Unleashing the Future: Navigating the Impact of 2024 and 2025 on the Blockchain Industry 🚀 (2024)

FAQs

What is the future of blockchain technology by 2025? ›

As per the World Economic Forum, up to 10 percent of global GDP could be stored on blockchains by 2025. These forecasts reveal the significant growth and potential impact of blockchain technology in the forthcoming decades.

In 2024, we anticipate significant developments in CBDC projects, with several countries piloting or launching their digital currencies. These CBDCs will leverage blockchain technology to streamline cross-border transactions, mitigate counterfeiting risks, and improve monetary policy effectiveness.

According to a forecast by research firm Gartner, by 2026 the business value added by blockchain will increase to over $360 billion. Then, by 2030, that will increase to more than $3.1 trillion. With current and future trends, blockchain is predicted to make a big revolution in the coming decades.

Future of Blockchain Technology in 2024 and beyond

However, experts believe blockchain will be used for many other important applications by 2024 and beyond. More and more governments and large companies are expected to use blockchain for record-keeping. This can help make record-keeping more secure and accurate.

AI can be used to automate processes, make predictions, and optimize decision-making, while blockchain technology can be used to create secure and transparent records of transactions and data.

Q. Can AI and Blockchain change the future? A. The combination of AI and Blockchain has the potential to reshape the future by introducing advanced levels of data security, smart decision-making, and transparent transactions.

Simply put, a blockchain is a shared database or ledger. Bits of data are stored in files known as blocks, and each network node has a replica of the entire database. Security is ensured since the majority of nodes will not accept a change if someone tries to edit or delete an entry in one copy of the ledger.

Bitcoin is one of the top cryptocurrency providers, which use blockchain technology to operate. Luxury retail brands like Tiffany & Co., Dolce & Gabbana, and Gucci have experimented with NFT projects. Nike even acquired NFT company RTFKT in 2021.

Blockchain is already being used in some supply systems, but it is likely to be only a part of supply's future as technology changes. It's very possible that artificial intelligence will be used to create much more efficient and capable technologies and systems using blockchain techniques.

Blockchain platforms could significantly disrupt the retail industry, including brick-and-mortar stores and ecommerce. Decentralized marketplaces can enable buyers and sellers to connect directly, which could lower prices by eliminating the markups charged by retailers.

Where should blockchain not be used? ›

Environments such as ships, airplanes and anything involving distributed sensors will struggle complying with this requirement. If we turn to the Internet of Things (IoT), the blockchain will never control the interface between the physical and digital world. If you compromise the ”thing”, all bets are off.

Blockchain technology is disrupting financial institutions in radical new ways. Rather than replacing what already exists, it creates an entirely new market and an avenue to bank the unbanked.

Blockchain technology is still developing at a rapid rate and is frequently hailed as the foundation of the decentralized future. The blockchain environment is undergoing revolutionary improvements as we approach 2024, with the potential to upend sectors, improve security, and spur economic growth.

Blockchain technology could change the world as it can get rid of all the inefficiencies of centralized systems. It brought decentralization into play. By using blockchain, any business improves its process to new heights.

This capability provides extensive social benefits. For instance, blockchain can make it possible to establish identities for the more than one billion people who have no identification papers. While they go unserved today, blockchain-based applications can improve their ability to access finance and banking services.

Clearly, use cases for blockchain technology are set to expand (even explode) in the next 5 years, as businesses and individuals become increasingly comfortable with the idea of engaging with public distributed ledgers in daily life. Uses cases include: DeFi, a.k.a. Decentralised Finance.

The global blockchain technology market is expected to witness a compound annual growth rate of 87.7% from 2023 to 2030 to reach USD 1,431.54 billion by 2030.

Blockchain Technology Market: Overview

According to Custom Market Insights (CMI), The Blockchain Technology Market size was estimated at USD 4.8 Billion in 2022 and is expected to hit around USD 69 Billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 68% from 2023 to 2032.

Hedera, IOTA, Nano, and a few other ledgers are currently the only projects using acyclic graph technology. Still, we may see that change over time. DAGs are seen by many as an ideal replacement for blockchain, thanks to their enhanced data structure, increased throughput, ease of use, speed, and low fee structure.