Blockchain Don't Miss! We'll See It Rise!

This is undoubtedly a time that could spark the creation of real-world applications for Blockchain. Blockchain is a decentralized data recording technology with great potential. However, in recent years, there have not been many real-world applications of Blockchain, except in the financial industry, where Blockchain has been used to create Decentralized Finance (DeFi) systems.

However, in recent years, there have been several technological developments that have helped to address the limitations of Blockchain and make this technology more ready for real-world use. These developments include:

• Scaling solutions, such as Rollups, Validium, Modular blockchain, and App chains, can help to improve the efficiency of Blockchain, making it possible to process transactions faster and at lower fees.
• Cross Chain Interoperability Protocol (CCIP) helps to solve the difficulty of exchanging data between different Blockchains. Because having a large number of Blockchains can help Blockchains to work faster and at lower fees, but it also comes with the difficulty of use. The Cross Chain Interoperability Protocol (CCIP) will solve this problem by making Blockchains communicate with each other.
• Account Abstraction reduces the complexity of managing private keys, seed phrases, and gas fees. When I had wallets, the most worrying thing was to keep the private key and the seed phrase away from the hands of bad people. The Account Abstraction came to help me take care of my wallets more easily.
• Zero Knowledge Proof helps with identity verification (KYC) on Blockchain without compromising privacy.
• Decentralized Oracle Network, such as Chainlink, helps to safely import data from off-chain, creating an opportunity to make our Blockchain more secure. If the Oracle is also developed with Zero Knowledge Proof, it will be very comprehensive.
• Widespread acceptance from big players, such as Bitcoin ETF and governments of many countries.

Nowadays, we have seen efforts to strengthen and improve Blockchain solutions to promote the development of Blockchain. I believe that it will definitely be brighter, whether it is

• Financial applications, such as payments, loans, investments, and insurance.
• Logistics management, such as traceability and supply chain management.
• Healthcare services, such as medical recordkeeping and personal data security.
• Government administration, such as land registration and the storage of citizen data.

But as it is, the world is full of pros and cons that we need to pay attention to, such as the development of competing technologies, such as quantum computing, which has higher processing capabilities if successful, the need to monitor government regulations that are likely to promote or destroy the development of Decentralized Blockchain, up to the creation of consumer acceptance.

In conclusion, the future of Blockchain for me is still in a very bright period, but we still need to pay attention to other factors that will affect the development of Blockchain, such as the widespread acceptance of big players (Bitcoin ETF) and governments of many countries, such as Singapore (MAS) and Thailand. Such acceptance may contribute to more research and development of blockchain applications, which could lead to a variety of use cases that are more accessible to people.

Written by Bond Rungrot