Bargainroo has made predictions into how the use of blockchains is going to develop in the future. The company expects that banks and many other large financial institutions will start to make use of the security and other benefits that blockchains offer; however, it will take a lot of work to reach this point as the technology will have to integrate with what is already in place, such as Know Your Customer and Anti-Money Laundering which currently few cryptocurrency companies comply with.
With regards to Ethereum, Bargainroo expects a growth in the formation of smart contracts, allowing for contracts to be made binding online – something that previously was not possible. Some large tech companies, such as Microsoft, are interested in these possibilities.
Voting based blockchains have started to emerge, making it possible for voting to go digital. Thanks to this, people who otherwise may not have used the internet may become more tech-savvy, and become more in touch with blockchains. Although in the past the technology has gained a lot of attention, it is yet to make a real mark on people’s lives but it will in the coming years as more tools and interfaces become available.
Bargainroo expects that cryptocurrencies will start to be used by the majority rather than just the minority, and there will be significantly reduced fees. Cyber-risks will be eliminated as identity authorization is visible through a public ledger. It seems highly likely that we will see much more of this technology as it becomes a part of our day to day lives.
Alongside these forecasts, Bargainroo created an infographic that gives an overview of the bitcoin and Ethereum blockchains – from history and structure to performance and uses.