Now, as we move further into 2023, it’s clear that we are seeing the fruition of those trends. These advancements have set the stage for the next wave of innovation in the blockchain industry, and companies who are able to stay ahead of the curve will be the ones to reap the benefits in the years to come.
The trends listed in this article are derived from the hard data and insights I have gathered at my company through analyzing client inquiries, engaging with industry leaders and monitoring the hot topics being discussed on stage at industry conferences.
Continue reading to learn more about the latest developments in Web3 that are set to make a major impact in 2023.
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Affordable Blockchain Via BaaS
The year 2023 will mark a turning point for businesses looking to implement blockchain technology, thanks to the growing availability of blockchain-as-a-service (BaaS) solutions. These third-party services will allow companies to access blockchain technology without having to build and maintain their own systems from scratch, providing them with a cost-effective way to reap the benefits of blockchain without the need of significant resources. Businesses will be able to utilize BaaS similar to software-as-a-service (SaaS), which streamline their operations and gain a competitive edge in their respective industries. As more companies start to offer BaaS solutions and the accessibility of blockchain technology increases, businesses should take advantage of this opportunity to stay ahead in the coming years.
Regulations Bring Certainty To Web3 Space
In 2023, I expect the U.S. government to take steps to create regulations for the Web3 industry in order to protect consumers and promote transparency. As the Web3 industry continues to grow, the lack of regulation creates uncertainty for both investors and consumers. The proliferation of decentralized finance (DeFi) and non-fungible tokens (NFTs) in the past year highlights the impact of Web3 on various industries. Regulations will provide a level of certainty for investors and consumers, create a level playing field for businesses, and make it easier for mainstream companies to enter the space. Furthermore, it will also help in detecting and preventing fraudulent activities within the industry. These regulations will bring a sense of trust and legal certainty, ultimately encouraging more people and companies to invest and take advantage of the potential benefits of this technology.
Web3 Powers AI Innovations
Artificial intelligence (AI) and machine learning (ML) are expected to see significant advancements this year, thanks to their integration with Web3 technologies. The secure storage and management of information provided by blockchain allows AI and ML algorithms to function effectively by analyzing vast data sets, leading to intelligent robots that can address various issues without human intervention. Additionally, Web3 enables the use of AI and ML in areas such as supply chain optimization, smart contract execution and biometric recognition. The use of AI and ML in Web3 also ensures the security of personal data, as it is owned and controlled by the user. This year, I believe an increasing number of companies will turn toward AI and ML technology to enhance their operations (by the way, I am using an AI tool to proofread this article, and make suggestions for improvement, in real time as I type it). The integration with Web3 technologies will play a vital role in achieving this, making it crucial for companies to adopt this technology in order to stay ahead of the competition.
Web3 Industry Prioritizes Cybersecurity
2022 has been a wake-up call for many in the tech industry as high-profile cyberattacks resulted in financial losses. These incidents have created a crucial issue within the industry, which needs to be addressed. As we move through 2023, I anticipate an increase in investments in cybersecurity for Web3 projects to prevent further losses. This situation is similar to the early days of e-commerce in the 1990s, where security funding was of utmost importance to build trust. This year will see the emergence of many fast-growing cybersecurity companies as the Web3 industry prioritizes security to stay ahead of potential threats.
Utility-Based NFT Adoption Rises
The notion that NFT technology is on its way out is nothing but a myth. In fact, I predict that 2023 will be a breakthrough year for NFTs, as more and more companies begin to realize the potential of this revolutionary technology.
NFT technology is shifting toward proof-of-stake networks with a focus on reducing energy consumption and being rebranded as “digital collectibles.” This trend can already be seen in companies like Facebook and Instagram. I expect mainstream users to adopt NFTs for more utility-based use cases such as sports, media, gaming, ticketing and events, instead of being limited to purely artistic use cases.
Businesses must stay informed about these developments and investigate the potential use cases of “digital collectibles” to maintain a competitive edge.
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Conclusion
As 2023 continues to unfold, the blockchain industry is on the brink of significant advancements in user empowerment and decentralization. Despite the bear market of 2022, which may have led some to believe that the experiences provided by Web3 would not be sustained, I find the technologies behind Web3 are now encouraging more user involvement and control, which speaks to an essential need of today’s consumers. Businesses have more time to digest the implications of retaining consumers who realize they will have more choices than before, and the most successful moves in Web3 will be made by companies who are newer or ready to rebrand themselves in order to get ahead of the curve.
As the trends listed in this article continue to evolve and shape the blockchain industry and Web3 in the year ahead, it will be absolutely crucial for companies to proactively adapt to the shifting landscape in order to remain competitive and capitalize on the opportunities presented by these advancements.
According to Forbes
