After the collapse of the crypto market in 2022, many will be asking, “is blockchain still relevant in 2023?” The short answer, absolutely!
Many enterprises are still investing in blockchain. According to Spendmenot, 81% of the largest public companies hint that they use blockchain technologies, and 80% of global executives still consider blockchain to be incredibly valuable for business. With the increasing global spend on blockchain solutions it is estimated the industry will be worth a staggering $4.7 billion in 2023.
In this article we will be looking at what trends will emerge this year and what the future holds for this technology.
What is blockchain?
Simply put, Blockchain is a shared digital data ledger that records transactions and the ownership of assets. Unlike other databases that keep information in the one location by a centralised administrator, blockchain data is duplicated and distributed. This means many copies of the data exists on other computer systems worldwide, also known as nodes.
Blockchain is a type of Distributed Ledger Technology (DLT), transactions are recorded with an immutable cryptographic signature called hash. Making it difficult or impossible to change, hack, or cheat the system. If one block in the chain is changed, then it becomes apparent the chain has been tampered with.
What are the use cases for blockchain?
Due to the immutability, decentralisation, security, and transparency features, blockchain is transforming various industries. If incorporated into a specific business sector, it will increase speed, efficiency, and fairness. There are many use cases for blockchain, here are the top 10 for 2023:
5. Banking Sector
6. Asset Tokenisation
Global companies that use blockchain
Corporate interest in blockchain has been on the increase since 2014. 81 out of the world’s top 100 public companies use blockchain technology. 27 companies have fully functioned live products, 65 are actively developing solutions, and 16 are still researching. So, which are the most popular companies leading blockchain usage from the forefront?
Disney is trying to combat piracy and movie leaks with blockchain technology. They have previously been successful in producing a blockchain-based content distribution system. Allowing them to protect their audio-visual material to stop the illegal distribution of their content.
Microsoft Azure works with various sectors to deploy blockchain technology. Including helping to create the first blockchain based marine insurance platform. Microsoft use bitcoin, Ethereum, Quorum and A daml technologies.
After coming under fire from reports on forced labour and the large quantity of sugar used within their products, Coca Cola partnered with the United States Department of State to use blockchain technologies to help solve any ethical issues within their supply chain. Coca Cola use Hyperledger FABRIC, c.rda, Quorum and A daml technologies.
Looking to improve data management and traceability, Walmart partnered with IBM. IBM have already successfully tracked the origin and freshness of retail produce. This will be a huge step for Walmart.
Top trends and predications for 2023
Over the past few years, the blockchain industry has opened a new world of possibilities and opportunities on an economic and business level. Globally, the blockchain market is set to grow a whopping $19.76 billion by 2027.
According to Emeritus these are the top trends and predications of 2023 that will shape the future of tech:
- Blockchain technology will allow for a greater traceability across the entire supply chain. Enhancing efficiency and ensuring reliability.
- The application of Decentralised Finance (DeFi) technology holds money in a secure digital wallet through smart contracts instead of paying a specific charge. This could be the future of finance.
- The growth in enterprise operations is the biggest trend for 2023. The decentralisation of blockchain improves security, transparency, and protection from cyber-attacks. More and more companies are going to understandably leverage this technology to their benefit.
- We will see a greater demand for software developers with blockchain expertise in 2023.
- There will be a surge in blockchain technology to create more powerful and secure applications that will be designed to know your customer better.
- Smart contracts will improve speed and accuracy in the conduct of international trade.
The vast list of advantages of blockchain are the reasons why it is a critical element for the future technology advances.
Blockchain Consultancy with ILS World
As an independent global provider of fiduciary services to professional advisors, international corporate groups, and private clients we pride ourselves on our can-do attitude, taking new legislation and previously unseen business models in our stride, which has allowed us to become a leading fiduciary service provider within the digital sector.
ILS World first entered the eGaming sector in 1998, since then our digital team has acquired strong working relationships with the Gambling Supervision Commission (GSC), the Digital team within the Department of Enterprise, and providers of ancillary services. With a GSC approved team of directors we have developed specialist knowledge and skills to keep pace with this ever-changing sector.
The ILS digital team understands the enormous potential of blockchain. Being involved in multiple projects over the past 10 years, our team can assist you with eGaming licencing, NFTs, ICO, trading, digital assets, and intellectual property.