Blockchain trends with the power to impact every sector
In its earliest days, blockchain was almost synonymous with cryptocurrency. But that is no longer the case. Markets and Markets predicts that the blockchain market, valued at $7.4 billion in 2022, will grow to over $94 billion by the end of 2027, growing at an astronomical 66.2 percent CAGR. And driving this growth are blockchain trends – beyond cryptocurrency – in a variety of use cases in banking and financial services, retail, e-commerce, government and more.
A Blockchain Refresher
To understand what’s driving blockchain trends, keep in mind its unique features and capabilities. First, it is decentralized. A blockchain does not run on one computer or server. It runs on a network of computers, eliminating a single point of failure (or attack). In addition, all the “blocks” of the blockchain are linked and protected by cryptography, and each block contains all the previous blocks, a timestamp and other data related to the change. So a block cannot be changed without the network seeing it, creating an immutable record and a secure way to conduct transactions.
Blockchain also offers businesses and organizations several significant benefits, including time and cost savings. There is no need to have an intermediary handle contracts or have a bank or lender confirm transactions. The blockchain, by its very nature, can securely manage the exchange of funds or execute other agreements and eliminate fraud.
dApps: The software that runs on blockchains
To give users a way to take advantage of blockchain technology, several developers are creating dApps. In fact, the dApp space saw a 50 percent increase in 2022 over 2021.
These programs run on a blockchain and offer a number of benefits, such as flexibility and security. dApps can also provide users with capabilities that other apps cannot, such as preventing censorship. For example, a social media dApp may allow users to post messages and no one, including the dApp creators, can delete them.
dApps can be developed for a wide range of other uses, such as self-executing contracts, verifying voter identity and securing donations to non-profit organizations. dApps also have the potential to track the movement of goods in the supply chain, streamline the buying and selling of real estate, and securely manage health records.
The Blockchain Operating System (BOS)
Another advancement in the blockchain space is the launch of the Blockchain operating system. The Near Foundation has risen to the challenge and now provides a layer for browsing and web experiences compatible with blockchains. Near says BOS will become the entry point for the Open Web and make Web3 easier to navigate.
Members of the Open Web ecosystem can develop their own front ends that work with the blockchain of their choice to create new Web3 experiences. Near has launched alpha.near.org for developers and end users to explore new options.
Rising Blockchain Trends
As the number of blockchain tools increases, businesses and organizations are piloting or implementing blockchain solutions for a variety of applications, such as:
Blockchain solutions simplify licenses and certificates necessary for trade, eliminate the need for third parties to manage exports and imports, and increase transaction speed.
Blockchain can also create a record of shipments, ensure product authenticity and provide an accurate chain of custody, which can provide track-and-trace capabilities to consumers.
Using blockchain, consumers can keep money in a secure digital wallet and manage transactions using smart contracts instead of using banks and paying fees for banking services. As a result, this blockchain trend has the potential to change the banking industry.
The metaverse will connect virtual worlds and user engagement. Blockchain can protect user data by developing decentralized metaverse platforms, secure interactions with decentralized ledgers and smart contracts, and provide proof of ownership of NFTs and other virtual assets.
Not all blockchain trends are new features. Some solve long-standing problems. For example, Internet of Things networks with thousands of connected devices are attractive targets for cyber attacks. Blockchain can secure IoT with immutable records and no single failure.
What’s Next for Blockchain?
Although blockchain is a new technology, innovators are making strides to bring value to businesses, organizations and consumers with new systems, platforms and applications. However, there is one lack of skilled blockchain developers and increasing demand for solutions. Are you ready to play a role in how blockchain solutions will evolve and bring new solutions to market?
