Top 10 Blockchain Development Trends in 2024
Blockchain technology was primarily associated with cryptocurrencies once. However, the current scenario is quite different because blockchain has emerged as a versatile tool across various industries. Businesses looking to revolutionize their operations have considered blockchain technology as their primary choice due to its decentralized nature, transparency, and security.
Its versatility has brought up several trends in the industry. Such trends can introduce us to the future of blockchain development, providing valuable and noteworthy changes while interacting with the technology and conducting business. So, in this article, we’ll discuss some top blockchain development trends that businesses must look at if they are planning to integrate blockchain technology.
Top Blockchain Development Trends
1. Metaverse
A digital and virtual world with interaction and transaction abilities is known as the Metaverse. Blockchain developers can provide the necessary infrastructure for decentralized ownership of digital assets, ensuring transparency and security. We can enter the metaverse to entertain ourselves, buy assets (like virtual lands, virtual properties, etc), play games, etc. We can already see some games and trailer launches in Metaverse, which is possible just because of effective blockchain development.
However, this technology is still emerging and is capable of bringing something extraordinary, which may look impossible. Businesses looking to launch a platform based on decentralized technology should check out Metaverse’s trend. A little brainstorming can let businesses bring out an amazing and entirely new Metaverse application that can uplift this trend.
2. Interoperability and Cross-Chain
Interoperability refers to communication abilities between different networks for sharing data. During the initial stages of blockchain or even nowadays, it has been one of the biggest challenges for this technology. Users have always appreciated solutions that enable smooth cross-chain crypto transactions, which has caused a surge in the demand for blockchain interoperability tools.
By adopting this trend, blockchain development companies can launch or build blockchain interoperability tools to serve individuals looking to process cross-chain transactions. In 2024, we can see some countable tools that felicitate such transactions. As we see the demand, we expect to see more tools that allow interoperability. So, diving into a blockchain interoperability trend and serving a similar tool may help you with better popularity and revenue generation.
3. DeFi Growth
Let’s talk about one of the fastest-growing sectors of the blockchain industry, which is DeFi (Decentralized Finance). The stats of the DeFi market are impressive with USD 22 billion market cap in 2022 and US 23.99 billion in 2023. According to IBS intelligence, the market may reach USD 48.02 billion by 2031 with a projected CAGR of a little over 9% between 2024 to 2031.
Such stats may draw attention to earnings through DeFi apps. Such apps enable lending, trading, and borrowing cryptocurrencies without requiring intermediaries. Blockchain developers can build a feature-rich and innovative app based on decentralized technology to start their journey in this crazy trend. Innovations in such trends may introduce us to some cutting-edge DeFi apps and widen revenue streams for blockchain developers.
4. Green Blockchain and Sustainability
The energy consumed by blockchain networks has always been a concern. The green blockchain technology focuses on an environment-friendly and energy-efficient network. This can be achieved with the help of renewable energy sources, PoS (Proof-of-Stake) mechanisms, and net-zero emissions of carbon.
We can also see some environment-friendly networks, which are Cordano, Nano, Solana, Steller Lumen, and Polkadot. Blockchain developers can take note of this trend as the demand for sustainable blockchain solutions spike just like electric vehicles in the future. More eco-friendly solutions will drive innovation in the decentralized technology without harming the environment.
5. NFTs for Business
Non-fungible Tokens or NFTs refer to unique digital assets with a value. We can find NFTs in the form of art, collectibles, in-app assets, or games.
In 2024, we can expect NFTs to safeguard people’s online identity by eliminating the need for carrying a physical document. NFTs allow individuals to carry digital documents. Their credibility won’t be compromised even if they have to verify the documents officially.
Additional security on online business platforms has always been appreciated, especially when collecting and storing sensitive information. Businesses can collect NFT documents, which will help them with authentic users. NFT documents are preferred because they can help businesses prevent duplicate customer data.
6. Blockchain & AI Integration
Blockchain and AI are two modern technologies that can be combined to create new applications. AI can be used to analyze data on the blockchain without requiring human efforts, and blockchain can be used to provide a secure and transparent foundation for AI applications.
Advantages
- Authenticity: Generally, blockchain helps businesses track the source of data collected by AI, increasing the trustworthiness of a network.
- Data Privacy: Multiple technologies play different roles in maintaining data privacy. Blockchain provides safety while sharing the data, AI studies activities and gives valuable information, and smart contracts prevent unauthorized access to this data.
- Data management: The blockchain network itself stores a lot of data. However, we can increase data storage limits in blockchain with AI.
7. IoT & Blockchain Integration
The Internet of Things is a network of connected devices that can collect data and transmit it over the Internet and other IoT devices. The best examples of IoT are wearables (smartwatches, TWS, etc), smart cities, home automation, self-driving cars, electronic toll collection, etc.
There are some serious vulnerabilities with IoT that are a lack of strong authentication, unencrypted data transmission, software bugs, DDoS (Distributed Denial of Service) attacks, supply chain attacks, etc. However, blockchain security can be helpful here.
We can use blockchain security to mitigate such vulnerabilities by providing a tamper-proof data history, enhanced security & privacy with cryptographic techniques, and improved device authentication. The integration of both technologies can do wonders as more individuals may start trusting and showing interest in IoT devices.
8. Blockchain 4.0
Blockchain 4.0 refers to the fourth generation of blockchain. It allows businesses to adapt some parts or all of their business operations. Businesses can have self-operating and recording platforms backed by secure decentralized technology. The fourth generation could be more scalable, efficient, and user-friendly than previous generations with a wider range of applications, including supply chain management, healthcare, and government.
9. Blockchain-as-a-Service (BaaS)
BaaS focuses on expanding blockchain services to more individuals. It is a cloud-based platform that provides businesses and developers with a ready-to-use blockchain infrastructure without requiring extensive technical expertise or infrastructure setup. It simplifies the process of building and deploying blockchain applications, making them accessible to a wider audience.
How BaaS Works
- Infrastructure Provision: BaaS providers manage and maintain the basic blockchain network, including nodes, consensus mechanisms, and security protocols.
- API Access: Developers can interact with the blockchain network through APIs, for creating, reading, updating, and deleting data on the blockchain.
- Smart Contract Deployment: BaaS platforms often support the deployment and execution of self-executing smart contracts.
- Scalability: BaaS platforms may come with appreciable scalability to easily manage high-volume digital transactions.
- Security: You may also find BaaS providers adding some security features according to industry standards.
Advantages
- Less complex
- Quick setup
- Scalable
- Cost-effective
10. Blockchain in E-Commerce
Blockchain can be used to improve security, transparency, and efficiency while accepting payments on e-commerce platforms. Many e-commerce platforms have shown interest in accepting crypto payments, which can be a reason behind this trend. To follow this trend, you can serve e-commerce businesses with a reliable cryptocurrency exchange platform or a crypto payment gateway.
A Blockchain Development Company for Trends
If you aren’t a trained developer and yet you want to benefit from any of these trends then you can find a reliable blockchain development company. Bitrix Infotech provides custom blockchain development services to help you meet your business requirements. We’ve closely analyzed all of these trends and we try our best to bring out the best decentralized technology solution be it a cryptocurrency exchange platform or any other blockchain-based platform.
[Also Read: How to Choose the Right Blockchain Development Company]
Conclusion
Blockchain technology has grown significantly, but it’s still emerging. Apart from the trends mentioned above, it has the potential to bring out some unexpected trends. But seeing the current scenario, all these trends have the potential to put you a step ahead of the competition.
Disclaimer
This article is based on the research performed by team Bitrix Infotech. Our research may differ from others. Results may also differ in the future. The author is not responsible for any variations or differences in projections.
