Blockchain Technology has proven itself a great tool to democratize services and enhance data privacy and security for businesses. NFT, metaverse, cryptocurrencies, and so on the list goes off about the advances this emerging technology influence. Startup and scaleups are some of the developing solutions that can act as a catalyst in crypto deployment and transactions. Blockchain developers are even further advancing novel blockchain security methods and cryptography to improve reliability. 

Huge surge of growth can be seen in the in the blockchain sector which include trends like smart contract, cryptocurrencies, NFTs etc and you being aware of the top trends can help you choose the best options that is beneficial for your business.  These Blockchain Trends outlining innovations ranging from tokenization and smart contracts to blockchain security and enterprise blockchain will be seen emerging in 2023

Blockchain 4.0 

Blockchain 4.0 scales up blockchain as a business usable environment, this aids up to creating and running a more improved decentralized application. The focus is user experience, speed and usability among common mass. 

Stablecoins Will Be More Visible 

A stablecoin is not affected by inflation and is accessible globally. If developers can come up with a coin that can withstands any condition and have the capability to withstand US dollar hyperinflation, this could be a great selling point.

Blockchain Solution For Social Networking Problems 

Social networks connect the entire globe but are vulnerable to attacks due to its centralized nature. Blockchain can do wonders when integrated with social media platforms in terms of privacy, data control, security, and management.

Interoperability and Blockchain Networks 

Blockchain interoperability has emerged as an important trend that can ultimately be a big game changer. This will also accelerate broad adoption of blockchain technology as interoperability opens a wider scale of opportunity.

Blockchain Applications For Economy and Finance 

Blockchain technology is a core, underlying technology that offers promising application prospects in the banking industry. The public ledger is capable of recording the origin, movement and transfer of any assets with monetary value. 

Government Agencies integrates Blockchain

The many benefits of a decentralized government involve making government bodies more efficient and offer Secure storage of data for government, business and citizens

Blockchain with AI

Blockchain’s digital record is the insight into the framework of the inner-working of the AI and the origin of the data its using. This addresses the challenges faced in understanding AI.

Rise In Demand For Blockchain Experts

Blockchain industry is a rapidly expanding industries thus the demand graph of blockchain expert can be seen climbing great heights. With vital skillets this career can yield profitable results in the coming year.

Asset tokenization

Blockchain offers the feature of tokenization which allows anyone to convert assets into digital records. This improves the liquidity of assets which makes it easily transferable.

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Artificial intelligence (AI) is the ability of a computer program to think, learn and mimic human thought. Introduced in 1955 by John McCarthy, artificial intelligence has several different fields of study. These fields include computer science, mathematics, psychology, and philosophy, among many others. AI is linked to several different use cases. The most prominent use cases include machine learning, supply chain optimization, speech recognition, self-driving cars, and manufacturing optimization.

Now we know a bit about AI, let’s review a few examples of how AI is improving decentralized networks like blockchain.

Cryptocurrency Trading

During the past few years, artificial intelligence has substantially increased its presence in the area of crypto trading. This is particularly true with high-frequency trading (HFT). Essentially, HFT is a type of algorithmic financial trading characterized by high speeds and high turnover rates. High-frequency trading is a perfect vehicle for cryptocurrency trading because the crypto universe has several different exchanges.

HFT uses artificial intelligence to analyze multiple technical indicators across various exchanges in an effort to take advantage of market opportunities. AI is still in its infancy stage in regard to crypto trading. Going forward, artificial intelligence will play a pivotal role within the crypto trading community. These are commonly known as trading bots.

Suggested Read: What Are Public, Private, and Consortium Blockchains? – Cryptobite

Blockchain Security

Unfortunately, industries that find themselves in a hyper-growth phase are more susceptible to cyberattacks and malware. Without question, blockchain technology, along with digital assets, is currently experiencing an explosive rate of growth. Consequently, the blockchain industry has endured an exponential increase in malware, phishing, fraud, and digital theft. Based on data provided by industry experts, $9 million is lost to cryptocurrency scams on a daily basis.

The key to successfully thwarting a blockchain hack is to identify the threat and understand the nature of the attack as quickly as possible. Hackers are acutely aware that they must strike quickly in order to launch a profitable attack. Unfortunately, crypto exchanges have a poor track record in preventing cyber-attacks. AI-based cybersecurity systems are designed to detect a hack in real-time and dramatically increase the likelihood of stopping the attack. AI systems are far superior to traditional cybersecurity systems because AI has the ability to detect patterns from previous attacks. This information can be used to prevent future cyber threats.

Bitcoin Mining

As you know, all crypto transactions are verified and added to the blockchain by Bitcoin miners to maintain the integrity of the network. In exchange for their work, miners are rewarded with Bitcoin. Crypto mining requires energy consumption and computing power. Over the past few years, Bitcoin miners have explored the idea of using artificial intelligence to reduce energy waste and computing power to reduce costs.

A few of the largest mining companies have created AI-based systems, allowing companies to share power and increase profitability. AI algorithms have made crypto mining faster, more profitable, and more efficient. Without question, artificial intelligence will continue to play an essential role throughout the crypto industry.

Brief Summary of Blockchain and Artificial Intelligence

Artificial intelligence (AI) was introduced in 1955 by John McCarthy

• AI is the ability of a computer program to think, learn and mimic human thought.
• AI encompasses several different fields of study.
• AI has increased its presence in cryptocurrency trading.
• High-frequency trading uses AI to analyze technical indicators across many exchanges.
• AI-based cybersecurity systems are designed to detect a hack in real-time.
• Bitcoin miners use AI to reduce energy consumption and computing power.
• A few of the largest mining companies have created AI-based ecosystems.
• AI algorithms have made crypto mining faster, more profitable, and more efficient.

Probably, the most innovative discoveries of the past 100 years are the world wide web (i.e., internet) and the mobile phone. By now, both these things have become a must-have of modern human beings. Let’s look at the stats. In 1995, only 17% of USA residents were using mobile phones. By 2018, only 5% of US residents still did not have this device in use. While in 1995, only 16 million people (0,4% of the world’s population) were internet users, by 2018, this number increased to 4.2 billion, which is more than half of all people. Interestingly, during the first 5 years of the internet’s existence, only 5% of all people have found it worthy enough to use.

These numbers indicate how we interact with new technologies. As a general rule, most people are skeptical of discoveries and innovations at the early stages of their existence. Still, when the benefits of using a certain technology become obvious, it spreads all over the world with the speed of light.

Typically, it takes about 10 years before the average consumer makes an effort to research a new product or service. By this time, approximately 10% to 20% of the overall population had adopted the innovation. The remaining 80% to 90% of the population is still on the sidelines, unwilling to implement this new technology into their daily lives. Within 20 years of the new product’s existence, the majority of the population finally adopted it. Without question, consumers are very slow to implement new technologies.

Suggested Read: Blockchain and the Banking Industry – Cryptobite

Adoption of Blockchain Technology

But should we wait another 20 years to see the adoption of blockchain technology? Most likely, it will occur much faster than the internet, mobile phones, automobiles, or air travel. Why? Because once the blockchain infrastructure is in place, the old ledger system becomes useless. Therefore, soon, consumers will not have to choose between the new digital ledger and the old manual ledger. Companies that won’t migrate to the blockchain will be left behind and eventually forced out of business.

Within the next decade, blockchain technology will permeate our daily lives. For example, everyday things like voting, purchasing a vehicle or a home, visiting a medical care provider, investing in the stock market, obtaining a bank loan, going to college, or shopping at a retail establishment, will encounter blockchain technology.

Most probably, within the next five to 10 years, we will encounter blockchain technology daily. This explains why it will be exponentially larger than the internet.

Brief Summary of Blockchain In Comparison to Other Innovations

• As a general rule, people are skeptical of discoveries and innovations.
• It takes approximately 10 years for the average consumer to become a regular user of innovations.
• Full adoption of a new product or service takes 20 to 30 years.
• The adoption rate of blockchain will occur much faster.