Blockchain technology has quickly become one of the trendiest movements online today. It draws widespread support with its promises of decentralization, data security, and online freedom; not surprisingly, its market has experienced rapid expansion; from $7 billion, it could reach $164 billion by 2029.
While most associate blockchain with cryptocurrency, its application in other industries is also increasing rapidly. Current blockchain technology trends can already be found across eCommerce, healthcare, supply chain management, transportation, and finance - giving the concept an almost limitless potential application scope.
Are you interested in taking advantage of blockchain technology? Look no further - Our team has put together an article detailing some of the latest blockchain trends for 2023 that can help guide you and show what lies ahead in this exciting field.
This post will also aid you in expanding your knowledge of blockchain technology applications and their latest trends across various industries sharing their experience using our FinTech project Extobit and NFT platform Radiant as examples of their work. Continue reading if you aim to use at least one of the blockchain technology trends for your product.
How Is the Blockchain Technology Market Growing?
Statista forecasts that global spending on blockchain solutions will reach $19 billion by 2024, with even further investment expected across multiple hundred billion dollar investments in this technology. Also encouraging is the European Union plans multibillion-dollar investments in technological development - blockchain included.
Companies from diverse industries use blockchain technology, with financial services firms leading the charge. Entertainment businesses and healthcare practices also find this helpful technology; see this chart to see which other industries utilize it in their operations:
As blockchain is one of the most ubiquitous technologies used by the financial services industry (FSI), we propose exploring its most frequent use cases. Most financial institutions utilize blockchain as a basis for issuing digital currencies; however, its versatility also extends to secure data exchange and digital identification purposes. We can discuss current blockchain applications with this knowledge of market prospects and current blockchain technology trends.
Top Growing Blockchain Trends
Blockchain is more than the foundation for cryptocurrencies like Bitcoin. You can use this innovation for other purposes as well. So, let's look at the main blockchain technology trends in 2023.
Central Bank Digital Currencies (CBDC)
The blockchain industry is revolutionizing traditional financial structures. One recent trend involves central banks of different nations adopting digital currencies as official fiat money replacements - creating digital coins similar to fiat coins for use within banks.
Recent statistics reveal that 87 countries have already demonstrated interest in CBDCs. Reasons include their lower transaction fees and ability to promote financial inclusion.
NFT Boom
Non-fungible tokens, or NFTs, began making waves and remain prominent among blockchain industry trends today. Artists use NFTs at auctions to generate vast amounts of cash by providing digital works of art as payment.
Blockchain's new trend in blockchain has found success within gaming and fashion industries, such as Dolce & Gabbana's record-setting $6 Million sale of their NFT collection featuring nine items.
Metaverse
The metaverse should become a virtual world that provides its users with unforgettable digital experiences, and blockchain technology plays a critical role in this regard; consequently, as more people visit the metaverse, blockchain remains relevant.
In upcoming years the blockchain market will experience an average annual compounded growth rate of 56%.
Blockchain-As-A-Service (Baas)
BaaS is one of the top blockchain trends. Companies like Microsoft and Amazon have already adopted it; Blockchain-as-a-service serves as a cloud service where users can create digital products using blockchain fundamentals.
Hyperledger Cello is one of the many BaaS projects. This platform of tools and applications facilitates the creation of digital products based on blockchain.
Blockchain to Enhance Social Networking
There will be over 4.4 billion social network members worldwide by 2025. Blockchain technology will assist in resolving intrinsic issues on social networks, such as content validity, data control, and privacy violations. This makes the technology a social networking trend of the future.
Blockchain In Ecommerce
E-Commerce industry leaders have shown considerable enthusiasm for blockchain technologies, which have proven beneficial in streamlining supply chain operations and protecting customer information. A second trend associated with these innovations in eCommerce is the digital identification of users.
Flux app, one of the latest trends of blockchain technology in eCommerce, allows users to receive cash back when purchasing goods at select stores. Blockchain helps this company track gift card spending and its social networking growth.
Also Read: Exploring the Future of Blockchain Technology: Emerging Trends and Potential Impact
Blockchain in Real Estate
Blockchain applications in real estate include investor and tenant identification, asset and property management, and more. Companies using this innovation can increase data accessibility while maintaining transparency and automating work processes to boost efficiency.
Forbes believes blockchain technology will be pivotal in future innovations in real estate transactions, especially in automating transactions and smart contracts.
Blockchain in FinTech
The financial sector is one of the largest industries impacted by blockchain technology, particularly recent trends such as tokenizing assets and issuing digital currencies. Still, other notable applications like data security and smart contracts exist.
Blockchain promises to revolutionize our traditional financial system in significant ways. Transactions may become entirely peer-to-peer through peer-to-peer networks; transfer speeds will increase considerably, and the transparency ensured by blockchain will make financial operations much more straightforward and transparent.
Blockchain in Healthcare
Blockchain technology is becoming an increasingly popular trend in healthcare to protect data. But its application extends beyond record security - this tech can also establish drug supply chains.
Blockchain could also be integral in verifying health professionals' educational credentials, though this practice has yet to become widespread.
Blockchain Exchange Traded Funds
ETFs (Exchange-Traded Funds) are funds powered by Blockchain traded in the stock market. While discussions about their introduction were hopeful, none made an impressionable showing looks set to change that, with experts projecting that there will be an increase in Blockchain ETFs on the market this year.
ETFs have quickly become the go-to option among exchange users because of their convenience without incurring additional fund manager charges, furthering the future of blockchain technology trends driving demand. This trend will likely only grow over time.
Over the Counter Trading
Off-exchange, as over-counter trading is typically called, is an exchange mechanism between two parties without exchange supervision. It comes with the benefit of offering liquidity, maintenance of the present market price, and complete transparency. The Blockchain OTC market is dominated by four players:
- Small Asset Managers (buyers)
- Miners
- Brokers-Dealers
- Cryptocurrency Exchange OTC desks
Cryptocurrency Insurance
With more businesses and Blockchain development services entering the crypto space, hacker strength has grown stronger. Security breach incidents related to Blockchain adoption are far more significant - most likely caused by businesses adopting it themselves.
As hackers have threatened the Blockchain world with attacks, cryptocurrency insurance has seen tremendous demand over the past two years. Still, supply has yet to catch up to demand at an exponential pace should see an exponentially more significant number of players become engaged with the cryptocurrency insurance sector.
Non-Fungible Token
While initially designed to facilitate gaming platforms, token-based tokens may also see increased adoption from other industries. Certificates, security tokens, and passes could all benefit significantly from token-type tokens in the present and future redefining how the Blockchain industry evolves over the coming years. As this domain grows and innovations abound, this list will likely grow over time.
Interoperability
Scalability is one of the primary advantages of Blockchain that drives its widespread adoption, while true scalability can only be realized when multiple blockchain networks interact seamlessly; hence, the necessity of interoperability is highlighted as part of any strategy for scaling Blockchain networks.
As Blockchain trends increasingly push towards interoperability, we will reach a point when users can share something from their Blockchain ecosystem with other users' ecosystems.
Federated Blockchain
Private Blockchain has already made its mark on the decentralized world, but now Federated Blockchain is poised to join. Although still under the Private Blockchain's umbrella, Federated Blockchain provides more personalized service by delegating control to multiple authorities who will manage pre-selected nodes instead of just one organization handling consensus.
There are various use cases where investing in a Blockchain software development company becomes all the more evident - these scenarios provide further evidence for its importance and benefits.
- Insurance Claims
- Financial Services
- Supply chain Management
- Multiparty Aggression
- Record Security
Stable Coins
One of the most significant obstacles facing cryptocurrency markets today is their fluctuating value; your coin might be worth $500 today and could drop as low as $100 tomorrow - this extreme fluctuation is what Stable coins exist to prevent.
Stablecoins can be tied to assets like silver, gold, or U.S. Dollars for added stability; their values rarely fluctuate as dramatically as cryptocurrency assets like bitcoin or ether.
Stablecoins offers an alternative investment option that addresses all of the issues caused by crypto volatility, making them one of the significant trends in blockchain technology.
Asset Tokenization
Asset Tokenization refers to using digital tokens to show ownership of tangible assets, with the primary goal of speeding up the buying and selling processes of security products - one of the significant applications of Blockchain technology.
Due to its numerous advantages of tokenizing assets - increased liquidity, faster transactions, greater accessibility, and faster settlement times - tokenization has attracted several players to developing blockchain applications for Asset Tokenization.
Is Blockchain the Future?
Blockchain is widely regarded as a keystone of the next technological revolution due to its many benefits, with applications in healthcare, e-commerce, publishing, finance, insurance, and other fields beyond cryptocurrencies. Grand View Research estimates global blockchain tech market sales should reach $1.432 billion by 2030, with a compound annual growth rate of 85.9%.
Green initiatives, the popularity of Non-Fungible Tokens (NFTs), and the creation of the Metaverse are among the significant blockchain trends for 2024 and future developments in blockchain technology. These breakthroughs demonstrate its durability as an innovative solution.
Integrating cutting-edge tools like digital assets, enterprise blockchains, and quantum computing into relevant industries has the power to alter our current tech world. If you're seeking ways to incorporate blockchain into your business strategy, find a partner experienced with these latest technologies, reliable blockchain services explicitly tailored for numerous industries with various implementation complexity implementation methods and usage methods.
Conclusion
Blockchain recently transitioned from operating on what and why to operating on how. In the past few months, Blockchain trends have made waves in the tech industry to such an extent that multiple branches have emerged as trends to watch out for regarding Blockchain.
What was initially seen as one of the top technology trends has now spawned the subtrends that may last until something new demands itself from technology? This article will examine the Blockchain trends that have or will soon become widespread worldwide.
