Cryptocurrencies invited global recognition for blockchain technology. However, the potential of blockchain technology has offered the scope for building many other prominent applications. Interestingly, every new blockchain trend garners media attention owing to the possibilities for new improvements with blockchain technology.
Blockchain technology has served as the ground for the development of many innovative technologies such as NFTs, metaverse, DeFi, and web3 use cases. As the world steps into 2023 with expectations of new possibilities in blockchain, it is important to look at notable predictions about blockchain. Let us take a look at the details of some emerging applications of blockchain which would most likely dominate 2023.
Top Blockchain Technology Trends Expected in 2023
Blockchain technology could contribute around $1.76 trillion to the global economy by 2030. The blockchain technology trend revolutionized financial transactions and subsequently introduced a decentralized exchange of information. Then smart contracts arrived and offered the foundations for building almost any application on blockchain networks. Which new applications of blockchain would gain popularity in 2023? Here are the top ten answers to the question.
- Web3 Gaming
The first highlight among upcoming blockchain technologies would point at web3 games. Play-to-earn games have dominated the GameFi landscape with opportunities for financial rewards in return for participating in games. However, 2023 may spell new changes with the arrival of the Play-and-Earn model in GameFi.
The list of blockchain predictions for 2023 is incomplete without referring to metaverse technology. It is the future of internet experiences and aims to bring shared, persistent and decentralized access to 3D virtual environments.
Decentralized finance, or DeFi, would uncover new avenues for transformation of financial services in 2023. DeFi would serve as a critical aspect in the future of blockchain technology with more innovative use cases, such as credit scoring.
4. Layer 2 Solutions
The burden of dApps on blockchain networks has created problems of scalability. On top of it, blockchain networks could not communicate with each other. Therefore, the future of blockchain in 2023 would revolve around the growth of layer 2 solutions such as Polygon, Arbitrum, and Optimism.
5. Non-Fungible Tokens
The introduction of NFTs created a massive trend in the blockchain industry in 2021. As NFTs struggle to maintain their dominance in 2023, utility NFTs may emerge as a promising blockchain trend with diverse value-based benefits.
6. Blockchain Social Media
The concerns regarding the usage of social media and centralized control of tech giants have fuelled the plans for creating blockchain-based social media networks. With the advantages of decentralization, users wouldn’t have to worry about unwarranted use of their sensitive information.
7. Blockchain and IoT
The centralized structure of existing IoT systems shows the path to another blockchain technology trend that can resolve their vulnerabilities. Blockchain could offer a substantial boost to IoT security through transparency and decentralization. On top of it, immutability of blockchain networks can also ensure better security of IoT data.
8. Blockchain and AI
The global expenses on AI solutions would amount to almost $57 billion in 2023. Interestingly, some of the upcoming blockchain technologies would help businesses transition to AI. The blockchain and AI combination could improve the prospects for better decision-making and powerful smart computing power.
9. Regenerative Finance
Another prominent prediction for blockchain in 2023 points to regenerative finance or ReFi. Regenerative finance focuses on the use of blockchain technology to create a positive impact on the environment through resolution of systematic issues. For example, ReFi can play a vital role in addressing climate change concerns.
10. More dApps
The final prediction about the future of blockchain technology in 2023 would refer to the possibility of introducing more dApps. Blockchain technology offers significant value advantages for transforming conventional business processes with dApps. As more businesses recognize the potential of blockchain technology, dApps could become a necessity.
The outline of the top blockchain predictions for 2023 showcases the prospects for the growth of many new technologies and applications. Some of the top highlights among blockchain technologies in 2023 would be web3 gaming, metaverse, DeFi, and NFTs. The other notable blockchain technologies that would make a mark in 2023 include layer 2 networks and the combination of blockchain and IoT. Learn more about new developments in the field of blockchain technology with professional blockchain certifications, courses, and learning resources now.