If adopted, blockchain will undoubtedly revolutionize operations and procedures across many industries and governmental organizations. However, doing so will take time and effort. In addition, adopting blockchain technology will encourage people to learn new skills, and traditional businesses will need to completely rethink their procedures in order to reap the full benefits of this revolutionary technology.
In 2024, blockchain technology will be dominated by the following 9 trends:
BLOCKCHAIN 4.0
Innovation is the main focus of blockchain 4.0. The main focus areas for Blockchain 4.0 will be speed, user experience, and use by a wider and more widespread audience. Blockchain 4.0 applications can be categorized into two verticals:
- Web 3.0
- Metaverse
Web 3.0
The global financial crisis of 2008 made centralized control vulnerable, opening the door for decentralization. The world requires Web 3.0, a platform with user sovereignty. Web 3.0 will require decentralized protocols, which blockchain can deliver, in order to achieve its goal of building an autonomous, open, and intelligent internet. There are already a few third-generation blockchains built to support web 3.0, but as Blockchain 4.0 gains traction, we can anticipate the emergence of more web 3.0 specific blockchains with features like seamless integration, cogent interoperability, automation through smart contracts, and censorship-resistant storage of P2P data files.
Metaverse
The next big thing for us to experience in the upcoming few years are Metaverses, the pet projects of tech behemoths like Facebook, Microsoft, Nvidia, and many others. Through a variety of touchpoints, including social interaction, gaming, employment, networking, and many others, we are connected to virtual worlds. These experiences will become more real and vivid thanks to metaverse.
The virtual-reality spaces of the metaverse will be created using cutting-edge AI, IoT, AR & VR, Cloud computing, and Blockchain technologies. Users will interact with other users and a computer-generated environment through realistic experiences in these spaces.
increased intense user interactions, deeper use of internet services, and increased exposure of user personal data are all consequences of a centralized metaverse. All of these very certainly result in greater exposure to cybercrime. Giving centralized organizations the authority to manage, disseminate, and control user data is not a long-term strategy for the Metaverse. Therefore, creating decentralized Metaverse platforms that offer user liberty has received a lot of attention. These three decentralized metaverses Decentraland, Axie Infinity, and Starl are all supported by blockchain technology.
Furthermore, blockchain 4.0’s cutting-edge technologies can assist Metaverse users in controlling their security and trust requirements. Consider the Metaverse gaming environment, where players may buy, own, and trade virtual goods with potentially huge value. To prevent forgery of these assets, proof of ownership through something as immutable and rare as NFTs will be necessary.
At the end of the day, blockchain 4.0 will provide companies the option of shifting all or a portion of their current activities to self-recording, secure applications built on decentralized, trustworthy, and encrypted ledgers. The fundamental advantages of the blockchain are easily accessible to businesses and institutions.
MORE PEOPLE WILL KNOW ABOUT STABLECOINS
Using Bitcoin as an example, a cryptocurrency, its volatility is extremely high. Stablecoins, which have stable values linked to each currency, come into the scene as a significant solution to this volatility. The year 2024 is expected to be the year that blockchain stablecoins reach their all-time high. Stablecoins are now in their infancy.
PROBLEMS WITH SOCIAL NETWORKING MEET BLOCKCHAIN SOLUTION
In 2022, there will be about 4.74 billion social media users worldwide.
Blockchain technology will be able to address issues with well-known scandals, privacy violations, data control, and content relevancy in social media. Thus, the integration of blockchain technology into the social media space will be another developing technology trend in 2024.
The use of blockchain can ensure that all information shared on social media is untraceable and impossible to reproduce, even after it has been deleted. Users will also be able to store data more securely and retain ownership. Blockchain also makes sure that creators of the material, not platform owners, hold the power to make it relevant. The user feels safer since they have more control over what they view. Convincing social media platforms to apply it is a difficult undertaking; this might happen voluntarily or as a result of privacy rules such to GDPR.
BLOCKCHAIN NETWORKS AND INTEROPERABILITY
The capacity to transfer data and other information between various blockchain networks and systems is known as blockchain interoperability. The public can easily view and access the data across several blockchain networks thanks to this function. You might move data, for instance, from one Ethereum blockchain to another particular blockchain network. Although interoperability is difficult, the advantages are numerous.
Applications for Blockchain Will Be Dominated by Economics and Finance
The banking and finance sectors, in contrast to other traditional firms, do not need to drastically alter their business practices in order to utilize blockchain technology. Financial institutions start taking blockchain implementation for traditional banking operations seriously after it was successfully applied for the cryptocurrency.
Blockchain technology will enable banks to streamline their operations, carry out transactions more quickly and cheaply, and increase their level of confidentiality. One of Gartner’s blockchain predictions is that by 2024, the adoption of blockchain-based cryptocurrencies would generate billions of dollars in business value for the banking sector.
Blockchain can also be used to introduce new cryptocurrencies that are subject to monetary policy regulation or influence. By doing this, banks hope to have more influence over their monetary policy and lessen the competitive advantage of standalone cryptocurrencies.
Integration of Blockchain Into Government Agencies
The concept of the distributed ledger is also particularly appealing to government agencies who are responsible for managing enormous amounts of data. Since each agency now has its own database, they are continuously requesting information about residents from one another. However, the use of blockchain technologies for efficient data management will enhance how these organizations operate.
By 2024, over a billion people will have some information about them saved on a blockchain, but they might not be aware of it, predicts Gartner. National cryptocurrencies will also emerge, and governments will inevitably have to acknowledge the advantages of currencies created from blockchains. The future belongs to digital money, and nothing will stop it.
IOT and Blockchain Work Together
As intricate safety challenges emerge, the IoT tech sector will place a greater emphasis on security. These difficulties are caused by how different and dispersed the technology is. The 26 billion thresholds for Internet-connected devices has been surpassed. By 2024, hacking into devices and IoT networks will be ubiquitous. Network administrators are responsible for preventing intrusions from taking place.
One of the key causes of IoT networks’ vulnerability is their existing centralized architecture. Security is crucial since the Internet of Things (IoT) is a major target for cyberattacks due to its billions of connected devices and future additions.
For a number of reasons, blockchain gives renewed hope for IoT security. First, although users can still use private keys to govern transactions, blockchain is a public ledger, meaning that anybody connected to the network of nodes that makes up the blockchain network can see the blocks and the transactions stored there and approve them. Second, because blockchain is decentralized, the Single Point of Failure (SPOF) flaw is eliminated because no single authority may approve transactions. The database can only be expanded, and past records cannot be modified, which is the third and most critical security feature.
AI Enabled Blockchain
A better development will result from the combination of blockchain technology and artificial intelligence (AI). With enough applications, this integration will demonstrate how far blockchain technology has advanced. According to the International Data Corporation (IDC), 51% of enterprises will adopt AI with blockchain integration by 2024, with global spending on AI expected to reach $57.6 billion.
Additionally, blockchain enables us to track and understand the motivations behind machine learning conclusions, making AI more coherent and intelligible. Blockchain and its ledger can capture all the information and factors that go into a machine learning conclusion.
Furthermore, AI can increase blockchain efficiency far more effectively than people or even traditional computing. This is demonstrated by a look at how blockchains are now operated on conventional computers, where a lot of computing power is required to carry out even simple tasks. Smart computing power, the creation of diverse data sets, data protection, data monetization, and trusting AI decision making are a few examples of AI uses in blockchain.
Need for Blockchain Specialists
Only a small percentage of people are knowledgeable about blockchain, which is a novel technology. Due to blockchain technology’s rapid growth and widespread adoption, many people are in a position to gain knowledge and experience in this field. The demand for blockchain expertise will arise by 2024 despite the fact that there are more experts in the industry than there are currently. This is due to the technology’s quick adoption.