of blockchain technology to cyber-security are the verification of cyber-physical systems and the Internet of Things security.
- Healthcare
With Blockchain technology, patient information can be stored in a decentralized, safe, transparent, and immutable database; hence making it safe and accessible to patients and healthcare personnel. This innovation reduces human error and contributes to a frictionless healthcare system. Additionally, the privacy feature of the blockchain can make people more willing to share their personal health information with healthcare practitioners if they are guaranteed their data is secured.
To discover top 3 use cases of how blockchain technology is transforming the healthcare sector, check here
Examples are: Avaneer Health, MediLedger, ProCredEx , Coral Health
- Supply Chain
Big companies like Walmart, Coca Cola use distributed ledger technology to automate payments, verify payments, and track deliveries. The introduction of this technology to the supply chain ecosystem helps solve the issue of trust, which is a big factor that hinders the growth of supply chain businesses. To discover more on how blockchain technology is fostering trust in a digital world, check this article
Coca-Cola is a company that is currently leveraging the SAP blockchain technology to track transactions that happen each year. It also leverages this technology to increase the traceability of products, and the efficiency of transactions, and settle financial disputes effectively.
Blockchain technology increases efficiency, transparency reduces costs, and accelerates cash flow in a company supply chain
The future efficiency and sustainability of enterprise supply chains will revolve around up-and-coming blockchain #technology. Mateus Possati Figueira of @Boehringer shares his insights on what makes a robust supply chain in our #manufacturing e-Book: https://t.co/Ua8zjRaxUc pic.twitter.com/Ww0cdV7S3N
— Tata Communications (@tata_comm) April 11, 2022Future Of Blockchain Technology: Opportunities For Developers
Below are just a few exciting opportunities for developers in the bright future of blockchain technology.
- Security:
Security has been a serious concern for blockchain technology. However, one of the core foundations of this technology is the ability to provide an immutable and transparent system that makes it difficult to manipulate data or hack into a system.
Developers can leverage this core feature to create crime resistance systems that can be used for tasks like secure voting, storage of sensitive data, and digital identity systems.
- Decentralization
Decentralization is a core and distinguishing feature of blockchain technology. Decentralization eliminates the need for a central controlling power or authority.
Hence all nodes or computers work together to make decisions, verify and record transactions. Developers can leverage this feature to develop decentralized applications( Dapps) that facilitate P2P ( Peer-to-Peer) transactions to make transactions faster and cheaper.
Furthermore, decentralization is an opportunity for developers to create secure and transparent systems that can change narratives and make processes effective across various sectors.
- Smart Contracts
Smart contracts are computer programs that are self-executing. These contracts are executed once the conditions registered are met. Developers can leverage this to automate payments, eliminate the need for a middleman and provide a more transparent system. Developers with smart contract experience can make a meaningful impact in the blockchain ecosystem.
Future Of Blockchain Technology: Challenges For Developers
Below are some of the challenges that await developers in the bright future of blockchain technology
- Complexity:
Blockchain technology is still in its nascent stage and the technology is quite complex as there are so many things to be learned. Hence developers need to invest efforts and time to learn new technology.
- Talent Shortage
The use cases of blockchain technology are fast growing and this calls for the need for experienced talents in this field. Unfortunately, there is a significant shortage of talent as there are more jobs than the number of experienced talents.
- Scalability
Scalability is the ability of a system to accommodate growth and increase the amount of work smoothly without compromising the efficiency of the system. Developers have the challenge of finding ways to increase the speed of transactions and the efficiency of the network.
Conclusion
The future of blockchain technology looks promising, and we are eager to see the myriads of exciting use cases of this technology. This technology offers numerous opportunities for developers such as security, interoperability, decentralization, and smart contracts among others.
Nevertheless, developers must also take note of the challenges associated with this technology and make intentional efforts to navigate them in creating innovative solutions.
