Web 3.0, the newer face of the internet is based on blockchain technology and also aces the list of top blockchain market trends in the year 2023. Initially recognized with the advent of cryptocurrency, the global market now realized its several other applications throwing enough limelight on its offerings like decentralization, freedom, security, transparency, and others.
Blockchain-based companies do not function on the SaaS model but their products and services operate on what is known as dApps or decentralized apps. These apps mostly cover three categories namely blockchain gaming, DeFi, and marketplaces (open to every trading platform and online marketplace).
Trends emerging from blockchain technology are believed to transform the existing global market landscape and it is not surprising to say that it will touch a growth of $164 billion in the year 2029!
Blockchain has come far beyond functioning only for cryptocurrencies, and different industries like eCommerce, supply chain, finance, etc have found its application useful.
Let us now take a look at the top growing trends of blockchain technology for the present year.
CBDC- CBDCs or Central Bank Digital Currencies are digital currencies authorized by central banks. Its adoption is disrupting the traditional system of finance and eighty-seven countries have already shown interest in it.
What mostly attracts people to these digital currencies is their cost-effectiveness and lower transaction fees.
Social networking- The use of blockchain on social networks offers solutions to issues like data theft, privacy, authenticity, ownership, etc.
E-commerce- We cannot go without mentioning the effect blockchain technology has on revolutionizing virtual e-commerce. From protecting user data, and improving supply chain management to keeping a record of consumer’s gift card spending, this tech is a boon and helps the growth of social networks.
Finance and Banking- Blockchain is the future of finance as decentralization helps in securing money in digital wallets through smart contracts.
Adoption by companies- Integration of blockchain on several enterprises is among the top emerging trends of 2023. The improved security, transparency, and protection for online frauds act as a significant leverage to companies leading to its adoption by many.
Decentralized Autonomous Organizations- DAOs and their decentralized nature cuts down on tax liability and allow countries to partner for the launch of multinational corporations without the burden of bureaucracy.
Blockchain gaming- A large part of the gaming audience worldwide is attracted to the concept of play-to-earn gaming models. It has gained popularity for participation in virtual games leads to rewards in the form of high-value digital tokens.
Is this the future?
The evolution of existing trends for the year 2023 with respect to non-fungible tokens, metaverse, web3 platforms, and e-commerce is vivid proof that Blockchain is here to stay. It has impacted technological evolution to date and is believed to bring in further positive developments in the near future.
