Top Blockchain Technology Trends for Businesses to Watch in 2024

March 3, 2024 head Image

Introduction

Blockchain technology has taken the corporate world by storm in recent years. Soon after entering the market in 2009, this technology brought radical changes in the financial market. Introduction of cryptocurrency and smart contracts are blockchain-based innovations. As technology evolves, blockchain app development can open new doors of opportunities for the corporate world.

In this post, we will see the top blockchain technology trends that can change the future of businesses in the year 2024 and beyond. Let’s start with the introduction of blockchain technology.

What is Blockchain Technology?

It is an advanced mechanism that enables users to share information in the secure and transparency way within a business network. The blockchain database has blocks, linked in a chain, that store data. It is impossible to delete or modify the chain without consensus from the network. This characteristic makes the blockchain an unalterable or immutable ledger. It is useful for tracking orders, payments, and secure online transactions irrespective of the scale and industry sector.

Image Source: Statista Report

As per the Statista report, global spending on blockchain apps and other solutions will reach around 19 billion USD by 2024. It shows the widespread adoption of this revolutionary technology across different industry sectors. As a secure and decentralized framework, blockchain can bring transparency and agility in various business processes. Let’s dig deep into various trends that will reshape the future of modern businesses.

Top Blockchain Trends to Watch Out in 2024

Blockchain development trends will redefine business processes and pave the way for decentralized workflows. Here are the top trends of blockchain technology that will change the shape of modern businesses-

1. Rise of DeFi (Decentralized Finance)

Cryptocurrency touches new heights of popularity across the world. As more financial institutions and banks will embrace it, we will see the rise in this blockchain-based decentralized finance (DeFi). As per the global market report for blockchain in banking and financial services, the blockchain’s market has grown from USD 1.89 billion in 2022 to USD 3.07 billion in 2023. This shows growing interest of the BFSI sector in decentralized finance services.

2. Combination with AI

AI and ML can make future predictions and perform complex tasks with the help of algorithms. AI can understand biometric information including facial recognition with excellent accuracy. When we link the AI system with a blockchain-based identity, the authentication system becomes almost foolproof. Healthcare , fintech , eCommerce and other industry sectors will get the benefits from this combination of AI and blockchain.

3. Insurance in Cryptocurrency

This is a relatively new trend but has drawn a significant attention globally. Many crypto retailers buy an insurance with an aim to protecting the user’s coins stored in crypto wallets. Blockchain is highly secure yet remains vulnerable to financial losses like hacks and theft when it comes to trading cryptocurrency. Here, insurance can protect such transactions and cryptocurrency to an extent. This concept may become a game-changer in years to come.

4. BaaS (Blockchain-as-a-Service)

As a cloud-based infrastructure, Blockchain-as-a-Service enables corporate users to leverage blockchain app solutions. It acts as a cloud-driven service that facilitates corporate users in making digital products based on the fundamentals of blockchain. Some technology giants including Microsoft and Amazon have already started implementing blockchain-as-a-service. This can be a major trend in coming years as more companies will utilize blockchain as a development tool.

5. Metaverse

It is a new, virtual world that offers unforgettable digital and visually rich experiences to its users. Based on blockchain, metaverse is a promising trend and we can expect that its popularity will keep increasing over the period. Software giants like Facebook and Microsoft already work with other emerging technologies like AR and VR to offer immersive experiences in metaverse. Industries like fashion, gaming, healthcare, and eCommerce will be big beneficiaries of the metaverse technology.

6. NFT Marketplaces

Non-fungible tokens or NFTs have started gaining traction especially in the sectors of gaming, fashion, and digital art . NFT marketplaces can act as a reliable platform to buy, sell, trade, and auction digital arts. Several robust NFT marketplaces have built-in crypto wallet or a specific currency integration to make the process simpler and seamless. Artists can generate vast amounts of money for their creativity and imagination in digital artworks.

7. Integration in Social Networking

Image Source: Statista Report

As per the Statista report, globally 4.94 billion people use social network in 2023. This number is very near to the total number of Internet users (5.3 billion). Integration of blockchain into social networks can make such platforms more secure and resolve issues like privacy breaches and content authenticity. This is a major reason why integration of blockchain into social networking is a promising trend with lot of potential.

8. Integration into IoT

Internet of Things (IoT) has the potential to change the business landscape by combining with blockchain. As per the official report on the blockchain IoT market, it is expected to reach USD 4400 billion by the year 2032. Blockchain can enhance the security of transaction processes among millions of IoT devices using DLT (Distributed Ledger Technology). Sectors like manufacturing, chemical, and supply chain management can leverage the benefits of this combination.

Apart from these popular trends, blockchain-powered apps are useful in eCommerce, fundraising, and retail sectors. ICO (Initial Coin Offering) is a new way to raise fund through a new cryptocurrency. However, it is necessary for companies to address challenges related to fraud and corruption reducing the possibility of legal crackdown when they adopt the blockchain technology. You can consult a reputed blockchain app development company to meet these challenges effectively.

Is Blockchain the Future?

Blockchain is set to play a pivotal role in the next technological revolution. Blockchain-powered apps can go beyond cryptocurrency and remain prevalent in healthcare, insurance, real estate, and other sectors. Rise of NFT marketplaces indicates a promising future along with metaverse. Both these trends will gain ground swiftly in the year 2024 and beyond.

Other innovative tools like digital assets, quantum computing, and enterprise blockchain solutions include the principles of blockchain. All these breakthroughs show that blockchain is here to stay. You need to find a reliable and reputed blockchain solutions development company to leverage the benefits of current blockchain trends.

How can Silicon IT Hub Help You Leverage the Benefits of Blockchain?

As a renowned mobile app development company, we have a vast experience of integrating technological advancements in enterprise-level solutions. Our in-house team of dedicated app developers can make user-friendly and secure applications for addressing complex business challenges. We offer the best-in-class blockchain consultation services that involve complete planning and proper execution of the project.

We can make smart contracts, POC, and crypto wallets according to your business objectives. We have hands-on experience in developing financial trading platforms and NFT marketplaces. We are ready to make a feature-rich blockchain application that assists your business to achieve new heights. Contact us by sending an email at info@siliconithub.com.

Concluding Lines

Security with scalability and agility make blockchain a preferred choice for the banking and finance sector. However, upcoming trends of this evolving technology will make blockchain app development more useful for core industry sectors. From integrating into connected devices to combining with AI to the rise of DeFi, these blockchain trends can help you grab new opportunities.