4 Predictions for Blockchain in 2023

Although 2022 has not been a particularly bright year for the blockchain space, the technology still has room to grow. The consensus of experts is that 2023 may see a move towards increased use of Web3 technology including blockchain, as many will begin to realize that it must offer many advantages over traditional systems such as increased security and transparency, lower costs, faster transactions and more efficient storage space.

Here, IT experts in the field share their predictions for blockchain in 2023.

• Blockchain data sharing comes into focus: In 2023, we will see Blockchain data sharing system architectures that empower users to gain control over the ownership of their data. Users will begin to “own” their data and decide who has access to it. This will first affect healthcare/medical and financial services, but these new architectures can also have a dramatic effect on advertising and social media.” – Manjusha Madabushi, CTO and co-founder of Talentica Software
• In us we trust: Decentralized architectures and ecosystems:?Even with market volatility around cryptocurrency, the business potential of blockchain and digital assets continues to grow. As blockchain-powered “trustless ecosystems” evolve into Web3, they become the key to creating and monetizing digital assets.—Deloitte Chief Futurist Mike Bechtel
• Cybersecurity will become blockchain-based: Blockchain has proven extremely useful for secure and decentralized information exchange. Until now, blockchain-based tools have been too expensive to implement due to the novelty of the technology. However, many experts predict that by 2023 blockchain technology will be increasingly used in cyber security. — Marijus Briedis, CTO of NordVPN
• New technologies are disrupting the industry. New technologies, such as blockchain, e-sports and simulation, are disrupting traditional industries, offering future-focused innovation and converging into the next iteration of the web. These technologies are causing an explosion in the speed, complexity and volume of data, creating an even more urgent need for analytics, machine learning and AI to make sense of it all. Looking to the future, they offer opportunities to rethink the ways we solve complex problems, ultimately scaling human observation and decision-making.—Bryan Harris, Executive Vice President and Chief Technology Officer, SAS