The year 2017 was predicted to be the year when blockchain technology is implemented in real-world production environments and move from the Proof of Concept (PoC) and theoretical stage of previous years.
It is true to some extent that companies have implemented some pilot projects but large-scale production implementations are yet to be seen.
Bold Predictions for the Next Decade of DLT
It is expected that within year 2018 we will see some organization implementing full scale blockchain based projects.
In 2019, it is expected that almost 20% of central banks will be using blockchain.
Original research is available here https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3040224.
There are few careful predictions being made in the section that is based on the current advancement and speed of progress in the concerned field.
All of these predictions are likely to come true between the years 2020 and 2050: The IoT will run on multiple blockchains and will give rise to an M2M economy.
This can include energy devices, autonomous cars, and house hold accessories.
Why This Matters for Blockchain Technology
Medical records will be shared securely while preserving the privacy of patients between various private blockchains run by consortia of health providers.
It may well be a single private blockchain shared among all service providers including pharmacies, hospitals, and clinics.
Elections will be held via decentralized web applications with a backend of blockchains transparently and securely.
Financial institutions will be running many private blockchains to share data between participants and for internal processes.
Key Points to Remember
- Future The year 2017 was predicted to be the year when blockchain technology is implemented in real-world production environments and move from the Proof of Concept (PoC) and theoretical stage of previous years.
- It is true to some extent that companies have implemented some pilot projects but large-scale production implementations are yet to be seen.
- It is expected that within year 2018 we will see some organization implementing full scale blockchain based projects.
- In 2019, it is expected that almost 20% of central banks will be using blockchain.
Going Deeper: Advanced Concepts
Financial institutions will be making use of semiprivate blockchains that will provide identity information for AML and KYC functions and will be shared between many or all of the financial institutions around the world.
Immigration and border control related activities will be recorded on the blockchain and passport control will be conducted via a blockchain shared between all ports of entries and border agencies around the world.
Governments will run interdepartmental blockchain to provide government services such as pension disbursement, benefit disbursement, land ownership records, birth registrations and other citizen services.
This way auditability, trust and sense of security will develop among citizens.
Conclusion
Future represents one of the many innovative layers that make blockchain technology so powerful and transformative. As distributed systems continue to evolve, a solid understanding of these core concepts becomes increasingly valuable — not just for developers, but for anyone building, investing in, or working alongside blockchain-powered systems.
Whether you are just starting your blockchain journey or deepening existing expertise, mastering these fundamentals gives you the tools to think clearly about decentralized systems and make smarter decisions in this rapidly evolving space.