Blockchain technology has the potential to revolutionize a wide range of industries, including finance, supply chain management, healthcare, and many others. It is a decentralized, distributed ledger that allows for secure and transparent record-keeping of transactions.
It is impossible to predict the future, but you can make some arguments by watching around and study the past.
Prediction 1: During 2023 blockchain technology will continue to gain widespread adoption and usage. As more and more organizations and individuals become aware of the benefits of using blockchain, it is likely that we will see an increase in the number of applications and platforms that utilize it.
Prediction 2: We will see an increase in the use of smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The most important network that builders are building on is Ethereum which also powers smart contracts. Smart contracts have the potential to significantly streamline and automate many business processes, and it is likely that we will see more and more organizations using them in the coming years.
Prediction 3: Continued growth and adoption in corporate environment, it is likely that we will see continued growth and adoption of blockchain technology across a range of industries. As more and more organizations become aware of the benefits of using blockchain, we may see an increase in the number of applications and platforms that utilize it.
Prediction 4: Increased focus on security and scalability. As blockchain technology becomes more widely adopted, there will likely be an increased focus on ensuring the security and scalability of blockchain networks. This may involve the development of new protocols and technologies to address these issues.
Prediction 5: Greater integration with other technologies. It is possible that we will see greater integration between blockchain technology and other emerging technologies, such as artificial intelligence and the Internet of Things (IoT). This could lead to the development of new, innovative applications and use cases for blockchain.
Prediction 6: We will see an increase in the use of decentralized finance (DeFi) platforms, which use blockchain technology to offer financial services that are not controlled by any central authority. DeFi has the potential to democratize access to financial services, and it is likely that we will see more and more people using these platforms in the future. Tragedies of centralized entities make the space for decentralized applications more important than ever.
Prediction 7: NFT projects will implement more utility. During the last two years we have seen the NFT space growing. Lately we see many projects failing, and this is because they are built with quick profits in mind. The real value of the NFT technology derives from the utility that is embedded in each specific NFT. Many projects will focus on adding the utility in order to survive the long term.
Overall, it is difficult to predict (impossible) exactly what the future will hold for blockchain technology. However, it is clear that it has the potential to significantly disrupt and transform a wide range of industries, and it is likely that we will see continued growth and innovation in this area in the coming years.
Happy 2023 everyone!
*Nothing in this article is financial advice, and this is only for educational purposes.