The Future of Blockchain Technology

What will the future of blockchain look like?

Blockchain is a technology that allows secure data transmission, based on an encryption system. Additionally, blockchain has a special feature that does not require any intermediary parties to confirm information. Thanks to transparent and highly secure data sharing, operation cost is reduced. Furthermore, authorization is more reliable as well. Consequently, this future of blockchain technology appears in various breakthrough trends applied in many other industries and fields.

The blockchain market is estimated to increase from $242 million in 2016 to $7,684 billion in 2022, with a compound annual growth rate of 79.69%. What’s more, according to the World Economic Forum, by 2025, 10% of global GDP (about 100 trillion USD) will contribute to blockchain technology.

For example, during the Covid-19 pandemic, the supply chain was interrupted and broken. Indeed, the cause came from relying too much on the decisions of people. As a result, the application of a smart contract (Smart Contract) of the blockchain automatically implements the terms and agreements between the parties. Especially, with transparency manner, this will be a solution for the effective supply chain management.

To sum up, there is no obvious vision about the future of Blockchain, but it can still become a part of daily life through distributed ledgers, payment methods, or alternative software solutions which substitute for many current options.

Will the future of blockchain become the future of the world?

• Blockchain technology making significant alternation to the world.

Since being introduced, Blockchain technology has created many changes in the world. Accordingly, in the long run, Blockchain promises to become one of the “key” technologies for the development of the world. Details are discussed as follow:

• Electronic transactions have been gradually applied. 

This kind of transaction will offer time and cost savings. In detail, Electronic payments using Blockchain technology create an electronic bank. Therefore, two parties exchange directly without the participation of the third parties. 

Especially, due to the enormous creations of blockchains, the management can be a challenge. Hence, this explains why the Keyring Pro application is invented to enhance multi-chain wallet connection. 

• Future of finance and banking

2021 is witnessing the intermingling of blockchains with traditional financial and banking institutions. Moreover, along with the advancements in Blockchain technology and the influence of the pandemic, financial institutions have a greater opportunity to get in on the innovative fervor and become the driver for change.

Blockchain startups have surged quickly

What is the trend in blockchain start-ups?

Blockchain is precious for any kind of transaction in which values and timestamps are necessary to be securely recorded. Consequently, it significantly attracts companies’ attention. 

The swell of commercializing blockchains. 

Banking and finance will unquestionably lead this trend because Blockchain provides obvious suitability for lingering and accounting, as well as the disruptive influence of cryptocurrencies themselves. In addition, the future of blockchain will be available in healthcare, manufacturing, distribution, and professional services.

Blockchain technology is a service

Blockchain technology contains the rapid adoption of technology drift consisting of cloud computing, the internet of things (IoT), and artificial intelligence (AI). 

Top blockchain startups in the period of 2020-2021

Thanks to the innovative success of Blockchain, more and more industries rushing to get into this business. Accordingly, there are 6 top Blockchain start-ups that people should watch in 2021:

1. Stakin – Cryptocurrency Staking

2. SafePls – Blockchain-Based Digital Platform

3. IBERIAN – Asset Management

4. TimeChain – Blockchain Research&Development

5. QubiTech – Blockchain Ecosystems

6. Bizzllet – Cryptocurrency Portfolio Management

Get insights from blockchain business ideas

The trendy concept for Blockchain-Based Business

Crypto Exchanges

Crypto exchanges make it possible for sellers and buyers with the purpose of conducting their businesses. Specifically, users are able to buy cryptocurrencies with fiat money or vice versa. 

Examples: Coinbase, Binance, Bisq

Crypto as payment methods

Adopting crypto for payments might be an excellent idea for companies having difficulty in receiving payments. Thus, making the payment is more convenient than ever. 

Examples: Payment21, BitPay, CoinGate.

Crypto Gambling Platform

This sort of platform is growing significantly every year. Simultaneously, apart from transparency in all wins and losses, this kind of platform enables anonymity, which is vital for several gamblers. 

Bitcoin Vending Machines

Cash is unnecessary for this kind of machine. Specifically, having a smaller size, people find it easier to install it. 

Examples: Beer vending machines by Civic and Anheuser-Busch, Aeguana, ZaZZZ

Digital Wallet Platform

A digital wallet is a software solution that provides users to access their cryptocurrencies with the help of a private key. Therefore, cryptocurrency owners and traders can access their assets just in one application. 

Examples: Trezor, Ledger, Keyring Pro, Mycelium.

Download KEYRING PRO

KEYRING PRO is now available on iOS, Android, and APK

Web 2.0 – Where it all started

Web3 (Web 3.0) is an extended version of Web 2.0 that comes with great improvements. It emphasizes the idea of ‘Trustless & Permissionless’.

The concept of Web 2.0 was introduced by Darcy Dinucci by late 1999, and blooming vigorously in 2004 since the Web 2.0 Conference. The fundamental core of Web 2.0 focuses on user-generated content, virtual community, and media sharing.

At present, participating on Web 2.0 is one of the main purposes for most people when it comes to Internet usage, which draws millions of traffic on each popular sites everyday. Facebook, Twitter, Youtube, and Wikipedia are great examples for early adopters of Web 2.0.

Only when Tim Berners-Lee introduced Semantic Web in 2006, people started to realize enormous issues of Web 2.0 in its nature of centralisation.

Data centralisation is vulnerable in security, authorization, and privacy. As a reason, everything is stored in one centralized server that managed by one entity. What if that entity decided to shut everything down?

Web 3.0 – It’s the solution

Thanks to the development of Smart Contract, modern Web3 now exists as a solution for major problems of Web 2.0, based on the decentralized model that enables peer-to-peer interaction.

Specifically, ‘Web3 Dapps’ stands for ‘Decentralized Applications on Web 3.0’. It generates open, trustless and permissionless networks.

• Open: applications are built from open source code, which is accessible for anyone to monitor and contribute.
• Trustless: participants can interact publicly, or privately on the network without a trusted third party since everything is transparent, but anonymous.
• Permissionless: the P2P method enables direct interaction between parties without going through a third party.

Basically, Web3 Dapp does not operate on one single centralized server, or managed entirely by one single entity. To operate properly, it needs a Blockchain as the base to record data, store media by using IPFS protocol, verify ownership, provide user login through Web3 Wallet, and so much more. Hence, even if the main entity that established the app stops its operation, all the major parts of the Dapp will remain unchanged.

On the other hand, user will need to use a Web3 Wallet to sign in and interact on a Web3 Dapp without any registration, or submit any personal information. It protects user’s privacy and extends user’s accessibility by granting access to everyone from anywhere in the World.

One of the most popular Web3 Dapps at the time of this article is Uniswap with more than 10 million visits monthly.

What is Web3 Wallet?

Web3 Wallet is a mandatory tool for users to fully participate in Web3 Dapps.

Technically, Web3 Dapp does not require user to get through any registration process, where user’s identity is collected. However, in order to operate accurately, Web3 Dapp needs to distinguish different users to return the correct data. By connecting to a decentralized app through a Web3 Wallet, users can verify their identities and stay anonymous at the same time, as each wallet address is unique.

The method ensures the best interest for users and completely protects user’s privacy.

Web3 Wallets now exist in various formats as mobile app, browser extension, desktop app, or hardware wallet, etc.

In term of security, each format would contain different security risks, but obviously they’re still much safer than the centralized way. Commonly, a Web3 Wallet and a Web3 Dapp must stay on the same device to interact. In some cases, the Private Key of user might be leaked once the main account is accessed on unsecure devices.

Fortunately, with the power of constant improvement, user now can sign in and approve transaction remotely from a trusted device. This method is called Wallet Connect, which removes digital traces, and protects user from computer malwares, untrusted devices, or even cyber-attack.

KEYRING PRO: ‘WalletConnect’ is the new trend

‘WalletConnect’ has re-defined the whole concept of Web3 Wallet.

‘Web3Connect’ to the World

In the journey of ‘Web3Connect’ to the World, convenience stays as one of the top priorities in app architecture, due to the complexity of the technology. On the other hand, security and privacy are even more important which illustrate the root of Web3 advantages. KEYRING PRO accommodates all of those essences that elaborates the concept of ‘Web3Connect’ and provides the highest security for users at the same time.

KEYRING PRO facilitates and improves the technology of ‘WalletConnect’. It lets user connects and approves transactions on Web3 Dapps remotely from a trusted device. In addition, the app is multichain compatible that solves the issue of multichain wallet management.

For instance, user can creates a multichain wallet on Ethereum (ETH), Binance Smart Chain (BSC), Houbi ECO Chain (HECO), Harmony ONE (ONE), TomoChain (TOMO), Polygon (MATIC) with the same Address and Private Key on KEYRING PRO. Bitcoin is also supported but the BTC Address and Private Key would be different.

Web3 Dapps are accessible on most browsers. However, not all browsers will support plugins, which specifically means it would be impossible for some users to sign in and interact on Web3 Dapps through Safari, or Microsoft Edge.

It’s time for Wallet Connect!

In particular, you can access Uniswap from your friend’s Ipad on Safari by connecting through KEYRING PRO app on your phone. Every transaction will get approved from your phone. No extension or plugin is needed, all you need to do is one scan. This method will not leave any digital trace, which ensures your account is safe and secure at all time.

Download KEYRING PRO

KEYRING PRO is now available on iOS, Android, and APK

Check balance Ethereum Wallet and More

The new version of KEYRING PRO enables user to check for balance of each assets in detail not only on Ethereum chain, but also on all supported chains. You can even add custom token by pasting the Smart Contract address. The app will display all tokens listed on Coingecko with live market price.