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10 Blockchain Trends to Watch in 2023

Published On : April 2, 2023 Category(s) : Blockchain

The world of blockchain is rapidly expanding, granting innovators new ways to tackle current problems and challenges. While there’ll always be things that remain the same — such as the impact this technology can have, and the ways it can reshape our world — there are also new blockchain trends in 2023 that are sure to appear.

It’s only natural that with time, the more public becomes accustomed to blockchain and its various applications. In a way, this means that in the future we’re likely to see less groundbreaking uses of this technology, but also an increase in general acceptance of its existence. At this point, you might be wondering what all of this means for you. After all, blockchain trends in 2023 will impact you no matter who you are as an individual or how you use blockchain moving forward.  
 So what should we expect from blockchain in 2023? Let’s take a look at 10 key trends that might influence its future direction.

Blockchain Trends in 2023

These are the top 10 Blockchain trends in 2023 according to the top blockchain development companies that will shape the future of this emerging technology. Although many experts agree that Bitcoin has failed as a viable currency, it has shown promise as a new technology called Blockchain by its creator Satoshi Nakamoto.

1) Business model innovation

The idea behind a blockchain business model is fairly simple: if you can make money, then a blockchain business model can help you make more of it. In other words, a blockchain business model aims to use distributed ledger technology as a way to generate profit by reducing overhead and increasing efficiency. 

To understand how it works, consider who stands to benefit from using a blockchain-based network: both businesses and consumers alike. One of the biggest incentives for implementing your blockchain-based solution is that your system will likely be able to eliminate middlemen from its value chain. And those middlemen are typically extremely profitable, so cutting them out means you stand to gain at least some profit from those transactions.

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2) Tokenization & non-fungible assets

Blockchain trends in 2023: Blockchain tech according to blockchain development companies is incredibly unique because it allows for tokens—read: digitally unique assets—to be built. It’s already leading to new startups specializing in tokenizing assets such as real estate, art, or equity/stock options. 

There’s still a lot of work that needs to be done when it comes to establishing standards and protocols for creating these kinds of digital assets, but we’re already starting to see people turn tokenization into businesses. 

Since so many different kinds of assets can be tokenized with Blockchain tech, we expect we’ll continue seeing new services and companies that create value by simplifying and accelerating financial transactions involving them.

3) Supply Chain Transparency

In a digitally connected world, consumers expect to know where their food and other consumer goods come from. It’s been shown that consumers will pay more for certain products if they can trace where those products came from. 

The transparency of blockchain technology makes it easy for producers and manufacturers to prove where a product is coming from—from farm to table, so to speak. When applied correctly, blockchain can help create a system of trust between businesses and consumers by delivering better-informed purchasing decisions.

4) Identity Management

2020 is shaping up to be a big year for blockchain technology. From banks trialing their blockchains, to some form of identification system being developed by Estonia, the technology seems on track for some significant adoption over the next few years. As blockchain grows more popular, another challenge will surface identity management. With corporations and even governments seeking the adoption of private blockchains, that issue will present itself soon enough. Anyone reading about these trends must keep an eye out for any developments around managing our identities on public blockchains.

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5) eCommerce payment services

While credit card companies will continue to advance their products and services, eCommerce platforms such as Shopify and Bigcommerce will begin handling payments. They’ll no longer rely on 3rd party providers like PayPal or Square for payment processing. Instead, they’ll build their blockchain-based payment processing systems. These platforms are already looking at Ripple’s XRP token as a possible solution. 

By handling payments, these sites can focus on what they do best – which is connecting customers with merchants. It’s also worth mentioning that both of these platforms offer non-crypto-based payment solutions today, so it makes sense for them to have their native crypto solution in place if/when crypto becomes popular with shoppers.

6) Media Validation

Blockchain trends in 2023: Blockchain has a ton of interesting use cases, and investors and others in the space need to watch what other industries are doing with blockchain. From supply chain management to medical records storage, there are dozens of potential applications. 

One area that deserves special attention is media validation. In our current digital ecosystem, it’s very easy for fake news or viral clickbait stories to spread around quickly—and become fact without much research done by readers. 

Blockchain technology could help publishers validate reader data so that there is a strong disincentive against publishing inaccurate information online—because a publisher would be responsible for any damage caused by their content being shared widely across social media or other channels.

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7) Digital Capital Asset Management

Blockchain technology has its uses—one that’s being explored more frequently is asset management. This refers to any type of investment, but especially shares in businesses. Blockchain technology allows an owner of a business to buy and sell their shares on secondary markets by tokenizing them. 

For example, if you own 5% of the Facebook stock, you can use blockchain technology to do things like issue new stock or transfer your ownership rights through smart contracts. Digital Capital Asset Management will be huge over the next few years, so start working on your education today!

8) Payment Processing & Financial Services

Many blockchain development companies and companies using blockchain believed that blockchain is transforming how people make payments, but it’s also impacting companies that perform payment-related services. According to Forrester, By 2023, 10% of U.S. financial firms will have suffered significant revenue loss to challenger banks and fintech because they failed to implement blockchain-based solutions or proactively invest in evolving their offerings. 

Blockchain offers an open platform for all types of participants—from consumers and merchants to startups and established brands—to transfer money securely. As adoption grows among enterprise users, companies will need platforms that can handle highly sensitive financial data across a large network of independent computers without compromising security.

9) Currency Remittance

Smart contracts and execution platforms like Stellar and Qtum will continue to thrive. These systems, which let you program if-then rules for transactions, will become more secure and easier to use than current systems. 

This will allow businesses and individual developers to create new kinds of digital tools that use blockchain technology. Developers will flock to these platforms because they’ll be easier than ever before.

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10) Smart Contracts & Execution Platforms

Blockchain trends in 2023: Smart contracts are one of blockchain’s most powerful features and are used by many blockchain development companies, but they’re also one of its least understood. For starters, let’s define smart contracts. A smart contract is a self-executing piece of code that lives on top of a blockchain, allowing users to directly transact with each other without an intermediary. 

These contracts are smart because they’re backed by specific details—if X happens, then do Y—and can be audited by anyone on the network at any time. This level of transparency gives everyone involved greater peace of mind and allows for true peer-to-peer interactions instead of dealing with ambiguous terms and conditions offered by third parties. The biggest problem standing in smart contracts’ way is how little people know about them. 

What are 5 future blockchain applications?

Blockchain technology has evolved significantly since its inception and continues to show promise as a transformative force across many industries. Here are five potential future blockchain applications: 

• Decentralized Finance (DeFi): DeFi is a financial system built on blockchain technology that aims to create a more open, transparent, and accessible financial ecosystem. With DeFi, individuals can access financial services without intermediaries such as banks, enabling a peer-to-peer system that provides greater financial autonomy. 
• Supply Chain Management: Blockchain can be used to create a transparent and tamper-proof supply chain management system. This would enable participants in the supply chain to track the movement of goods from production to delivery, providing greater transparency and traceability. 
• Digital Identity Management: Blockchain can provide a secure, decentralized, and tamper-proof way of managing digital identities. With blockchain-based identity management systems, individuals would have greater control over their personal data, which could improve security and reduce identity fraud. 
• Voting Systems: Blockchain can be used to create secure and transparent voting systems. This would enable citizens to vote remotely, reducing the need for physical polling stations and improving voter participation. 
• Energy Trading: Blockchain can be used to create a peer-to-peer energy trading system that allows individuals and organizations to trade renewable energy directly. This could enable a more decentralized and democratic energy system, reducing the dependence on centralized energy providers. 

These are just a few of the many potential blockchain applications. As blockchain technology continues to evolve and become more widely adopted, we can expect to see many new and innovative use cases emerge.

Frequently Asked Questions (FAQs)

What are the top 3 Blockchains?

R3 Corda, Hyperledger, and Ethereum are the top three blockchain frameworks currently.

What blockchain has the most potential?

Ethereum

What is the fastest blockchain in the world?

Tectum is the world’s fastest blockchain. It is a payment system that allows users to transfer ownership of bitcoin in a lightning-fast manner while incurring minimum fees and maintaining high levels of security.

Conclusion

Technology can be difficult to predict, especially when it comes to trends that are several years out. However, looking at what’s happening now gives us a clue as to where we might be beheaded. Over time, innovations—like blockchain—become more mainstream and advance in sophistication. 

The blockchain is nothing more than a database argument that will fall by the wayside as people become more familiar with how it works and its benefits over current technologies. By tracking technology trends carefully now, you can see which blockchain development companies are most likely to materialize into something useful down the road—and then develop your business accordingly.