Blockchain technology is more than a cryptocurrency vehicle. As the technology progresses, it will affect virtually every area of our daily lives, if it hasn’t already. Many experts believe that by 2030, blockchain will be integral to how we work, shop, connect with others, and even verify our identity.
Here are the top 5 ways in which blockchain will change daily life in the coming years:
1. Financial Independence & Decentralized Banking
Currently, millions of people around the globe do not have access to common banking services. Blockchain is already breaking down these barriers, by providing decentralized financial tools (DeFi), available to anyone with an internet connection.
By 2030, being able to manage a savings account, take a loan or send money across the world could all happen directly from your smartphone – with no bank involved. That is real independence. This kind of opportunity could transform someone’s life, eliminate fees and limitations inherent in traditional banking systems.
2. Digital Identity & Controlling Your Personal Data
In the current digital environment, companies have control of our personal information. Blockchain will upend this model by allowing individuals to truly own their digital identities in a secure way.
With a blockchain-based ID system you will verify who you are, prove you are of age, and sign documents in cyberspace – all without sharing personal identifiable information with a third party.
You will be able to navigate the internet in a more safe, quick, and most importantly private manner.
3. Supply Chain Transparency
Have you ever wondered where your pants, coffee, or electronics have really been?
Blockchain will provide complete transparency in supply chains by tracking each product’s journey – from raw material to end consumer.
Using a scan code you will be able to prove that your food was ethically sourced, your clothing was made with fair labor, and your electronics are free from conflict materials.
This will empower interconnected consumers to make informed decisions about ethical purchases.
4. More Efficient and Effective Contracts and Real Estate Transactions
Buying or selling a home often involves many documents, and slow and expensive middlemen to go through. With smart contracts — blockchain-based contracts that execute automatically once conditions are met — there will be more done to make real estate transactions faster, cheaper, and safer. No more waiting days or weeks for the transfer of title, commissions, and all the other fees we are used to seeing. Blockchain is going to speed up all other processes, not just real estate, but also insurance processes and employment agreements etc.
5. Disruption of Entertainment and Digital Ownership
Blockchain has already entered the world of art and making music and games (NFT’s – Non-Fungible Tokens). I firmly believe that digital ownership will be a normal aspect of life by 2030. Whether they are musicians, artists, or game developers, the artist will transfer their product to their consumers directly and take more of the proceeds. Gamers will be able to own items in the game that they bought, and possess them; if they choose, they can sell them. It will open up economic models and creative possibilities that we have never seen before.
Conclusion
The blockchain revolution is in its infancy, but it will be disruptive. By 2030, blockchain will not be new technology we hear about, but part of daily life, and it will change outcomes for better, change transparency, it will open up innovation in ways we never imagined possible.
