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There’s no denying that 2022 has been an action-packed year for the blockchain market, one that witnessed a wide range of developments associated with public as well as permissioned systems. To this point, the year gone by saw enterprise blockchains being adopted on a wider scale, with many reputable companies harnessing their benefits over tried and tested, conventional solutions. Not only that, the recent slew of Decentralised Finance (DeFi) collapses ushered in notable improvements within the blockchain analytics sector as well as the tracking of everyday transactions.
A quick recap of 2022
As per reports, the total volume of investment having entered the enterprise blockchain ecosystem continued to grow in 2022, with the metric likely to hit the $16 billion mark by the end of this year. To this point, it should be noted that a whopping 77% of the world’s top 100 firms — including Microsoft, Visa, Nestle — have started incorporating blockchain solutions into their day-to-day operations, with some even utilizing multiple enterprise blockchains for facilitating separate processes.
Similarly, when it comes to public blockchains, their utility and general scope of operations grew exponentially. For example, the idea of sustainable blockchains garnered an increasing amount of mainstream traction last year, especially with green investing and environmental, social, and governance (ESG) initiatives growing in importance among today’s investors over the last few years.
Lastly, the tokenization of real estate assets and the idea of Proof-of-Reserves (PoR) — an independent audit facilitated by a third party to ensure that a custodian holds the assets it claims to — also gained a lot of popularity last year.
What does 2023 promise?
From the outside looking in, the future will likely encompass a variety of blockchains interfacing with one another, birthing new use cases that lie outside the realm of their current capabilities individually. To elaborate, the creation of a hybrid multi-chain ecosystem can allow centralized and decentralized applications to expand into untapped niches of the global financial system, thereby relegating the idea of ‘one type of blockchain dominating the market’ to the background completely.
Moreover, while the recent dissolution of prominent crypto entities — such as Celcius, Vauld, Voyager Digital, etc — has greatly reduced investor confidence in the blockchain industry, the coming year will likely see companies beginning to incorporate better transparency tools within their existing governance frameworks. In this regard, ParallelChain Lab, a blockchain technology company, recently organized the International Symposium of Blockchain Advancements 2022 (ISBA) — a two-day event bringing together industry experts and investors from around the world — to discuss the future of Web3 and blockchain tech.
With the issue of transparency fast gaining traction within the crypto world, projects like ParallelChain are amalgamating the benefits put forth by blockchain tech and data sciences to help forge a truly decentralized future. The project provides users with complete control over their private information while creating a feedback loop in which the blockchain creates and handles data while the data science models perform the required analysis to accrue meaningful insights while empowering users to make well-informed business decisions.
Furthermore, as Web3-enabled tools continue to seep into today’s daily societal interactions, it appears as though the future of blockchain will continue to play a crucial role in driving new tech innovations while paving ground-breaking use cases within a plethora of industries. Alice Lim, a distinguished engineer associated with the development of ParallelChain Mainnet, believes:
“[In the not so distant future] more dApp developers will realize the performance and cost benefits of building on an L2 (or generally outside a busy mainnet) and start coming up with creative new blockchain applications that were not economically viable before.”
The future of blockchain tech looks bright.
As people across the globe gravitate toward the use of blockchain-enabled systems, it stands to reason that the technology will become increasingly more robust, thus maximizing its adoption potential. Also, as these platforms evolve, they can help the blockchain sector become more immune to various extenuating factors, such as fluctuations experienced by the crypto market on a day-to-day basis.
Moreover, with blockchain tech starting to strengthen its foothold over the digital infrastructure powering the global digital economy, experts believe that its use cases will grow, expanding far beyond the realm of simple finance and payments. Thus, it will be interesting to see how this space continues to evolve from here on out.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.