According to a survey, the global blockchain technology market was valued at around 11.14 billion USD in 2022. This is expected to reach 17.57 billion USD in 2023, and if we consider the year 2030, this value can touch 469.49 billion USD with a CAGR of 59.9% (2023 - 2030).
Needless to say, this rapidly growing digital environment is going to fuel the demand for blockchain for business solutions in various industries. One of the reasons why businesses from around the world are rapidly investing in this technology.
But this heavy investment is also giving rise to a cut-throat market companion. Hence you ought to beat this competition in case you are looking to make a solid presence in the global blockchain market.
Worried; what to do?
Well, the latest blockchain trends can help you pave the path for your smooth entry. This blog on the same will provide you with more than 10 top future trends of blockchain technology that can help you stand apart in 2024 and the years beyond.
Before getting into the blockchain development trends it is essential to go through the journey of blockchain technology in the past few years and what it’s going to be in the upcoming years. This will present you with a general idea of what the audience is looking for and what are their expectations from your blockchain solutions no matter which industry you belong to.
2017 – 2022: Over the past decade, blockchain technology has progressed from a public ledger for transaction maintenance to a currency for international trade. If we consider FMI’s most recent report, the global blockchain technology market registered significant gains, experiencing an impressive CAGR worth 42.8% from 2017 to 2022.
Needless to say, the blockchain market is growing at a never-before-seen rate, potentially setting the stage for a digital revolution in the ensuing ten years.
2023 – 2026: The application of blockchain technology is expected to experience a massive transformation, and it is now utilized in situations where irreversible transactional records are collected, saved, and distributed among all network users. Its unchangeable character could therefore become extremely popular in a variety of industries that are continuously looking for ways to improve operational efficiency.
2026 – 2029: Blockchain technology caused the largest disruption in the banking business using Bitcoin, solidifying the term’s association with the industry. As a result, industries like retail, logistics, oil and gas, and transportation can be affected by Bitcoin. During this stage of development, market expansion is expected to be fueled by the ongoing impact of Bitcoin technology on various industries.
2029 – 2033: Protecting one’s e-identity can become increasingly important. Therefore, it is anticipated that government organizations will also widely use blockchain technology in their e-citizenship initiatives. Blockchain technology is expected to attract significant investment from both public and commercial entities as data management transitions to a fully digital process.
Needless to say, blockchain is poised to disrupt various industries with its decentralized and secure framework. It’s going to change how we transact, secure data, or manage our digital assets.
We can expect an increase in the number of blockchain platforms that are available in tandem with the growing popularity of the Technology-as-a-Service model. Essentially, clients can make use of all the finest aspects of this technology using Blockchain-as-a-Service, eliminating the need for them to develop their own platform. They have access to the cloud, can create apps, run smart contracts, and make use of the sophisticated infrastructure that is already in place.
BaaS is currently being offered by a number of providers, such as Amazon, and we expect more businesses to follow suit. For instance, Huawei launched its own Blockchain Service a few months ago, enabling its customers to utilize this technology via Huawei Cloud.
2Rise of NFTs
The emergence of NFTs is one of the most fascinating developments in the field of blockchain trends. These are distinct digital tokens that stand in for the possession of particular assets. They have become extremely popular in the realm of digital art, where creators can tokenize their creations and sell them straight to collectors. But there are a lot of other possible uses besides painting.
It is not just artists who can use NFTs. They are being used in a number of industries, such as music, gaming, and real estate. NFTs can represent in-game items in video games, and they can represent partial property ownership in real estate. In the music industry, musicians have the ability to tokenize their work and sell it straight to fans, thereby eliminating any middlemen.
A blockchain consortium’s main goal is to enable profitable cooperation between rivals. Since the community is the foundation of any blockchain platform, increasing the number of members can both strengthen the network’s technological security and increase the value of shared data.
Blockchain consortia can concentrate on two key areas: technology, which focuses on building reusable platforms based on technical standards, and business, which attempts to construct and maintain platforms that answer particular business concerns. Certain consortia are able to combine elements of both kinds, such as R3.
4DAOs Go Mainstream
As blockchain technology advances, decentralization is transforming the way we conduct business. Well, there comes Decentralized Autonomous Organization (DAO) – a novel concept for companies that can function and make decisions without human management.
Furthermore, DAOs are automated organizations with no single point of failure that follow rules encoded in smart contracts. The good thing about decentralized models is, that instead of being concentrated inside a single ownership structure or geographic location, an organization’s wealth can be dispersed among numerous ventures.
In addition to this, DAOs increase people’s access to financial resources by letting them put their money into promising projects without having to rely on third parties to oversee them.
People get more engaged with the enterprises these kinds of organizations sponsor, as they gain in popularity, which raises consumer engagement levels.
Moreover, by enhancing confidence and stability, voting power distribution among employees and investors promotes greater control and transparency over the business’s operations, which is advantageous to both sides.
The trust in the use of cryptocurrencies has been damaged by the absence of laws and official support. While some nations, like Ecuador and China, are experimenting with introducing their own virtual currencies, the majority of governments oppose cryptocurrency development, which restricts the use of cryptocurrencies outside of the digital sphere.
Even while fiat currencies continue to rule most nations, building a digital bridge between the fiat and cryptocurrency worlds is the most efficient strategy. Fiat-crypto exchange is becoming more and more important for a variety of enterprises looking to grow. Additionally, hybrid models show potential for practical uses like voting and land registration.
6Rise of DeFi Ecosystem
A novel kind of decentralized financial system called DeFi consists of applications, smart contracts, and open-source protocols that boost digital asset liquidity and make it possible to create decentralized financial applications.
As this ecosystem matures, more visitors from around the globe will come here. It will lead to more liquidity, improved market accessibility, and enhanced usability for global customers. We will witness a surge of new initiatives from developers who have been waiting for the moment when decentralized finance is more approachable as the DeFi ecosystem matures.
7Emergence of Stablecoins
Stablecoins are a form of digital currency that is becoming more and more popular. They are virtual currency; unlike fiat money, such as dollars or pounds, and are not physically transferable. However, what makes them unique is that their value is linked to actual money, which lessens the volatility that comes with cryptocurrencies like Bitcoin. Accordingly, one stablecoin often has a value of one dollar or one pound.
Stablecoins are cool because, unlike other virtual currencies like Bitcoin, their value is not erratic. They are favored by users due to their stability and ability to prevent trading losses. Central Bank Digital Currencies (CBDCs), which are digital tokens similar to cryptocurrencies issued by a central bank and peg the value of a country’s fiat currency, is one of the examples of how some large banks and nations are even considering developing their own versions of stablecoins.
Needless to say, stablecoins have the potential to replace paper money as a popular method of payment in the future.
8Social Media Revamp
Needless to say, social media is bringing people from all around the world closer together. Everyone can express their opinions on social media, however occasionally false or inaccurate information is spread by users. We can utilize blockchain technology to fix this. Blockchain functions similarly to a unique journal in which entries are permanent. This implies that since everyone can see when they make a mistake, people will exercise caution when posting.
We might observe greater social media attention being paid to these blockchain phenomena in the future. Everyone will be able to voice their opinions on these new platforms, and users may even receive tokens like virtual coins for participating.
Businesses will use this technology in 2024 to improve security, expedite processes, and foster consumer trust. Blockchain offers a tamper-proof technology that guarantees confidentiality. Every data point and transaction is kept track of in a block. A block is visible to all nodes in the network once it is added to the chain, and it remains there indefinitely. Its openness changes the game for industries including supply chain management, healthcare, and banking by lowering the likelihood of fraud and fostering trust between participants.
Moreover, businesses will depend more and more on Blockchain-powered smart contracts by 2024. The terms are explicitly encoded into the code, making these contracts self-executing. When certain criteria are met, they operate automatically. Smart contracts cut expenses, simplify complicated procedures, and lessen the need for middlemen.
For example, in the real estate sector, these agreements enable smooth transactions and guarantee that all parties fulfill their responsibilities without any issues.
10Blockchain & AI
When it comes to blockchain development trends, blockchain-based mobile app development comes on top. This is where AI has managed to secure its place. Its fundamental algorithm has made it possible for robots to carry out tasks for which they were not designed. Imagine what would happen if Blockchain and AI shook hands. But how the Blockchain will boost AI and realize its full potential is the question here.
We know that machines require access to big data in order to operate at their highest possible efficiency and capability. The majority of big data is kept for analytical purposes and is primarily accessible to the general public. Therefore, the Blockchain would be crucial if you wanted to trade this data affordably and easily.
Large data suppliers don’t need to worry about security because blockchain technology is well-known for having solid security. They can communicate with AI developers with ease. This is more beneficial to the creation of sophisticated machine learning algorithms and devices that can access the data to achieve artificial sentience.
11Central Bank Digital Currencies (CBDC)
Blockchain systems powered by Central Bank Digital Currencies (CBDC) are radically changing the current financial system. One of the most recent developments in blockchain technology is the extensive use of digital currencies by central banks worldwide. Banks will likely issue digital currency that resembles fiat money as a result of this development.
Based on the most recent data, 87 nations have shown interest in the CBDC. Some of the variables that affect this interest are
As a seasoned blockchain development company, Blocktunix can help you hit the competitive market with proficient blockchain solutions developed either from scratch or revamped from existing systems as per your business requirements. Our certified blockchain software developers carry extensive experience in building solutions that are not only robust and secure but also carry the ability to help you meet your business goals faster.
It doesn’t matter whether you are just starting a venture or own a large-scale enterprise looking forward to automating business, Blocktunix can be your best bet. Our client-focused blockchain development services are designed to facilitate businesses demanding ultra-modern applications or solutions.
#2011, Floor 20, Burjuman Business Tower, Dubai.
Primary. Suite #304. 11200 Manchaca. Austin, Texas 78748, US.