Global trends are expected to cause significant
changes in the cryptocurrency and blockchain industry in 2023
Technology Investors, and businesses will be impacted by
these trends.
Blockchain technology has already made
significant strides in the financial industry. However, it is expected to
expand to other industries like healthcare, logistics, and real estate.
It’s crucial to stay up-to-date on the latest trends in technology, especially when it comes to cryptocurrency markets and blockchain.
This list of global trends is just a glimpse of what’s in store in 2023. It is safe to say that this industry has a bright future if the right regulations and oversight are in place.
Healthcare.
Some case studies are in place to employ Blockchain systems in healthcare record keeping, research and security of patient data. Some has been geared to the ability for hospitals to efficiently share data on cancer treatments.
One such use case is MEDICALCHAIN A London based health record keeping blockchain with one single point of truth.
DeFi.
Decentralized finance (DeFi) is a system that enables users to access financial services without intermediaries. This system is expected to grow exponentially and transform the traditional financial industry.
CBDCs.
CBDCs are digital currencies issued by central banks. Several countries have already started exploring the possibilities of CBDCs, Countries like Japan China India are already running pilot programs for their CBDC`s. The USA is also expected to follow suit and roll out measures to put in place its own CBDC IN 2023 and the concept is expected to become more widespread with many countries buying the idea in 2023.
NFTs.
NFTs (Non-Fungible Tokens) are digital assets that represent ownership or authenticity of a unique item. The use of NFTs is expected to expand beyond the art industry to other areas like gaming and sports.
In the gaming industry these NFT`s have already taken root with nearly all online gaming platforms offering inbuilt NFT market places F1 Delta Time is a formula 1 video game with an NFT collectable factor. In sport it is being explored as a means of sports figures and big conglomerates to sell merchandise to a more aware community efficiently. Nike the sports goods giant just patented a method to verify the authenticity of sneakers using an NFT system
Cryptocurrencies like Bitcoin and Ethereum are becoming more mainstream. As more people understand the benefits of cryptocurrencies, their adoption is expected to increase.
AI.
The combination of AI and blockchain technology can create new opportunities for automation and data analysis and greater flexibility in the way businesses operate. Blockchain provides a secure and decentralized way of storing data and conducting transactions, while AI can be used to analyze this data and make predictions or recommendations.
The adoption case scenarios for these to technologies are endless. Even Elon Musk (CEO of Tesla, SpaceX and Twitter) took to concern that “The pace of progress in artificial intelligence (I’m not referring to narrow AI) is incredibly fast”
Policy.
Governments are starting to recognize the potential benefits of blockchain and cryptocurrencies. Clear regulations can help the industry grow while protecting investors.
The capital gain tax on all crypto transactions is one of so many laws to be put in effect to the regulation and acceptance of crypto currencies mainstream.
In March 2023, Committee Chair Powell said a central bank digital currency is, “something we would certainly need Congressional approval for.”
Environment.
The process of mining cryptocurrencies requires a significant amount of energy. However, with the increasing focus on sustainability, the industry is expected to shift towards green mining practices.
Several players in the industry have launched projects that are specific to green and renewable energy for example C+Change pays its customers credits whenever they charge their electric vehicles.
Security.
As the value of cryptocurrencies increases, so does the risk of hacking and cyber-attacks. The industry is expected to implement more robust security measures to protect users. And their finances from crooked and malicious online activity
KYC`S and audits by firms such as CertiK crypto projects before they launch has provided security to investors in the industry.
Blockchain technology is still in its early stages, and it is expected to evolve significantly in the coming years. New innovations could potentially revolutionize the industry.
