What the internet did for communication, blockchain will do for trusted transactions” -Ginni Rometty, Former CEO of IBM.
First introduced in 2008, Blockchain was brought in as the underlying technology of the cryptocurrency, Bitcoin. 15 years later, blockchain is being used in every single industry one can think of including finance, healthcare, supply chain management, and more. Blockchain has disrupted traditional industries by providing innovative solutions to many obstacles. Its favorable attributes such as transparency, security and decentralization properties, facilitate online transactions. Before we talk about blockchain technology's applications, let's have a look at what exactly is blockchain.
What is Blockchain?
In layman's terms, blockchain technology can be thought of as a digitized, immutable ledger that enables secure, transparent transactions of data, information and assets between stakeholders. Blockchain is also called DLT or distributed ledger technology for its ability to distribute secure transactions over a distributed network. It does so by distributing the access of a blockchain between multiple nodes or entities.
The popularity of blockchain technology has grown rapidly in recent years, particularly driven by its potential to reinvent industries and provide solutions to long-standing problems. According to a recent survey, the global spending on blockchain solutions is expected to reach $19 billion by 2024. We can naturally assume new blockchain trends doing rounds in the market. However, businesses should study these trends in depth before investing as the blockchain market is still considered highly volatile. Given are few blockchain trends to keep an eye out for in 2023.
Blockchain Trends to watch out for in 2023
Defi 2.0:
Defi or Decentralized finance is a new trend that can be observed in the technology markets. It constitutes changing of conventional and centralized financial systems to node-to-node finance with the help of decentralized technologies. This movement used blockchain to deliver state of the art financial services which are not only 100 percent secure but also transparent. The term ‘decentralized' comes from blockchain's attribute of not giving transaction access to any singular nodes but rather multiple nodes thus decentralizing access. In 2023, we can expect an emergence of a new version of the Defi movement and tech experts are calling it as Defi 2.0.
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