Distributed ledger technology or DLT can be defined as a database shared and duplicated on a decentralised network of computers in varying geographical places stated Bahaa Abdul Hussein. Blockchain is a type of DLT that has revolutionized modern life. It has led to easy synchronization and safe encryption of data used in transactions. DLT is now employed in various sectors like finance, banking, corporate, healthcare and so on. Read on to know the prospective trends that will lead the future of DLT.
Corporate acceptance impacts widespread use
The corporate sphere has become a trailblazer in the use of DLT. This is due to a host of benefits such as transparency, cost-effectiveness, increased productivity and digitalization of traditional employee systems. DLT has become inseparable from the fabric of companies in today’s world.
Interconnectivity with existing systems
A key reason why DLT is becoming popular is that it does not replace existing and conventional systems but can be used interoperably. Be it collaborating with an existing tech or a blockchain solution, it is capable of effortlessly exchanging information with other systems. This will be of use to especially developing countries who are just beginning to use DLT.
Energy consumption and eco-friendly policies
Environmentalists have raised concerns over the use of DLT in healthcare sector as the tech is used for consuming quite an amount of energy. So even though it is saving time and cost on one side, there is a concern about the carbon footprint left by wide scale use of DLT. But companies using DLT are framing eco-friendly policies to combat this.
Security and honesty
One of the main reasons why DLT is a huge hit in multiple sectors is that one can seamlessly benefit from blockchain tech. Tracking of information, transparent checks of data and easy verification are all now possible with the help of DLT. Blockchain solutions have reimagined the future of data exchanges.
Global legal frameworks
As countries around the world embrace blockchain technologies and cryptocurrencies, there are legislative rules being framed to promote their use. The use of DLT will soon become commonplace with the rise of Web3 tech in everyday life.
A.I. and Biometrics
The widespread use of distributed ledger technology has arrived at the golden age of the rise of Artificial Intelligence and Biometrics. Everyday, these new fields are overlapping and leading to Innovations at their crossroads. DLT and A.I. will go hand in hand in shaping the future of human life. Thank you for your interest in Bahaa Abdul Hussein blogs. For more information, please visit www.bahaaabdulhussein.com.
