Last Updated on January 24, 2024 by Ameer Hamza
There is no doubt that blockchain is one of the most revolutionary technological developments of the 21st Century. The underlying infrastructure of blockchain was revolutionary because of its security. Blockchain stores information using a tamper-proof distributed ledger technology. This feature was marketed as the lasting solution to the security issues of centralized data management systems.
Blockchain Trends to Expect in 2024
More than a decade down the line, blockchain continues to enjoy widespread adoption. Thus, we have curated five blockchain trends you should expect this year.
AI and Blockchain
Companies have started to realize that immense value can be obtained from the convergence of blockchain and AI. First, blockchain can facilitate data sharing between AI models. This way, AI models can have access to a wider pool of information.
Also, blockchain can be used to reduce the spread of deepfakes. It does this by leveraging its distributed ledger technology to document and verify the origin and subsequent transformations of content.
Going into this year, the industry will likely experience more companies developing AI projects that leverage blockchain technology.
Web3 Social Applications
Content censorship remains a popular conversation, even in 2024. Many traditional social media platforms are facing criticism for arbitrary censorship and restraining free speech. Web3 applications offer a much-needed solution by enabling users to monetize and control their content on a decentralized platform. Web3 applications like Minds and Lenster have gained significant traction. These blockchain trends will likely continue into the year.
The regulation of blockchain-based applications has been largely uncertain. However, regulatory certainty will likely be a trend this year, as some countries are taking steps to establish blockchain regulation. For instance, USA treasury officials are increasingly clamoring for crypto regulation.
Enterprise Blockchain Investment
One major trend we will likely experience this year is an increase in enterprise blockchain investment. While blockchain has always been a top choice for companies, this year will likely mark an uptick in the demand for enterprise blockchain solutions. This is due to the blockchain’s great cybersecurity features, which provide tamper-proof documentation.
A Boost in DeFi Adoption
Since Decentralized Finance (DeFi) came into the limelight, it has been touted as the key to revolutionizing the financial system. However, an increase in DeFi adoption is one of the blockchain trends that will likely emerge in 2024. This uptick will be driven by the renewed interest in crypto which is due to the recent launch of crypto exchange-traded funds (ETFs).
Should You Invest in Blockchain Products in 2024?
There is no doubt that the blockchain boom is far from over. Thus, investing in blockchain-based products like crypto or general blockchain companies can be profitable. However, it is important to equally do your research before making any investment decision.
Ultimately, blockchain offers a safer and more secure way to store information. As 2024 progresses, these highlighted Blockchain trends will likely start to unfold.