Blockchain 2023: What investors should expect from the decentralized technology
Experts seem to believe that 2023 will witness the development of decentralized technologies. The question, however, is how blockchain will fare this year and will set the tone for the coming years.
According to Research and Markets, a market research platform, the global blockchain market is expected to see a 42.8% compound annual growth rate (CAGR) for 2018-23, leading to a global revenue of $19.9 billion by 2023. “I believe it is difficult to predict exactly how the blockchain market will shape up in 2023, but it is expected to continue to grow as more industries adopt the technology for a variety of use cases, Sathvik Vishwanath, co-founder and CEO, Unocoin, a cryptocurrency exchange, told FE Blockchain.
Researchers have suggested that implications due to last year’s events such as the Luna value collapse, crypto winter, Ethereum Merge, launch of Central Bank Digital Currencies (CBDC) and FTX debacle will have an impact on the blockchain market in 2023.
From a market perspective, factors such as increased adoption by businesses and governments, growth in scalability and security, and the creation of new blockchain applications may help shape the blockchain market in 2023. Insights from Merehead, a Web3.0 and blockchain company, stated that in 2023, blockchain will ensure the growth of decentralized finance (DeFi) and banking, international trade and value chains. For example, Walmart, a multinational retail company, is using blockchain to reduce the identification time of fruit shipments from seven days to 2.2 seconds.
“As some of its benefits, blockchain has the ability to reduce fraud, provide fast and secure transactions, and assist in risk management in the financial system. Few blockchain platforms to consider in 2023 are Ethereum, Hyperledger Fabric, R3 Corda, Stellar, among others,” mentioned Is Koneru Lakshman Havish, Vice President, KL Deemed to be University, an educational institution.
It has been reported that platforms such as Bitcoin, EOS, Ethereum, among others, are expected to lead 2023’s global blockchain landscape. As stated by The Business Research Company, a market researcher, companies like Factom, 4IRE Labs, Blockchain Intelligence Group, among others, and countries like Australia, Brazil, China, among others, have been backed to shape the blockchain scenario for the coming years.
Furthermore, future predictions suggest that blockchain will merge with other technologies such as artificial intelligence (AI), Internet of Things (IoT), 5G, among others, to help various industries. “I think 2022 saw upheavals in the blockchain ecosystem. Building on this experience, 2023 is expected to be about building products with strong applications,” highlighted Pratik Gauri, founder and CEO, 5ire, a blockchain-based platform.
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