Although you are unlikely to become a blockchain billionaire anytime soon, this technology will almost certainly play a role in how you invest in the coming decade.

At least, that’s how United Capital’s founder and CEO, Joe Duran, sees the embryonic technology that underpins cryptocurrencies like bitcoin. Blockchain functions as an open ledger that records every transaction made with a particular coin. It is unchangeable.

Duran compared it to a digital library version, where you can see who borrowed and returned a book.

“Blockchain will be a part of every transaction around the globe,” he predicted. “It’ll be a decade before it gets there.”

Here’s what the new technology has in store.

Broader application

According to a survey conducted by PricewaterhouseCoopers, 84 percent of CEOs asked stated their organizations are “actively participating” in the Blockchain. In 15 countries, the firm polled 600 executives.

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Although most investors will not participate directly in the growing technology, they may expect it to play an increasingly important role in financial transactions in the future.

“There is no doubt that digital currency is the future of money,” Duran added. According to him, one possibility is that governments would begin to use Blockchain to track the use of their currency. “There will be a crypto for the US currency and a crypto for the Chinese yuan,” he stated. “It will simply be the same as today, but in a digital format that allows governments to monitor where the money is going.”

According to Duran, governments will be interested in Blockchain because they want to guarantee that their tax dollars are received and that their money isn’t being used for illegal purposes.

Also, read – The 5 Biggest Blockchain Issues

Blockchain’s Importance

Blockchain technology has rapidly grown in importance since the world first heard of Bitcoin. New projects and applications are being developed at a rapid rate within the field. More minor blockchain specializations, such as blockchain education, are also rapidly growing. Research institutes like the one in Turkey, university bursaries like the one in Malta, and blockchain courses like the one given at Stanford are no longer novel concepts.

The job market is also booming, indicating a demand for blockchain-related talents in software development, management, design, and marketing.

People are diversifying their skill sets in order to prepare for industry shifts. As a result, more educational institutions are developing more extensive courses. Real estate agents, for example, may need to diversify to fulfill the needs of investors who prefer to conduct their deals through smart contracts. This immediate need to diversify hints at how significant a global force blockchain could become in the future.

Silicon Valley experienced one of the worst bubble bursts in history when the internet finally took off in full force. Great minds like Nikola Tesla toyed with the idea of a “world wireless system” in the 1900s. Paul Otlet and Vannevar Bush created the storage systems in the 1930s. And MIT’s J.C.R. Licklider, who thought about an “Intergalactic Network” of connected computers in the 1960s, shaped the internet as we know it today. These ideas didn’t appear practical to the average individual until Tim Berners-Lee invented the World Wide Web.

Years of R&D have gone into the development of blockchain technology, just as they have for the internet. When you look at the market capitalization of multiple blockchain-based currencies, it’s evident that technology is on the verge of something significant. As a result, it’s critical to consider its potential future expansion as well as the industries that may be affected.

Blockchain’s Future

In terms of economics, Blockchain has seen substantial growth over the years as a result of the influx of capital into the industry. Large firms like Facebook, Amazon, IBM, Walmart, and Mastercard have apparently been looking for methods to integrate blockchain technology into their everyday operations, based on the number of patents they’ve submitted so far. IBM alone has applied for over 100 patents and committed hundreds of employees and more than $200 million in Blockchain in the last six months.

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In 2017, venture capitalists invested $1 billion in blockchain businesses. Since the inaugural ICO, global investment in initial Coin Offerings has surpassed $5 billion.

According to a survey, up to 10% of global GDP might be held on a blockchain by 2027. Governments worldwide have also published research and invested in blockchain infrastructure as well as staff training.