Looking forward, one of the most important things to consider is that cryptocurrencies are still in their infancy, the technologies are still changing and new coins are being released all the time. Researchers and developers are continually looking for new uses for blockchain technology and new companies are being formed to take advantage of these developments.
Although there is a lot of press coverage surrounding Bitcoin’s price fluctuations, I suspect we have not yet seen the ‘Bitcoin killer’ – although Ethereum is a very interesting development due to how developers can build applications for the platform. Bitcoin is by far the most widely adopted platform and every coin will be judged against it for the foreseeable future.
Blockchain technology will continue to evolve, transactions mobile database will likely become faster and as more serious competition enters the scene, I expect we will see new features, larger rewards for mining and lower transaction fees.
I am very excited to see how the crypto scene matures and evolves over time, and one thing I’m certain of is that crypto is here to stay. Coins will come and go, new technologies will be created to solve problems in new ways and as more businesses begin to accept cryptocurrencies, they will become more mainstream.
One exciting use of blockchain technology that has been proposed is its use in elections. There is always debate about the validity of voting results and the current system is regularly criticised for having been manipulated due to ‘losing’ votes from certain demographics. Another shortcoming of the current system is that it requires a lot of time and manpower to count votes.
If voting was done on a blockchain, all results would be verified, instantly visible and unchangeable – there would be no need for humans to get involved in counting, recounting and verifying the votes – this would save time and money, and as soon as voting was closed, the results would be known.
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