Experts seem to believe that 2023 will witness development of decentralised technologies. However, the question is how blockchain will fare this year and will set the tone for upcoming years.
According to Research and Markets, a market research platform, global blockchain market is expected to see a 42.8% compound annual growth rate (CAGR) for 2018-23, which will lead to a $19.9 billion global revenue in 2023. “I believe it is difficult to predict exactly how the blockchain market will shape itself in 2023, but it is expected to continue growing as more industries adopt the technology for a variety of use cases,” Sathvik Vishwanath, co-founder and CEO, Unocoin, a cryptocurrency exchange, told FE Blockchain.
Researchers have suggested that implications due to last year’s events such as Luna value’s collapse, crypto winter, Ethereum Merge, launch of central bank digital currencies (CBDCs), and FTX debacle will have an impact on the 2023 blockchain market.
From a market perspective, factors such as increased adoption by businesses and governments, growth in scalability and security, and creation of new blockchain applications can help shape the blockchain market in 2023. Insights from Merehead, a Web3.0 and blockchain company, stated that blockchain in 2023 should ensure growth of decentralised finance (DeFi) and banking, international trade and value chains. For example, Walmart, a multinational retail corporation, utilises blockchain to lessen time for identification of fruit shipments from seven days to 2.2 seconds.
“As some of the advantages, blockchain has the ability to reduce fraud, provide quick and secure transactions, and aid in risk management within the financial system. Few blockchain platforms to consider in 2023 are Ethereum, Hyperledger Fabric, R3 Corda, Stellar, among others,” Er Koneru Lakshman Havish, vice-president, KL Deemed to be University, an education institution, mentioned.
Reportedly, platforms such as Bitcoin, EOS, Ethereum, among others, are expected to lead 2023’s global blockchain landscape. As stated by The Business Research Company, a market researcher, companies such as Factom, 4IRE Labs, Blockchain Intelligence Group, among others, and countries such as Australia, Brazil, China, among others, have been backed to shape the blockchain scenario for upcoming years.
Moreover, future predictions indicate that blockchain will merge with other technologies such as Artificial Intelligence (AI), Internet of Things (IoT), 5G, among others, to help benefit different industries. “I think 2022 saw upheaval in the blockchain ecosystem. Building on this experience, 2023 is expected to be about building products with strong use-cases,” Pratik Gauri, founder and CEO, 5ire, a blockchain-based platform, highlighted.