Top 9 Trends in Blockchain Technology to Follow in 2023
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A new wave of the Internet, or so-called web 3.0, based on blockchain technology, is on top of blockchain technology market trends. It gathers supporters worldwide by offering decentralization, data security, and online freedom. Not surprisingly, the blockchain market experiences unprecedented growth: from $7 billion in 2022, it could grow to $164 billion in 2029!
Although most primarily associate blockchain with cryptocurrencies, this isn’t the only case now. Various industries are actively adopting this innovation. Old and new blockchain technology trends have already found applications in eCommerce, healthcare, supply chain, transportation, and finance.
Do you want to take advantage of blockchain technology? Then it’s good you’re here. The Softermii team has prepared a list of the most recent blockchain trends in 2023. Our article will help you navigate this growing industry and show you what lies ahead.
This post will also assist you in broadening your knowledge of blockchain technology’s applications in various industries and latest blockchain technology trends. Softermii, in particular, will share its own experience with the example of our FinTech project Extobit and NFT platform Radiant.
Keep reading if your goal is to apply at least one of the blockchain technology trends to your product!
How Is the Blockchain Technology Market Growing?
According to Statista, global spending on blockchain solutions will reach $19 billion by 2024. This technology awaits even more investment in the hundreds of billions of dollars. The blockchain market will show an average annual growth rate of 56% in the forecast period from 2022 to 2029.
Another encouraging news is that the European Union is planning multibillion-dollar investments in technological development, with blockchain included.
Companies from various industries actively participate in blockchain technology, with the banking, financial services, and insurance sectors leading the way. The entertainment business and the healthcare field are two other prominent areas of tech interest. You can see what other industries use the blockchain in their operations on the chart below:
Since blockchain technology remains the most common in the financial services industry (FSI), we propose considering its most typical use cases. Most financial institutions use the blockchain as a basis for launching digital currencies, but the technology is also employed for secure data exchange and digital identification.
With this knowledge of market prospects, we can move on to current trends in blockchain technology.
Top 9 Growing Blockchain Technology Trends for 2023
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 changing the traditional financial system. One of the latest trends in blockchain technology is the adoption of digital currencies by central banks of different countries. This tendency implies that banks will create digital coins analogous to fiat money.
According to the recent stats, 87 countries have already shown interest in the CBDC. The following factors influence this interest: virtual money is more cost-effective than cash, CBDCs offer lower transaction fees, and digital currencies can promote financial inclusion.
Non-fungible tokens, or NFTs, started gaining momentum in 2021. These tokens will also remain relevant in the future and among popular blockchain industry trends. They’ve evolved into a means for artists to generate vast amounts of money at auctions by providing their digital works of art in exchange.
Among other things, this new trend has found a response in the gaming and fashion industries. Consider, for example, that the Dolce & Gabbana brand set a $6 million record for selling their exclusive NFT collection of nine items.
Metaverse should become a virtual world that will provide its users with unforgettable digital experiences. And of course, this world cannot exist without blockchain technology. Therefore, the more popular the metaverse is, the more relevant blockchain technology remains.
BaaS is one of the leading blockchain technology trends for 2023. Companies like Microsoft and Amazon have already implemented it. Blockchain-as-a-service will act as a cloud service where users can create digital products using blockchain fundamentals.
Hyperledger Cello is one such BaaS project. It is a platform consisting of tools and applications that facilitate the creation of digital products based on blockchain.
Blockchain to Enhance Social Networking
By 2025, there will be about 4.4 billion social network users globally. Using blockchain on social networks will help solve inherent problems such as privacy breaches, data control, or content authenticity. That is why this technology is a future trend in social networking.
Blockchain in eCommerce
The eCommerce industry has been actively involved in blockchain technologies. These innovations help improve supply chain management and provide customer data protection. Another blockchain technology trend in eCommerce is the digital identification of users.
An example of recent developments in blockchain technology in eCommerce is the Fluz app. It is a platform that allows users to receive cash back for purchases in their favorite stores. Blockchain helps this company record the gift card spending and the growth of its social networks.
Blockchain in Real Estate
Blockchain trends in real estate include various applications, from investor and tenant identification to asset and property management. With this innovation, companies can increase data accessibility and ensure their transparency, boosting the efficiency of work processes by automating them.
Forbes claims that blockchain technology is responsible for future innovations in real estate transactions. In particular, this applies to the automation of transactions and the use of real estate smart contracts.
Blockchain in FinTech
The financial sector is the industry most impacted by blockchain technology. Among the recent trends are the tokenization of assets and the launch of digital currencies. But also prominent applications include data security and the use of smart contracts.
Blockchain has every chance to revolutionize the traditional financial system. Transactions will require no intermediaries owing to peer-to-peer networks, the speed of transfers will increase significantly, and the blockchain will ensure the transparency of financial operations.
Blockchain in Healthcare
Data protection is crucial in healthcare. That is why blockchain technology is in great demand here. But medical record security is not the only blockchain trend in healthcare. This technology also helps establish drug supply chains.
It is likely that the blockchain will also serve in verifying the educational credentials of health professionals. So far, this practice has not become so widespread, but the U.S. company ProCredEx has already launched such a service based on the R3 Corda blockchain protocol.
Is Blockchain the Future?
Blockchain is considered a critical element of the next technological revolution due to its numerous advantages. Its applications have expanded beyond cryptocurrencies and are now prevalent in healthcare, e-commerce, publishing, finance, insurance, and many other sectors. Grand View Research predicts that the global blockchain tech market will reach $1,432 billion by 2030, with a Compounded Annual Growth Rate (CAGR) of 85.9% between 2022 and 2030.
The emergence of green initiatives, the growing popularity of Non-Fungible Tokens (NFTs), and the development of the Metaverse are among the biggest blockchain trends for 2023 and the future trends in blockchain technology. These breakthroughs signify that blockchain is here to stay.
Incorporating innovative tools such as digital assets, enterprise blockchains, and quantum computing across relevant industries has the potential to transform the current tech world. If you're looking for ways of adapting blockchain to your business, you should find a reliable partner experienced in the latest technologies. Softermii offers blockchain services for multiple industries of various complexity implementations and usage methods.
Our Experience in Blockchain Software Development
Softermii has all expertise and skills to apply advanced blockchain tech trends to your product. We will demonstrate this to you using our Extobit and Radiant projects as examples.
Extobit is an American web-based cryptocurrency exchange. Our team has integrated such essential features as exchange rates, market trends, statistics, and advanced security standards into this platform.
Challenges faced by Softermii:
- The need for a user-friendly UI/UX that is understandable even by beginners
- The necessity of advanced analytics for experienced traders
- The need for a secure cloud infrastructure to handle high loads
- The requirement to divide the backend into several isolated applications to increase security
- The need to create several separate web apps for end-users and administrators, and an API application for an exchange platform
Solutions found by our team:
- Our designers have created an accessible interface with a straightforward user experience. We estimated that exchanging crypto for beginners takes no more than 2 minutes.
- Our developers have found effective methods of synchronizing data between multiple isolated backend applications, thus protecting the transmitted information from hacking and other malicious interference.
- Our business analysts have helped determine what third-party integrations Extobit needs. As a result, advanced tools such as portfolio management, risk forecasting, and market and asset analysis have appeared on the platform.
- Our developers used the C# programming language to develop individual web applications for end-users and admins and the API app for exchange purposes.
- Our team used MS SQL Server for databases and ASP.NET for the backend.
As a result, Extobit has achieved significant success. The platform attracted more than 20,000 users a month after launch, and two months later, users made more than 84,000 exchanges. And it took Extobit only four months to reach the break-even point.
Radiant is an NFT marketplace with minting features, world map tours, and audio discussion rooms.
To create an NFT marketplace so that consumers and content creators can earn money while interacting with the application
Technical solution: Scalable 3D model reconstruction with images navigation in the point cloud, teleportation between worlds feature, and Strapi CMS to build smooth integrations with IoT devices.
App users can store their NFTs in catalogs, teleport within the app to share their experiences, and explore tours inside the clouds. 38,000 users downloaded the app during the first six months after the release.
As you can see, the blockchain industry is evolving at a breakneck pace. Its use has long gone beyond cryptocurrency. This technology is also a good idea for healthcare, FinTech, eCommerce, supply chain, and real estate businesses.
Companies appreciate that the blockchain ensures data reliability and provides unquestionable protection as well as the ability to optimize internal workflows. Some of the biggest trends in blockchain technology are the growth of green initiatives, the increased popularity of NFTs, the development of the metaverse, BaaS, and even more.
You can experience all the benefits of blockchain technology trends yourself. All you have to do is adopt this innovation into your product. So if you want to build any blockchain technology solution, feel free to contact our team.
Frequently Asked Questions
Is blockchain still relevant in 2023?
Yes, blockchain is still relevant in 2023 and is expected to continue to be relevant in the future. Blockchain technology has already shown its potential in various industries, including finance, healthcare, and supply chain management, among others. It has become a popular tool for ensuring secure and transparent transactions and data sharing.
In recent years, we have seen significant advancements in blockchain technology, including the development of new consensus mechanisms and the integration of smart contracts. These advancements have made blockchain more efficient and scalable, making it even more attractive for businesses and organizations.
Moreover, the rise of decentralized finance (DeFi) and non-fungible tokens (NFTs) has further demonstrated the potential of blockchain technology. DeFi has created new opportunities for decentralized lending, borrowing, and trading, while NFTs have revolutionized digital ownership and provenance.
Overall, the continued development and adoption of blockchain technology in various industries suggest that it will remain relevant in 2023 and beyond.
What is the future of blockchain?
The future of the blockchain is primarily an investment of hundreds of billions of dollars. What’s to come? There’s always new technology in blockchain, however, we believe that the future lies in mass adoption by enterprises, metaverse development, and the emergence of alternative financial assets like CBDC.
What’s new with blockchain?
Recent blockchain development trends in 2022 include the emergence of eco-friendly blockchain networks, the rise of NFTs, and more blockchain applications among non-crypto companies. One of the factors influencing businesses to adopt blockchain is the COVID-19 pandemic.
How is blockchain used in finance?
In FinTech, blockchain technology is used to create digital currencies and tokenize assets, verify the identity of users, ensure the security of storage and data exchange, or process payments. Smart contracts are among the most prominent blockchain-based technologies in the finance field.
Can Softermii apply blockchain technology trends to my digital product?
Yes, because our team has already dealt with blockchain projects. In particular, we developed the web-based cryptocurrency exchange Extobit. We split the backend into isolated applications to increase security and implemented a cloud infrastructure so that platform could withstand heavy loads.
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