Emerging trends in blockchain technology promise greater decentralization, greater data security, and more freedom online. The market is also experiencing unprecedented expansion: from $17.57 billion in 2023, forecasts indicate it could rise to $469.49 billion by 2030.
While many still associate blockchain technology primarily with cryptocurrencies, its applications now extend to various industries. Established and emerging blockchain trends have found roles in e-commerce, finance, healthcare, transportation, supply chain management, and more.
How is the Blockchain Technology Market Growing?
This technology awaits further investments worth hundreds of billions of dollars. The blockchain market is projected to grow at an average annual rate of 59.9% between 2023 and 2030.
Another encouraging news is that the European Union has made multi-million dollar investments in blockchain technology.
Since blockchain technology is still the most popular in the financial services industry (FSI), we suggest looking at the most common use cases. Most financial institutions use blockchain technology as the basis for launching digital currencies, but the technology is also used for secure data exchange and digital identification.
Top 9 Growing Trends in Blockchain Technology by 2024
Blockchain goes beyond being the backbone of cryptocurrencies such as Bitcoin. You can also use this innovation for other purposes. So, let’s take a look at the main trends of blockchain technology in 2024.
Central Bank Digital Currencies (CBDC)
One of the latest trends in blockchain technology is the adoption of digital currencies by central banks in various countries. This trend implies that banks will create digital currencies similar to paper money.
According to recent statistics, 130 countries have already shown interest in CBDC. The following factors influence this interest: virtual money is more profitable than cash, central bank digital currencies offer lower transaction fees, and digital currencies can promote financial inclusion.
NFT boom
Non-fungible tokens, or NFTs, are starting to gain momentum in 2021. These tokens will also remain relevant in the future and among popular trends in the blockchain industry. It has become a way for artists to earn large sums of money at auctions by offering their digital artwork in exchange.
This emerging trend has been embraced by the gaming, fashion, and art sectors. Consider, for example, that digital artist Buck’s Merge collection sold for more than $90 million in 2021. In 2024, it remains the most expensive NFT artwork ever sold.
Metaverse
The Metaverse should become a virtual world that provides its users with unforgettable digital experiences. And of course, this world cannot exist without blockchain technology. Therefore, the more popular the metaverse becomes, the more important this technology remains.
Blockchain as a Service (BaaS)
BaaS is one of the top blockchain technology trends for 2024. Companies such as Microsoft and Amazon have already put this into practice. Blockchain-as-a-service will be a cloud service where users will be able to create digital products using blockchain fundamentals.
For example, Cello is a platform consisting of tools and applications that make it easy to create blockchain-based digital products.
Blockchain to improve social networks
In 2023, there were about 4.94 billion social media users around the world. The use of blockchain in social networks will help solve inherent problems such as privacy violations, data control, or content authenticity. That is why this technology has become a future trend in social networking.
Blockchain in e-commerce
The e-commerce industry is actively involved in blockchain technologies. These advancements enhance supply chain management while ensuring the protection of customer data. Another trend of blockchain technology in e-commerce is the digital identification of users.
One example of recent developments in blockchain technology in e-commerce is the Fluz app. It is a platform that allows users to get cashback for purchases at their favorite stores. Blockchain technology helps this company track gift card spending and the growth of its social networks.
Blockchain in the real estate sector
Current trends in real estate leveraging blockchain technology encompass a range of applications, including the identification of investors and tenants, as well as the management of assets and properties. With this innovation in blockchain technology, companies can increase access to data and ensure its transparency, enhancing the efficiency of business processes by automating them.
Blockchain in Financial Technology
The financial industry is the sector that has been most significantly impacted by blockchain technology. Recent trends include asset tokenization and the launch of digital currencies. But notable applications also include data security and the use of smart contracts.
Blockchain has every opportunity to revolutionize the traditional financial system. Transactions will not require intermediaries thanks to peer-to-peer networks, the speed of transfers will increase significantly and blockchain technology will ensure the transparency of financial operations.
Blockchain in healthcare
Data protection is crucial in healthcare. This is the reason why blockchain technology is in such high demand here. But medical records security is not the only blockchain trend in the healthcare sector. This technology also helps create pharmaceutical supply chains.
Blockchain technology can also verify the educational qualifications of healthcare professionals. For example, the American company ProCredEx launched such a service based on the R3 Corda blockchain protocol.
Is blockchain the future?
Blockchain technology remains a crucial component of the next technological revolution due to its many advantages. Its uses have broadened beyond cryptocurrencies and are now widespread in sectors such as healthcare, publishing, insurance, and various others.
The emergence of green initiatives, the benefits of NFT platform development, and transformation are among the biggest blockchain trends of 2024 and future trends of blockchain technology. These developments mean that blockchain technology is here to stay.
The integration of innovative tools such as digital assets, enterprise blockchains, and quantum computing into related industries has the potential to transform today’s technological world. If you are looking for ways to adapt blockchain technology to your business, you need to find a trusted partner with experience in the latest technologies.
Final thoughts
The blockchain industry is growing at an incredible pace, with applications now extending far beyond cryptocurrencies. Healthcare, fintech, e-commerce, supply chain management and real estate companies are harnessing its potential.
The immutable and transparent nature of blockchain improves workflow as well as builds trust. Companies value these capabilities in areas such as data reliability and cybersecurity.
Some of the biggest emerging blockchain trends include the rise of green initiatives, the rapid growth of NFTs, the expansion of the metaverse, and the rise of the blockchain-as-a-service model.
If you want to build a blockchain-based solution, the Dotechtalk team has the skills and experience to turn ideas into reality. Contact us to discuss how we can help transform your business with the latest blockchain trends.
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