Klever
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap
No Result
View All Result
  • Login
  • Register
Klever News
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap
No Result
View All Result
Klever News
Home Global
blockchain in 5 years

Where will blockchain technology be in 5 years?

by Jagdish Kumar
March 8, 2022
in Global
Reading Time: 4 mins read
2.9k
A A
0
Share on FacebookShare on Twitter

Ever since the world’s first cryptocurrency based on blockchain technology, Bitcoin was launched in 2009 by an unknown developer or group of developers, Satoshi Nakamoto, blockchain has now experienced huge traction across the world.

Let’s first understand what blockchain is and then we will move on to how it will be in the next five years.

You might also like

Time to start using K5: learn how to migrate to the new Klever wallet app version

Time to start using K5: learn how to migrate to the new Klever wallet app version

January 31, 2023
7.3k
Use cryptocurrency and blockchain for transparent and secure voting

Use cryptocurrency and blockchain for transparent and secure voting

January 30, 2023
7.3k

Blockchain is a digitally distributed, decentralized, public ledger that exists across a network. It is a form of a shared database that is immutable and always live.

The distributed databases are shared among the nodes of a computer network, as all the databases are stored on a blockchain electronically in a digital format. 

Now that we understand what a blockchain is, let’s look at where blockchain technology will be five years from now.

Blockchain which is a core for any cryptocurrency has now been seen as a disruptor for the banking & finance sector. As Bitcoin was the first cryptocurrency built for peer-to-peer (P2P) lending, thousands of crypto projects have been launched solving various problems of the society.

Started as a platform for instant money transfer, blockchain technology is now adopted by many international banks and financial institutions globally.  

As banks recognize the importance of what blockchain technology can bring to their sector, they have adopted it to cut huge transaction costs for remittances overseas, thereby passing the savings on to their customers.

A survey by Deloitte in 2021 found that nearly 76% of financial executives expect cryptocurrency to become a replacement for fiat currencies in global finance within the next 5–10 years.

This can be the future, as banks have already started building their own blockchain technology or some have started moving to blockchain systems that can be integrated into their current system.

The finance executives also believe that blockchain technology will completely change the banking & finance sector in the next five years. This will also help many unbanked people under the financial fold, which was till today not possible.

As per a World Bank report, there are over 1.7 billion unbanked people out of the global population of 8 billion.

Global companies like Credit Suisse, Axis Bank, IBM, JP Morgan, Santander, Western Union are using blockchain technology.

With its technology, blockchain has the opportunity to disrupt the $5 trillion banking & finance industry by removing intermediates from the process.

These intermediates often called third parties,  work in verifying, making payments, clearing, and making settlements.

Apart from this, other sectors like stock trading & hedge funding, crowding, insurance, lending, education, energy, privacy, travel & mobility, transportation, logistics, aerospace & defense, hospitality, infrastructure, real estate, healthcare, claims & settlements, government records, land registry, voting, waste management, retail, e-commerce, food & beverages, gift card & loyalty programs, agriculture, mining, entertainment, gaming, sports, gambling, cloud computing, internet, charity, human resource, corporate governance, among others are some of the fields that are being disrupted by blockchain technology.

Several use-case projects are already in operation that solves problems faced by these sectors.

Over $1.7 trillion are already invested in such crypto projects based on blockchain technology and this is increasing day by day.

A few years back, cryptocurrency market capitalization was just $150 billion. A few months back, it was to touch $3 trillion.

If this trend continues, crypto experts believe that in the next five years, crypto market capitalization could easily cross $12 trillion to $15 trillion.

Nono-fungible tokens (NFTs), Metaverse is the next big thing built on blockchain technology that is now becoming very popular. 

NFTs deal with any art in a digital form, Metaverse is users’ online life, where a user has his/her presence in the virtual world. 

The only reason why blockchain is becoming so popular and gaining massive adoption is that it is transparent and all information is open to everyone and everyone is accountable for its action.

Today, over 400 million have been exposed to cryptocurrency, which is going to increase by many folds in the next five years.

Tags: blockchainblockchain browserblockchain explainedblockchain explorerblockchain nftblockchain technologyhow does blockchain workwhat is blockchainwhat is blockchain technologywhat is blockchain used for
Previous Post

Why does Bitcoin matter globally?

Next Post

KleverChain Mainnet coming Q2 alongside $1M Hackathon

Jagdish Kumar

Jagdish Kumar

Reporting & writing on crypto & blockchain for the past few years. A content eagle, journalist & writer with a passion to explore new technologies that can change human lives. Joined Klever to make Crypto simple. Follow me on Twitter @TokenBharat or email me at jagdish@klever.io

Related Stories

Time to start using K5: learn how to migrate to the new Klever wallet app version

Time to start using K5: learn how to migrate to the new Klever wallet app version

by Maluh Bastos
January 31, 2023
0
7.3k

KleverChain’s launch in 2022 was one of the biggest accomplishments for the Klever Ecosystem.  Klever’s very own blockchain is bringing...

Use cryptocurrency and blockchain for transparent and secure voting

Use cryptocurrency and blockchain for transparent and secure voting

by Warren Manuel
January 30, 2023
0
7.3k

The integrity of democratic voting systems is crucial for the functioning of a healthy democracy. In recent years, there has...

Choosing Klever Wallet, K5 is a smart decision

Choosing Klever Wallet, K5 is a smart decision

by Isabela Bellumat
January 30, 2023
0
7.3k

As a decentralized crypto wallet, the Klever Wallet offers all the necessary tools for crypto enthusiasts, including storage of assets,...

Introducing K5, The Crypto Wallet Of The Future

Introducing K5, The Crypto Wallet Of The Future

by Klever
January 26, 2023
0
7.4k

KleverOS, the revolutionary Klever crypto wallet operating system that powers K5, ushers in a new era of crypto wallets. Today,...

Next Post

KleverChain Mainnet coming Q2 alongside $1M Hackathon

Financial borders in Africa

North, East, West, or South: Payment is possible without borders in Africa

Download Klever Wallet Download Klever Wallet Download Klever Wallet
ADVERTISEMENT

Recommended

Ethereum

Coin of the Week: Ethereum (ETH)

November 14, 2021
7.5k
Tron (TRX)

Coin of the Week: Tron (TRX)

May 19, 2022
7.5k

Popular Story

  • Stand a chance to win your share of 10,000 KLV

    Stand a chance to win your share of 10,000 KLV

    8334 shares
    Share 3334 Tweet 2084
  • Test drive Klever Wallet, K5 and Win 1000 KLV & 1 KFI

    7021 shares
    Share 2808 Tweet 1755
  • Bitcoin battles back from record losses to $21,000

    5914 shares
    Share 2366 Tweet 1479
  • Klever showcases its blockchain ecosystem on a Time Square billboard

    5358 shares
    Share 2143 Tweet 1340
  • K5 adds new blockchain and KleverSafe support in the latest Android version

    5070 shares
    Share 2028 Tweet 1268

Follow us on Twitter

Klever News

Join the Klever community
Growing together we are stronger.
Be sure to follow us on social media to stay up to date.

Categories

  • Announcements
  • Coin of the Week
  • Education
  • Exchange
  • Games
  • Global
  • Hardware Wallet
  • Market Updates
  • NFTs
  • Opinions
  • Sponsored
  • Wallet
Download Klever Wallet Download Klever Wallet Download Klever Wallet
ADVERTISEMENT

Recent News

Time to start using K5: learn how to migrate to the new Klever wallet app version

Time to start using K5: learn how to migrate to the new Klever wallet app version

January 31, 2023
Use cryptocurrency and blockchain for transparent and secure voting

Use cryptocurrency and blockchain for transparent and secure voting

January 30, 2023
  • Sponsored Content
  • Advertise
  • Contact Us
  • RSS Feed

© 2022 Klever News - Premium Crypto news & insights by Klever Finance.

  • Login
  • Sign Up
No Result
View All Result
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version