The technology behind blockchain has effectively matured despite experiencing many ups and downs over its rocky journey. Today, blockchain is becoming more popular in business, not because of cryptocurrencies but because of its speed and security for online transactions. There are more than 200 crypto exchanges worldwide thanks to cryptocurrency’s strong momentum in the new digital economy.
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Many businesspeople have been motivated to use blockchains by emerging technologies like Web3, 5G, the Internet of Things (IoT), and Industry 4.0. Investors also follow the trend since they believe this area has profit potential. Given the intense interest in developing blockchain-based apps from healthcare, real estate, fintech, and more, it is unsurprising that the creation of blockchain apps is surging. The potential of blockchain technology in the future is even more tremendous for startups and SMEs.
This article will discuss the top blockchain trends worth watching in 2023. But before digging deep into the topic, let’s first understand what blockchain means.
Understanding Blockchain Technology
Blockchain is a technique for storing data that makes it difficult or impossible for the system to be altered, hacked, or otherwise abused. A blockchain is a distributed ledger that distributes and copies transactions among a network of computers.
Blockchain technology is a framework for storing public transactional records (sometimes called “blocks”) across multiple databases in a network connected by peer-to-peer nodes. This type of storage is frequently referred to as a “digital ledger.” Every transaction in this ledger is validated and protected against fraud by the owner’s digital signature, which also serves to authenticate the transaction. As a result, the data in the digital ledger allows for keeping your crypto safe.
The digital ledger can be described as a network of computers sharing a Google spreadsheet where transactional data are kept according to actual purchases. The intriguing aspect is that while everyone may view the data, no one can alter it.
Latest Blockchain Trends to Look Out For In 2023
Real Estate
Another area with promise for more innovation in Asia is using smart contracts with blockchain to ease digital transactions. Our new standard’s volume of real estate transactions is declining due to less travel and social engagement. As a result, developers, brokers, agencies, banks, and mortgage lenders need to push as many digital transactions as possible.
In the future, purchasing and selling a property will soon be as simple as online shopping, with the latest NFT trends, blockchain technology, and AI assisting in making property transactions more efficient.
E-commerce
Blockchain technology has seen active adoption in the e-commerce sector. These developments safeguard client data, help improve supply chain management and pave the way for Digital user identification.
The Fluz app is an illustration of a blockchain use case in eCommerce. It is a platform that lets customers get cash back for purchases made at their preferred retailers. This business uses blockchain to track the use of gift cards and the expansion of its social networks.
Healthcare
In the healthcare industry, data privacy is vital. Blockchain technology is, therefore, highly sought after in this country. But there are other blockchain trends in healthcare besides the security of medical records. Additionally, cryptocurrency technology aids in the establishment of drug supply chains.
The healthcare industry may use blockchain to confirm the educational qualifications of medical professionals. Although this approach hasn’t yet gained much popularity, the American business ProCredEx has already introduced a service based on the R3 Corda blockchain protocol.
Fintech
The industry that blockchain technology has affected the most is the financial one. The creation of digital currencies and the tokenization of assets are two recent phenomena. Data security and the deployment of smart contracts are two more common applications.
The traditional financial system could be completely transformed by blockchain. Peer-to-peer networks and the blockchain will make financial transactions transparent and eliminate the need for intermediaries, resulting in a considerable boost in transfer speed.
NFT Emergence
NFTs, also known as non-fungible tokens, began to gain popularity in 2021. These tokens will continue to be helpful in the future. They have developed a way for artists to sell their digital works in return for enormous sums of money at auctions. Among other places, the gaming and fashion industries have embraced this new Bitcoin craze. Dolce & Gabbana brand, for example, has set a record of $6 million for selling their NFT collection.
Metaverse
One of the most recent trends in crypto is this. Metaverse should develop into a virtual environment that offers its users extraordinary online experiences. Of course, blockchain technology is essential for this world to function. Therefore, blockchain technology will continue to be advantageous the more well-known the metaverse becomes.
Blockchain Regulations To Look Out For
- Investor protection
- Bank Secrecy Act
- Anti-tip-off statutes
- Laws against unlicensed money transmitting apply explicitly to digital asset service providers, which include digital asset exchanges and non-fungible token (NFT) platforms.
- Finance risk assessment on decentralized finance
- Assessment of non-fungible tokens
- Implement a central bank digital currency (CBDC) or a digital form of the U.S. dollar.
Wrapping Up
It is appropriate to point out that blockchain trends over the past years are replete with technological developments and give us a peek into the future. These trends are a reflection of the evolving business needs and rising complexity. It will be interesting to see how blockchain technology develops in 2023.
