Since Bitcoin’s advent in 2009, supporters of blockchain technology have praised its transformative power. However, it wasn’t until 2022 that the idea began to spread like wildfire. People are familiar with it because it is the technology behind Bitcoin, but blockchain technology’s potential is not limited to cryptocurrencies only. Even though it’s still a relatively young technology, blockchain already has far-reaching effects in many fields.
Blockchain technology streamlines the process of doing business and keeping track of financial records. Blockchain and cryptocurrency drive digital transformation, giving companies vast opportunities to restructure their supply chains. Now that 2022 is almost over, it’s time to look forward to some blockchain predictions and crypto trends that will shape 2023.
The Regulations Around Crypto Audits Will Eventually Develop
Firms engaged in crypto cannot currently be audited or have their attestation services validated under existing accounting and auditing standards. Several companies have said publicly that they would suspend all cryptocurrency-related operations now. Even companies previously portrayed as market leaders are now scrutinized closely by consumers and government officials. Now that the FASB is actively developing crypto-specific accounting rules, one thing is for sure: crypto accounting and auditing have moved to the forefront of 2023’s concerns.
Combining Blockchain And IoT
The integration of blockchain and IoT seems like a collision of two buzzwords. However, these innovative technologies are the two main pillars of blockchain future predictions for 2023 because they’re being brought together to enhance corporate operations and everyday lives. The Internet of Things allows devices all over the web to communicate with private blockchain networks and record transactions in a way that cannot be altered. Blockchain eliminates the requirement for a centralized authority to govern and oversee the distribution of IoT data across business associates.
NFT Will Become More Sophisticated, Commercialized, And Individualized
As society progresses beyond the JPEG age, NFT will become more customized and commercially viable. Since more and more applications arise that can make use of NFTs, the name NFT will come to imply more than just digital art. Industrial giants are already exploring new uses for NFTs. Big-name companies will flood the market with NFT reward points in 2023.
Investment DAOs Will Gain More Significance
What we now think of as corporations could be replaced by DAOs in 2023. As a decentralized, safe, and fair alternative to traditional Limited Partners or General Partners venture arrangements, investment DAOs are expected to rise in popularity. To make sound financial decisions, investors will need to adapt their mindset to account for DAOs. These DAOs will run on the consensus of their worldwide membership based on the knowledge of the filtered crowd rather than a few selected specialists’ judgments. The future of venture capital will be DAOs.
