Where will blockchain technology be used in 5 years?

One of the most rapidly developing industries at the moment is considered to be the blockchain technology. Industry experts predict exactly where and in what areas the blockchain will be distributed in 5 years.

First of all, the blockchain will spread everywhere to payment systems. As experts point out, many banking institutions will fully use the blockchain for their payment systems over the next five years. Payment systems that operate separately from banks will also switch to blockchain, as a large number of national electronic currencies will soon appear. Therefore, the blockchain will also be used in this area, since payment systems need to be in the trend of the development of the banking market.

In addition, the blockchain will be introduced in the next few years and in the system of document management and information storage. The vast majority of patent offices, as well as document management, archiving of information will be transferred to the blockchain, since it is necessary that the information is completely protected from hacking.

Also, over the next five years, the blockchain will be widely used in the field of medicine. Thanks to the blockchain, it will be possible to completely transfer patient cards to the blockchain, as well as finally automate the accounting of medicines.

In addition, the blockchain will be introduced in real estate deals. Thanks to the blockchain technology, forgery of documentation related to real estate transactions will also be completely excluded. Also, due to the blockchain, all operations with it will be carried out without the use of the human factor.

Another area where blockchain will be implemented over the next 5 years will be logistics. Due to the use of blockchain, the delivery of products will be carried out much faster than at the moment. Companies that are engaged in mining are particularly interested in it. For them, platforms that allow them to keep records of the supply chains of goods, and the ability to speed up production cycles, are very important.

In addition, the blockchain will be introduced everywhere and in such an area as the digital identification of the human personality. According to experts, this will allow government agencies to quickly conduct identity checks, avoiding mistakes, minimizing the risks of forgery of documents where it is necessary to confirm the identity.

At the same time, analysts point out that it is possible that the process of implementing the blockchain will be delayed for a longer period than for more than 5 years. Most likely, the process will take more than 15 years, since so many structures are still not ready to implement it in their systems. Therefore, the spread of the blockchain will certainly go, but not as fast as many experts expect.

The blockchain technology itself will continue to develop, as there are many weak points in it that require careful refinement and verification before implementing it in different sectors of the economy.

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