The promising future of Blockchain technology

Abstract

Blockchain technology has been around for over a decade. The technology is primarily recognized as the backbone of cryptocurrencies like Bitcoin. This cutting-edge and secure information technology fosters innovation across business and industrial sector. However, existing limitations regarding scalability, flexibility, and cybersecurity constrain development of Blockchain. Emerging solutions are beginning to address these issues. The use of solar energy to power up the Blockchain network would highly reduce energy consumption. The given paper envisions the underlying technology behind cryptocurrency extremely promising. The number of live blockchains is rapidly increasing on a daily basis. There are four primary types of blockchain networks, which are private, public, hybrid and consortium. Future blockchains aim not only to serve as a means of storing wealth, but also to facilitate the storage of property rights, medical records, and various legal contracts. Undoubtedly, the impact of the transformative blockchain technology on a wide range of industries, including banking, healthcare, supply chains, e-commerce, education, and other fields, establishes it as one of the most innovative technologies of the twenty-first century.