Back in 2017, the price of Bitcoin rose which startled the world about what Bitcoin and other cryptocurrencies are capable to bring into finance. In the same year, the Initial Coin Offering for Bitcoin was more than 10x. In December 2017, for the first time since 2009, the Initial Coin Offering exceeded the conventional VC funding. This plunge in price, made the underlying technology of cryptocurrency, Blockchain a notable buzzword among the executives across the world.

Around four to five years back, people were considering cryptocurrency such as Bitcoin, Litecoin, Ethereum alongside the Blockchain to be a hype that would fade in the due course of time. Even after the crypto bubble burst in 2018, blockchain technology is considered to be a revolution to store information about certain things. By the looks of it, this is the reason why blockchain's popularity knows no bounds even in mid-2020. Here's what we think about the revolutionary blockchain technology and the way it will be shaping the world in years to come.

Will most governments around the world adopt or create digital currencies or regulated cryptocurrency?

Some of the governments around the world have already started creating digital currencies. In addition to this, the social network giant Facebook has introduced Libra which the crypto experts think will create awareness among the people who have no idea about cryptocurrency. There are several reasons why governments are still considering to utilize cryptocurrency in the future.

When put into contrast with fiat currency, cryptocurrency is exponentially efficient, it has significantly lessened settlement times, and it can be traced without any sort of inconvenience. The way cryptocurrency and blockchain are perceived in the world, governments will begin exploring and experimenting in developing nations where the economy is unstable and institutions are fragile. In the long run, the governments will have to consult the crypto experts to address the need for the said country or province.

Will there be any trillion-dollar tokens rather than the conventional trillion-dollar companies?

As the race is waging between Microsoft, Alphabet (Google), Amazon, and Apple to reach the trillion-dollar valuation, it will be interesting to see which company reaches the goal. These companies are the face of the new and emerging economy which is shaped by online connections and digital business. 

With blockchain technology, Web 3.0 is soon going to commence. Blockchain technology reduces transaction costs alongside flow in information. Over time, the technology will change the dynamics of valuation by introducing frictionless token flow and digital assets. In the dawn of the blockchain,with exchanges like Bitcoin loophole, and 5000 cryptocurrencies,  trillion-dollar tokens will replace trillion-dollar firms. A decentralized ecosystem will turn into massive conglomerates. You can expect trillion-dollar tokens to become a norm in less than a decade time.

How will identity solutions implement blockchain?

For the first and the generation of the internet, e-mail was the "killer app," we can expect blockchain to become a "killer app" in terms of an identity solution. The present-day identity systems are extremely dysfunctional, insecure, and they operate in silos. The identity systems which are curated or developed using blockchain technology will solve the significant problems that identity systems witness. Blockchain has the potential in providing a single verification source for assets and identities of individuals.

Identity systems utilize blockchain as their underlying technology will collect data, verify data using consensus mechanism, and store information on an immutable decentralized ledger. Blockchain will reduce the possibility of security breaches, increase efficiency & reliability, and introduce self-sovereignty.

How will blockchain influence trade and commerce worldwide?

When it comes to trade, blockchain technology will do wonders in the worldwide supply chain. The present-day world trade is exponentially fragmented, chaotic, and the relationship between two or more parties aren't trustworthy. These issues lead to errors, inefficiencies, and fraudulent activities. Given that people are aware of the present-day challenges in trade and commerce, they are unsolved even at this point in time as there wasn't something as robust as blockchain technology available before 2009.

Blockchain is yet to go through several developments such as functionalities, performance, flexibility, maturity, and efficiency. Once Blockchain reaches its potential it will solve the real issues in the supply chain which is prevailing.

How will blockchain improve the standard of living across the world?

The major issues that the world that the entire human species tackles are income discrepancy and poverty. According to blockchain-expo.com, over 10% of the entire world population or 750 million people survive with less than $2, every day. Over 2 billion people are unbanked and they do not have access to any sort of financial services.

Given that the world GDP is on the rise, the rich are getting richer and the poor are getting poorer. Blockchain holds the potential in eliminating a massive gap between the rich and the poor population. The world can see a swift decline in corruption and at the same time, blockchain will increase financial inclusiveness, and at the same time, it will reduce corruption.

What will be the role of banks in the world of blockchain?

This is by far the biggest concern of financial institutions and experts across the world, will people still need banks in the era of blockchain. The best thing about blockchain and cryptocurrency is that they push the financial scenario back to the fundamentals. This is where people begin to consider if they need banks anymore or not.

Theoretically, a bankless future might be a major error. If public money like fiat currency will be replaced by cryptocurrency, there might be chances that it will interfere with a country's economy. There is one possibility, where people will visit banks and use cryptocurrency powered by blockchain to do banking as eliminating banks might bring chaos to the financial system.

Will the regulators approve of blockchain technology?

Several banks across the world are facing challenges that prevent them from pursuing projects based on blockchain technology. Distributed ledgers haven't begun disrupting banks at the time of writing. Till the fiat currency is not properly tokenized, there won't be a new set of business models. If the central banks curate their own stablecoin using smart contracts, there won't be disruption of any level.

Once a cryptocurrency or stablecoin is recognized nationally, disruption will take place.

There is an urgent need for creating tamper-proof, transparent asset management and tracking systems and with Blockchain, there will be a massive increase in worldwide wealth.