Blockchain technology is widely recognised for its ability to revolutionise various industries through secure and transparent data, asset storage, and transfer. It is utilised in numerous applications, including financial services, supply chain management, healthcare, and government. As technology continues to evolve, the coming years are expected to bring new trends and innovations within the blockchain industry.
Some possible trends that may emerge in 2023 include:
Increase in adoption of blockchain
As more and more businesses learn about the advantages of blockchain technology, they will likely see an increase in adoption and integration of it across industries such as manufacturing, retail, and logistics.
Governments and regulatory bodies worldwide have also started to explore blockchain for its secure and transparent tracking. So, it is likely that we will see further adoption of the technology in this area in the future.
Integration of blockchain with other emerging technologies
As blockchain continues to mature, it will likely be integrated with other emerging technologies such as Artificial Intelligence (AI), the Internet of Things (IoT), and others to create more innovative products and services.
For example, integrating blockchain with IoT can create a secure and transparent system for tracking and managing data and assets between devices. On the other hand, the combination of AI and blockchain makes it possible for systems to create more accurate and reliable decisions. With blockchain-based AI platforms, sensitive data and medical records can also be stored safely.
Integrations can also solve complex problems and improve efficiency across various industries.
Adoption of private blockchains will rise
Public blockchains are already on the rise. As we advance, we will also see private blockchains growing in demand. This gives organizations more control over enterprise data while maintaining the ability to validate and verify transactions.
Since private blockchains have fewer nodes than public ones, they can scale much more quickly and have higher transactions throughout. It can make them more practical for specific use cases, such as supply chain management or cross-border payments.
It is likely that industries such as finance and healthcare might likely adopt private blockchains in the coming years due to the need for increased security and privacy.
Blockchain-as-a-service
Just like centralised-based cloud services, blockchain also offers cloud-based services called blockchain-as-a-service, or BaaS.
It allows organisations to use a pre-built blockchain infrastructure rather than build their own from scratch.
BaaS offers hosting, maintenance, and support for the blockchain infrastructure. It can help increase transparency, enhance security, and be tamper-resistant. We will see more of these services rising in demand in 2023.
Asset tokenisation
Asset tokenisation represents ownership of a real-world asset, such as a piece of art, real estate, or a company share in the form of a digital token.
Blockchain allows the creation of digital tokens that can be easily bought, sold, and transferred through a decentralised network. This can increase liquidity and accessibility for assets that may be difficult to trade in traditional markets.
Blockchain technology has been around for over a decade, and during that time, it has consistently evolved and improved, adding value to a wide range of industries. As blockchain continues to mature and advance, it is expected to remain a disruptive and influential tech in the coming years.
(The author is the co-founder and CTO of Mudrex, a global crypto-investing platform.)
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