10 Hottest Blockchain Trends to Watch for in 2023
The blockchain industry is rapidly expanding, offering innovators a new way to tackle market issues and challenges. Even though there are some things that will always be here, such as the impact blockchain technology has and ways it can boost processes, the market develops rapidly, so many trends are sure to appear.
Blockchain has been here for years. But since 2019, this technology is becoming a more and more popular choice for organizations in various fields. The blockchain ledger is now used in many ways and for different purposes, like securing patients’ data, boosting transaction speed, preventing digital fraud, and so on.
According to Statista, the global blockchain technology market was estimated at 5.85 billion U.S. dollars last year. The same source predicts that the market will reach 1,235.71 billion U.S. dollars by 2030, representing a compound annual growth rate of 82.8 percent.
Companies all across the world are looking for new ways to use blockchain technology in their business, so they must follow trends that are appearing in this space. Knowing how the market develops can offer many opportunities for organizations to leverage blockchain and benefit from being early adopters.
So what should you watch for in the blockchain market in 2023? Let’s explore the 10 hottest blockchain trends that might influence its future direction.
Blockchain Trends 2023
1. Business Model Innovation
The key idea behind a blockchain being a business model is pretty simple: if you can earn money, using a blockchain business model allows you to make more of it. To put it simply, the goal of the blockchain business model is to use distributed technology as an excellent way to generate a profit by reducing overhead and boosting efficiency.
First of all, you need to consider who benefits from using a blockchain-based network. The answer is consumers and businesses alike. One of the biggest benefits of using a blockchain business model is that you will reduce the need for middlemen from the value chain. Since these middlemen are usually extremely costly, cutting them out allows you to gain at least their profit from performing transactions.
Alongside blockchain market development and growth, we also see lots of NFT trends arriving in the market. Experts say that blockchain technology ledger is so popular today it allows for digitally unique assets to be built. As a result, the technology has already allowed many startups specializing in tokenizing assets to reach the market and succeed.
Tokenization is the process where you can turn items, like real estate property, into a NFT token, known as real estate tokenization. This process allows any high-value property to be tokenized and used for exchange. This shift from cryptocurrency to real-based digital assets seems to be crucial for small to medium organizations since it grants them wider market access.
Even though there is lots of work that should be done in this space to fully establish itself on the market, experts already see the great opportunity in this field. Since there are many assets that can be tokenized with Blockchain tech, we believe that we will see increased use of tokenization in upcoming years.
3. Supply Chain Transparency
Modern consumers prefer to know where their food, products, and other consumer goods come from. Since people now want to know the manufacturer before buying something, offering an opportunity to trace where those products came from can boost sales.
That is where blockchain transparency comes into the picture. This technology and its benefits make it easy for both manufacturers and producers to prove the origin of the product and how it came to clients – from the farm to their table. When used wisely, blockchain technology can help develop a trusted system between businesses and consumers by delivering transparency and information-driven decisions.
There is also a trend in tokens designed to fight the volatility issues of Bitcoin. The trend blends most cryptocurrency benefits (security, privacy speed, transparency, etc.) with the reliability and stability of fiat money. Stablecoins are a new hype as they are not affected by market conditions and have a stable price since they are backed by fiat money.
Now the market offers several types of stablecoins, known as:
5. Data Marketplaces
The increasing use and popularity of AI require a lot of quality data that could be challenging to obtain. In order to fully satisfy this need, the tech market is proposing the next concept known as the “data marketplace’, which is a blockchain-based platform where people can sell their personal data.
One of the key blockchain features is that the information cannot be deleted or altered from the network. This makes blockchain networks and their environment highly secure and able to reduce leak risks and other privacy violations. For example, CyberVein became one of the first startups devoted to the idea of a data marketplace, but the idea seems promising and profitable enough to expect more interest in such projects.
6. Converging with the Internet of Things
According to the latest research, the number of IoT devices will reach 28.5 billion in the following three years. Even though IoT devices are incredibly popular and used in various fields today, the technology is still new and faces certain challenges related to security and data assurance.
As a result, blockchain can greatly help with reducing these issues. This technology can help eliminate these challenges by creating a secure framework to exchange data between IoT devices. In addition, an IoT-powered blockchain is believed to improve consumer data management, giving users more control over the data they share.
7. NFTs Focus On Real-World Utility
There is a huge interest in crypto games and crypto collectibles with the adoption of non-fungible tokens (NFTs). This new class of assets has been a shift in the way these digital assets can be used.
As a result, non-fungible tokens (NFTs) are now focused on real-world utility, offering a more sustainable way for them to exist and expand on the market. There are many blockchain-based platforms that allow gamers to trade their crypto assets on third-party markets.
In addition, some organizations have started offering digital certificates that prove ownership of tokens. And these certificates can now be easily stored securely on blockchain technology and traded using smart contracts or digital wallets when required. The trend’s future looks promising since most organizations already have plans to integrate it into their services.
8. Blockchain with Artificial Intelligence
Blockchain technology can be used for many purposes. Its benefits and uses are growing over time, and one of the key applications is artificial intelligence. Also known as AI, this technology is also becoming incredibly popular in different fields. AI also helps to make some decisions regarding blockchain technology, like which transactions are fraudulent or what information should be stored on a specific node.
AI has been shown to speed up blockchain networks and boost their efficiency, allowing them to handle more data than before. The combination of blockchain and AI can also lead to boosted security posture, reducing the number of attacks.
9. The Maturing of the DeFi Ecosystem
Decentralized Finances (DeFi) are popular today and will remain relevant in 2023. Being a new type of decentralized financial system, it is made up of open-source protocols, smart contracts as well as apps that boost the liquidity of digital assets and allow for the development of decentralized finance applications (dApps).
While DeFi has been here for years now, maturing of this ecosystem is believed to attract more users from all over the world. And this can lead to higher liquidity, easier market access, and increased customer usability. We will also probably see the appearance of new projects which have been waiting for the time when DeFi is more user-friendly.
10. The New World of Marketing and Retail
Metaverse exists thanks to blockchain and NFT presence and popularity. And that space will also see lots of changes in 2023. One of the key metaverse trends is a new world of marketing. Metaverse space offers many opportunities for businesses to create digital assets that can also bring new revenue streams.
For example, companies like Gucci and Nike are also developing accessories for avatars that can be bought using cryptocurrencies. This avatar market is growing at an immense speed as many Metaverse users are looking for brand-new ways to showcase their personalities online.
How Can Interexy Help?
Interexy is currently the leading Blockchain development company in Dubai & Miami. Since we know how crucial it is to follow and know blockchain future trends to stay relevant and offer clients the best services, we use the latest technologies and research the market constantly.
We have an entire team of developers and designers who have in-depth expertise in the industry and always improve their skills. This helps us to deliver top-notch blockchain development services that cover the unique needs of our clients.
Being also experienced in NFT development services, we offer clients an opportunity to boost their projects with the latest technologies and tools, reach the most flourishing market, and target a vast audience.
We all know that blockchain is the ultimate choice for many organizations today. That is because the industry is evolving rapidly and offering new ways for organizations to operate in the modern market. However, the industry requires businesses to stay informed about trends in blockchain to stay relevant and reap all the benefits offered by this technology. Book a call with our experts to share your blockchain development idea and explore how we can help you!
What are Top Future blockchain trends 2023?
There are many blockchain trends that we should wait for in 2023. These include tokenization, Metaverse development, the maturing of the DeFi system, data marketplaces and so on.
What is the new trend about metaverse?
One of the hottest trends in Metaverse is new marketing that will appear next year. Companies will be able to promote their products in a completely new and highly profitable world.