The Future of Blockchain Technology: 4 Exciting Possibilities

The future of blockchain technology has so much potential. While most people initially assumed it would simply replace mobile banking, it has the power to transform most infrastructure and systems you use today. Here’s a deep dive into the possibilities this technology uncovers. 

1. Consumer-First Advertising 

People are unequivocally pushing back against advertisements. One survey shows over 50% of American adults think targeted ads are inappropriate and invasive. This sentiment isn’t surprising, considering almost every screen and surface is plastered in ads. 

People have adapted over the years, using ad-blockers and clever tricks to get around viewing ads. Obviously, that move puts businesses at a disadvantage. To make up for the dip in viewership, they’ve countered with unskippable promos and pop-ups. Sometimes, you click on a website and are greeted by an impenetrable wall of ads.

This retaliatory mentality means businesses may lean more heavily on unethical data collection practices. Also, it means ads will probably get more annoying and intrusive — nobody wants that. Fortunately, the future of blockchain technology may provide a solution benefiting both sides. 

For starters, it allows marketers to verify a human is watching. Also, it enables the use of smart contracts so you can define their permissions for ad placement, frequency and personalization. This way, things like consent for data collection are built in — no more rejecting or accepting cookies every time you visit a website. 

Another promising feature benefiting consumers is token-based incentive programs. Since the blockchain verifies identity and viewing history, individuals can collect rewards whenever they watch an ad. The web browser Brave has been doing this since 2019, proving it’s a feasible strategy. 

You’ll probably be much happier viewing ads on your own terms when they’re unintrusive and relevant. Also, it’ll feel great to receive rewards in the form of cryptocurrency, gift cards or cash. The perk of blockchain technology is that this token-based incentive program opens up an entirely new trading system for you to explore.

2. Digitalized Government Programs

The United States government has a hand in the future of blockchain technology. It’s only natural, given the transparency and security immutability provides. Already, various federal agencies are seeking to implement this technology.

The Department of Homeland Security (DHS) is focusing on supply chains, transportation and identity validation. For starters, it wants to use blockchain-based digital credentials to prevent physical counterfeits and forgery. Also, it plans to use the same tool to perform digital audits.

Imagine a country where politicians, lobbyists, corporations and opaquely-funded support groups had public, tamper-proof transactions. The DHS could weed out corruption and make sure the United States is protected from foreign or domestic influence.

Beyond that, immutable records would make trade between nations easier. If the government can map where imports go and how they’re used, it will identify and eliminate waste — saving millions of dollars in the process. 

The future of blockchain technology would also benefit the American people. For one, an immutable record and digital credentials would make enrolling in programs like disability, welfare or unemployment simple and fast. The government could even check eligibility, meaning it could re-enroll you automatically and minimize fraud.

Also, immutable records would make tax season a breeze. Best of all, they would put money back into your pocket. In 2019, tax evasion cost over $66 billion in lost revenue — meaning billions less went to establishing social programs, fixing potholes or funding schools. Blockchain-based taxes could save the country — and you — money.

3. Digital Identity and Credentials

The future of blockchain technology will see physical identification become a thing of the past. Instead, everyone will rely on digital IDs. This is a real possibility, given nearly 40% of business owners planned to invest almost $5 million into blockchain technology in 2022. While it may take some time to catch on, most people accept it as the future.

Immutable personal records let people view history without revealing personally identifiable information. This way, you could verify your age, change your name or update your credentials without having to show or mail your IDs to anyone.

Blockchain-based identification could transform your everyday life. For one, it would all but eliminate the need for pat-downs at airport screening checkpoints. Instead of waiting in a TSA line and missing your flight, you could walk through a metal detector and be on your way.

Everything you need your IDs for now — updating your car’s registration, changing your last name after marriage or purchasing alcohol — could be digitized. Since the transaction records are permanent and tamper-proof, identity theft might be virtually impossible.

Of course, the future of blockchain technology will rely on smartphones. Although this weak link technically presents a security risk — anyone who steals your phone gains access to your private keys — it’s really no different than carrying a wallet full of physical IDs and cards. If anything, the immutable record would show you exactly where the person is and what they’re doing more reliably than a credit card statement would. 

4. Peer-to-Peer Energy Trading

A decentralized energy sector is becoming more and more of a necessity as time goes on. After all, 70% of the electrical grid is roughly three decades old, according to the federal government. Like it or not, you’re relying on centralized infrastructure hurtling toward systematic failure. 

Fortunately for everyone relying on the electrical grid, the future of blockchain technology will transform the energy sector. It enables peer-to-peer energy trading, which makes energy more accessible and protects people from infrastructure failures. 

Anyone who uses solar panels and stores the excess energy can trade with their peers. Renewables accounted for nearly 30% of global energy generation in 2020, so the market will be larger than you’d think. Instead of being forced to sell power back to the electric grid, you’ll have options. 

Still, it’s not just about making money. Since you can trade electricity with others, you stay protected from scheduled blackouts and unforeseen grid failures. Imagine if you had excess electricity and a backup generator, but your neighbor’s power was out — you could give them your extra to keep their lights on.

Most importantly, since the blockchain is immutable, no one can manipulate the market in their favor. Essentially, you can say goodbye to outlandishly high energy bills without worrying about fraud in the peer-to-peer marketplace. Since all transactions are permanent and viewable by everyone, you get extra security.

The Future of Blockchain Technology Is Here

Consumer-first advertising, digitalized government programs, digital identities and peer-to-peer energy trading either already exist or are being set in motion. The future of blockchain technology is happening right in front of you — it’s up to you whether you’ll be a part of it.