Investors should keep an eye on the blockchain sector

In the late 1970s and early ’80s we saw the start of the technology boom, with Microsoft and Apple beginning to become household names. Now, 40 years later, I believe we are at the start of a new wave of a technological innovation.

So, where is this innovation going to come from?

In my opinion, it will be blockchain technology.

Most people associate blockchain with Bitcoin and other cryptocurrencies, yet this is only a minor part of how blockchain will drive technological change in the future.

In simple terms, blockchain provides for the secure, anonymous recording of transactions, which is tamper proof and encrypted data held on multiple servers around the globe.

I believe blockchain technology will become commonplace in the not-too-distant future, as anything we value can be recorded with blockchain.

For example, when purchasing a motor vehicle, you could get a record of every owner, service, accident, insurance claim and more and be confident that the report is 100 per cent accurate, so you have total peace of mind knowing exactly what you are buying.

Sounds like stuff of the future. Well, this exact service has just been launched in the US.

Now think about banking, purchasing a house, getting loans, medical history and the list of applications that blockchain can support, which is why I believe it will explode in the coming years.

Even stock exchanges around the world will use the blockchain to record trading activity.

The current COVID-19 pandemic has caused a significant shift in society in many ways and it is highly likely that blockchain will support the changing landscape right now and provide confidence in the security of our data.

Therefore, if you are looking for the next Apple or Microsoft to invest in, maybe right now they are just a small start-up, or maybe they are not far off listing, either way this space will be fun to watch.