Business trends are changing. Every few months, new ideas arise, and some ideas fall away. Entrepreneurs considering entering the market should think about something that is either trendy or something that might trend. One technology that has become strong over time and can now be used to start a business is blockchain. Blockchain technology has great potential; developers can build real applications with strong customer use cases.
Blockchain is something that companies can start investing in. As Blockchain matures, it offers more opportunities to create new things. Mobile app development services can benefit from little competition. Many other ideas can follow. Cryptocurrency mining was a trend a few years ago and can be used again. Cryptocurrency development is a true example of the charismatic human mind. As more applications and businesses use blockchain technology, the consumption and demand of cryptocurrencies will also increase.
So, what does the future of blockchain look like? Is this the right time to implement blockchain for your business? What will its trend look like? Let us decipher it through this blog!
Is blockchain still trending in 2024?
Blockchain technology remains a trending topic for several reasons. You may be curious about the most promising blockchain trends for 2024, but wait, do you know the future of blockchain? Don’t rush; here are some stats about blockchain just for you and your understanding. According to a forecast by research firm Gartner, in 2026, the business value added by blockchain will increase to over $360 billion. Then, by 2030, that will grow to more than $3.1 trillion. With current and future trends, blockchain is predicted to revolutionise in the coming decades.
- Blockchain-based cybersecurity applications reach a massive budget of $700 billion.
- Blockchain can reduce banks’ infrastructure costs by up to 30 percent.
- More than 20 countries are working on blockchain.
- According to blockchain’s growth rate, more than half of health system administrators will use blockchain technology in their daily operations by 2025.
- A noteworthy fact is that the FBI also owns Bitcoin, which accounts for almost 1.5 percent of the total circulation.
I’m writing some reasons for you to understand why blockchain is still trending, so falling into the reasons, let’s dive together!
The Secret Behind Blockchain’s Sucess
The first is cryptocurrencies; the popularity of cryptocurrencies makes many people interested in blockchain due to its role as the underlying technology behind these digital currencies. The second one is Decentralisation; blockchain provides a decentralised and distributed ledger system, eliminating the need for intermediaries in various transactions. Another is NFTs; they have gained significant attention recently, with many artists, musicians, and creators using blockchain to authenticate and sell digital products. The combination of its disruptive potential, real-world applications, and ongoing development keeps blockchain technology a trending topic in various industries, such as supply chain management, healthcare, etc.
What Type of Businesses Are Suitable for Blockchain
Several types of businesses can benefit from integrating blockchain technology into their businesses. (One way, your industry top guns.) Examples of the top blockchain companies that make the most of this innovative technology follow.
Walmart: Walmart has been actively exploring blockchain technology for supply chain management.
Reddit: This popular online discussion platform has introduced “Community Points,” a blockchain-based rewards system that allows users to earn and spend digital assets.
IBM’s enterprise-grade blockchain platform, Hyperledger Fabric, enables businesses to build private blockchain networks and streamline processes across such industries as finance, supply chain, and healthcare.
Pfizer: Pfizer, a major player in the pharmaceutical field, has been exploring the use of blockchain for tracking prescription drugs, enhancing supply chain transparency, and combating counterfeit medicines.
Unilever: Consumer goods company Unilever is utilising blockchain for supply chain transparency and traceability.
Visa: Payment processing giant Visa has developed the Visa B2B Connect platform, a blockchain-based solution for facilitating cross-border business-to-business (B2B) payments.
This 8-question checklist is the second way to help you understand whether your business could benefit from blockchain. Consider integrating them into your business processes if at least 1-2 matches are found.
- Does your organisation benefit from using a shared database?
- Do you have to comply with strict industrial or financial data security regulations?
- Should your business conduct transactions without third parties?
- If you answered “yes” to the previous question, should you conduct them with unknown/untrusted parties?
- Do you trust the users you will give access to the database?
- Does your company have trademarks, brand assets, and digital rights that should be protected?
- Do you want your IoT ecosystem to be safe? Are you building secure messaging channels?
If you got at least two or three “Yes” answers to the above questions, your business qualifies to reap the rewards of blockchain. Let’s revise what are your business’ top priorities for adopting blockchain before diving into the implementation strategy.
Your answer was yes because:
- You want to eliminate intermediaries
- Your goal is to provide the highest level of data/transaction security
- Shared database required
- From now on, there is no trust between network participants (employees, organisations, customers)
- Your goal is to ensure workflow/supply chain traceability.
When is the Right Time to Implement Blockchain Technology in a Business?
If the company requires the privacy of price information between the retailer and the manufacturer, the application of blockchain technology is essential.
Android application development services can benefit from blockchain technology in many ways, such as:
- Data Protection
- Transparency
- Low payment
- Cost reduction
- Superior data security
- Better data quality
However, it is important to choose the right custom software development company to implement the technology before proceeding. If a company applies technology to the right business, it must save time, money, and energy. As mentioned before, spend some time discussing various blockchain business ideas.
How Can Your Business Adopt Blockchain in 2024?
Integrating blockchain technology can be a game-changer for businesses looking to stay ahead of the curve in the rapidly evolving digital world. However, the key to successful implementation is carefully analysing existing business processes and identifying areas for improvement or letting a professional blockchain-driven custom software development company take care of that for you. Let’s see how companies find opportunities and needs where blockchain can be a valuable asset.
Supply chain management: Blockchain can create a transparent and secure supply chain record from the manufacturer to the end consumer. This can increase efficiency, reduce spam, and improve traceability and accountability.
Verification of Digital Identity: Blockchain can create a decentralised and secure system for verifying digital identity, helping to prevent fraud and increase privacy. This is very useful in online banking, voting systems, and healthcare.
Payment processing: Blockchain can create a faster and cheaper payment processing system, reducing the need for intermediaries like banks. This can increase efficiency and reduce transaction fees.
Smart contracts: Blockchain can create self-executing contracts that can be programmed to execute automatically when certain conditions are met. This can reduce the need for intermediaries, increase efficiency, and improve transparency.
Dualization of digital assets: Blockchain can create a secure and transparent system for managing digital assets such as cryptocurrencies, tokens, and digital certificates. This can increase security, reduce fraud, and improve transparency.
Intellectual property management: Blockchain can create a secure and transparent system for managing intellectual property such as patents, trademarks, and copyrights. This can reduce fraud, increase transparency, and improve accountability.
Decentralised Marketplaces: Blockchain can create decentralised marketplaces where buyers and sellers can trade directly without intermediaries. This can increase efficiency, lower transaction fees, and improve transparency.
Bottom Line
Blockchain technology can improve business in many ways, increasing efficiency, transparency, and security and reducing the need for intermediaries. We can expect new and innovative use cases as technology evolves and becomes more common.
The blockchain tech implementation trajectory in 2024 and beyond promises an industry of constant learning, innovation, and growth. With the field’s rapid expansion, the vast opportunities that await companies in today’s digital age are increasing.
This A+ Guide to Hiring Blockchain Developers in 2024 offers essential insights and best practices to ensure successful hiring. Companies can build a skilled and efficient blockchain development team to meet their needs and goals by considering key considerations.
