Nikolas Perrault forecasts how blockchain technology will continue to be used in the future.

1. NIKOLAS PERRAULT
The Future
OF BLOCKCHAIN

2. WHAT IS
BLOCKCHAIN?
Blockchain technology is the
backbone of bitcoin. If you’re
still unsure about what exactly
blockchain is, it’s like a digital
ledger of transactions, deals and
contracts represented in the
form of digital asset. Everyone
owns this ledger, and everyone
contributes to it. Blockchain is a
foundational technology with
the potential to create new
foundations for our economic
and social systems. Soon, the
finance industry could be
dominated by blockchain and
cryptocurrencies.

3. Right now, blockchain is still in the
very early stages of its development.
Think of it in terms of the dot-com
bubble of the 1990s. It’s currently at
the beginning of the boom but is still
missing some critical components
needed for it to really explode and
take off, such as key infrastructure
and tooling to build applications. If
these needs aren’t addressed, it could
lead the blockchain boom to burst,
just like the dot-com bubble did.
BLOCKCHAIN
NOW

4. ACCELERATIN
G FACTORS
But, blockchain holds a lot of
promise, which may
accelerate its adoption.
Enterprises are excited about
its potential and many, like
IBM, are taking over
leadership in the space. The
three factors that are
accelerating the adoption of
this technology are data
resiliency, transparency and
new business models.

5. SETBACKS
On the opposite hand, speculation, stage of
development and unproven value are all factors that
are preventing some companies from utilizing
blockchain. But, that isn’t stopping hundreds of
companies from doing interesting things in the
space, like Ethereum, Ripple and Circle.

6. DISRUPTIONS
Blockchain will disrupt many industries. The top three sectors
that are most susceptible to this are financial transactions,
micro-payments and banking. Because blockchain provides a
secure way to send digital assets without a third-party, it
eliminates the need for a bank. Blockchain could make it
possible to facilitate faster payments between parties at a lower
fee than a bank could offer.

7. While blockchain hasn’t changed the
world yet, it holds a lot of potential to
completely change the way many major
industries operate.
HOW FAR
WILL IT
GO?