Back links are a great way of receiving quality, targeted traffic. They are also a great way of increasing your website's rankings in the search engines; that is, if they are totally related to your website, of course. The history of back links has been a positive one so the future of back links is only looking brighter.
As more and more people link to your website from theirs, you will receive more traffic from people interested in your website simply because your link is there. You can be sure that the traffic from back links are very accurate and targeted to your website's content because a visitor would not click on a link unless it is specifically what they are looking for.
On search engines, their algorithms still rely a great deal on the number of back links to your website. In the future, new factors may be placed in but back links will probably remain in the algorithm simply because it is an accurate and satisfying way of measuring the quality and value of your website.
On the publisher side, back links will continue to make webmasters more and more money as time goes by. Other website owners are constantly paying other webmasters for back links to their websites. Why? As mentioned before, because back links are providing targeted traffic. They work! This is a win-win situation for all parties involved. More money for a webmaster by selling links; more traffic and increased search engine rank for the webmaster that purchased the back link; and on the search engine side, more relevant search results to provide its users.
In conclusion, the future of back links seems like it will only be moving forward in a positive direction. The only way it could die out is if the Internet died out – and that's pretty unlikely