5 developments we can expect in blockchain tech in the next few years

by Klaus on December 7, 2018

in Cryptocurrency

A blockchain is an incredibly powerful shared global infrastructure, able to move value around and represent the ownership of property. It is named ‘blockchain’ because it comprises several transaction groups called ‘block’, with the ‘blockchain’ being the result of the linear sequence that these blocks form. All blocks are cryptographically linked to one another in a highly secure way.

Blockchain technology is becoming increasingly popular, advanced and outlandish in how it is applied. But what are just some of the weird and wonderful ways in which we can expect blockchain tech to develop in the next few years?

Blockchain technology and disease

The South Korean tech company ICONLOOP has recently developed a disease predicting system based on blockchain technology. The system is known as Lifelong Healthy Life, and is powered by a blockchain engine named Loopchain.

This technology has been developed in collaboration with Kyobo Life Insurance and LifeSemantics. Lifelong Healthy Life employs disease forecasting algorithms to predict how healthy a person will be as far as three years from now. The system stores health data on the blockchain, with this data accumulating to determine future health challenges.

Blockchain technology and banks

In India, financial services are currently being improved by the use of blockchain technology. SWIFT India, in conjunction with Fintech and MonetaGo, is hoping to fight banking fraud by making services more transparent and secure.

SWIFT India is committed to digitising trade processes, while MonetaGo is in charge of providing solutions to reduce fraud levels. SWIFT India is also known as SWIFT SCRL, a platform specialising in messaging services that are secure for organisations to share financial information.

Blockchain technology and tax evasion

German economists have recently decided to use blockchain technology to combat tax fraud and tax evasion schemes. They are hoping that this unconventional technology will overcome the huge problem of German tax evasion and make the country’s tax system more effective overall.

Blockchain technology and young talent

Believe it or not, Russia is said to be considering blockchain technology to discover talent in children at an early stage. While the country currently uses the Unified State Exam, this has received complaints from parents and teachers who claim that it does not adequately discover a child’s ability. The government is therefore debating a new method of assessment based on blockchain, in the hope that it could bring greater transparency and efficiency to the testing process.

Blockchain and poultry tracking

Before long, poultry consumers in Spain will know where their chicken has come from before it even arrives on their table. Carrefour is now using blockchain technology to track the lifestyle of chickens, accumulating data about the production and distribution of the chickens – data that will be stored on the blockchain.

Backed by reputable companies like IBM and Coren, Carrefour’s poultry tracking system is the first of its kind in Spain. Its application relies on Distributed Ledger Technology (DLT) and will store details such as the chicken’s date of birth, farm origin, nutritional levels and breeding mode, which can be accessed via a QR code on a consumer’s smartphone.

Would you like to learn more about the latest global blockchain developments? In that case, we suggest you keep an eye on the most recent information about Bitcoin value at BTCNN and other reputable news sites that are constantly reporting on how blockchain tech is evolving today.

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