Road to Success

Introduction

Over time, blockchain technology has been widely recognised for its ability to disrupt or revolutionise several industries through transparent and secure data, asset storage and transfer. It is used in numerous applications including that of financial services, healthcare, supply chain management as well as government. As technology continues to evolve, the forthcoming years are expected to usher in new trends and innovations for the blockchain industry. 

Some of the trends that are expected to dominate the blockchain sector in the coming year are explained in the below paragraphs: 

1. Increased adoption of blockchain by enterprises 

The first and the most significant trend that is expected to dominate the sector is an increased adoption of blockchain by most enterprises. 

Regulatory bodies and governments across the globe have started exploring blockchain for its secure and transparent tracking. So it is highly likely that we will witness further adoption of the technology in this domain in the near future. 

2. Private blockchain adoption will see a rise 

While public blockchains are on the rise, going forward we will witness a surge in private blockchain adoption. This will allow organisations more control over existing enterprise data while maintaining the capability to validate and verify transactions. Now, since private blockchains have lesser nodes than their public counterparts they can scale much faster and have higher transactions throughout. It can make them more practical for specific use cases, such as supply chain management or cross-border payments.

3. Asset Tokenization will witness a rise 

It is expected that certain industries such as healthcare and finance might opt for private blockchains in the forthcoming years due to the need for increased privacy and security. 

Tokenization powered by blockchain allows businesses and retail users to convert assets including real estate portfolios and art pieces into digital tokens. This increases the liquidity of otherwise illiquid assets allowing owners to sell tokens through secondary markets. This improves the accessibility of investors to previously unavailable assets and offers opportunities for portfolio diversification. Further, smart contracts automate token transactions and increase transactional transparency, offering a single source of truth. Consequently, tokenization enables all stakeholders to verify their holdings and ensure fair practices.

4. Emergence of more blockchain based cryptocurrencies

While bitcoin happens to be the most popular cryptocurrency for years now, we can expect more blockchain based cryptocurrencies to emerge in 2023. As of November 2022, there exists more than 20,000 types of cryptocurrencies. These new assets are likely to provide better liquidity and offer investors more opportunities to diversify their portfolio across multiple blockchain based currencies. 

5. Government Sectors to implement blockchain 

The government sector is also geared up to implement blockchain in 2023 to ensure better functioning of sectors and industries. By now, blockchain is a network of secure and non-malleable data interlaced as a public ledger. So, it is just right to incorporate this breakthrough into government processes. Sometimes government agencies take a lot of time using old-fashioned systems to perform tedious tasks. As we step into 2023, governments worldwide should start looking into blockchain technology to expand its prominence. We can expect governments to use blockchain for a range of applications. 

6. Emergence of Private Blockchain and Blockchain Security 

Going forward 2023 will also witness emergence of private blockchain and blockchain security. Private blockchains are the ones that are owned primarily by businesses and organisations. Private blockchains feature centralized authorities that decide user accessibility for the networks. Moreover, each node in private blockchains holds a copy of the entire blockchain and the owner is able to reverse or delete transactions. This allows businesses to achieve better control over enterprise data. 

Startup blockchain security is something that the sector will get to see in 2023. Blockchain’s primary applications is found in investment vehicles and financial transaction. Blockchain’s primary applications happen to be in financial transactions and as investment vehicles. Further, privacy and data integrity are crucial for all blockchain networks as organisations and users transition to more blockchain-centric workflows. To ensure the safety of such networks develop blockchain security solutions. They implement advanced analytics and artificial intelligence to monitor smart contracts as well as transactions to identify discrepancies. 

The Final Words 

The above-mentioned trends indicate that blockchain as a technology is not only here to stay, but also grow in leaps and bounds. With its developments and breakthroughs this technology will continue to become an integral part of our lives.

The author is CEO, Quarks Technosoft

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