Bitcoin officially turned 10-years old at the start of 2019. Moreover, it is safe to say that Bitcoin and blockchain technology has evolved exponentially over the course of the past ten years.
As of 2019, major freight companies like Maersk are already using blockchain tech to track freight as it is shipped port to port. Likewise, blockchain tech developed by the Ripple Foundation is already being used by major financial institutions like American Express. The only question is, what might the world look like 10-years from now?
Bitcoin will have Reached $1 Million in Value
The first thing anyone wants to know when looking onto a cryptocurrency crystal ball, is will Bitcoin ever reach $1 million? The answer to this question is simple, yes. However, it is also likely that by 2029, Bitcoin will have reached $1 million but have already pulled back sharply.
By 2029, Bitcoin mining costs will have risen exponentially. It is, therefore, highly likely that Bitcoin will crash after reaching $1 million, as mining becomes economically unsustainable.
Multi-Asset Trading Platforms will be the Norm
New multi-asset trading platforms like UPROSE, are already laying the foundations of decentralized exchanges where cryptocurrency and international commodity market assets are traded instantly across borders. By 2029, it is, therefore, likely that FX trading and exchange of commodities like gold and crude oil, takes place exclusively on decentralized exchanges.
Blockchain Tech will be as Ubiquitous as Smartphones are Today
Several world governments plan to roll out 5G mobile telecommunications technology as early as 2020. When this happens, the long-awaited Internet of Things (IOT) will finally start to materialize. Moreover, given security concerns arising from ubiquitous connectivity, it is natural to expect that IOT apps of the future will be blockchain based.
Today, blockchain tech-based startups are already looking at ways to secure self-driving car AI systems using blockchain technology. In ten years, everything from computer operating systems and smart home appliances will, therefore, likely depend on blockchain-based security protocols.
Future Blockchain Development will Focus on Quantum Computing Resistance
Today, several D-Wave quantum computers capable of processing 2,000 qubits of data per second are already in operation. Each could easily break the encryption of many top market cap cryptocurrencies and decentralized apps. Future blockchain development will, therefore, likely focus on the development of quantum computing resistant cryptography and consensus algorithms.
Banks Will use Blockchain-Based Transaction Ledgers as Standard
Mainstream financial institutions love to loathe Bitcoin. However, American Express, Santander, and several other banks and payment processors, are already using blockchain technology to improve security and transaction settlement speeds.
Blockchain Tech will form the Backbone of the 2029 Internet
Cybersecurity experts in 2019, are already identifying emerging AI systems as a potential problem for future Internet security. For this reason, future blockchain development will likely be synonymous with Internet security, as blockchain tech is used to safeguard sensitive data systems.
Do you agree with our 2029 blockchain tech predictions? If so, make sure to comment below. Alternatively, let us know what you think the world of 2029 might look like.
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