What is the future scope of the blockchain technology after this crisis in the world?

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by Wirba Brice Divine Ransinyuy

With world in general switching more and more towards digitization during this time of lockdowns in some countries and continents as others are uplifting their lockdowns and limiting their restrictions that were put in place as a way to combat or limit the spread of the coronavirus, what will then be the future of the blockchain technology? Like any other sector of life, the blockchain technology was affected, though it may not seem to be at the same gravity like others. As countries come out of this hard time, what will be the future of the blockchain technology?

Certainly, the blockchain being a digital technology, it’s presence will still be much felt than ever since during hard times, many countries especially European countries turned to computer based system as a rampant new method of working easily and comfortably. Furthermore, the blockchain technology future is bright due to the following perspectives;

With the blockchain in hand, publishers as well as content creators can protect their intellectual property rights as they can track any taken content from them. This is being done by creating the origin data transparent on the blockchain network. By doing so, it prevents piracy and mismanagement of intellectual property.

Still, the blockchain will enable anyone that created content during these hard times, content creators can easily store files securely as through the blockchain, files, data as well are not stored on a single centralized ledger but it is distributed on multiple systems and networks making it extremely hard difficult to violate or hack the stored data through an encrypted hash code which the data cannot be accessed.

Furthermore, the blockchain is used to crowdsource VC funds. Many blockchain frameworks like Ethereum give the opportunity to individuals to go in for tokens and also choose capital investments. This encourages direct collaboration and cooperation between enterprises and the public. Tokens are gaining ground in football activities as fans can show their support for their team through tokens.

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