Blockchain Development: 7 unique trends to watch in 2024 and beyond

Have you been watching the blockchain development directions? If so, then you’ve seen disruptive trends like decentralized autonomous organizations (DAOs), DeFis, and NFTs. You might be wondering about the following blockchain trends: In reality, nobody can accurately forecast what will happen in the blockchain industry. However, we can make educated predictions about the blockchain development trends to anticipate in 2024 and beyond. This piece delves into the future trends of blockchain technology and what these movements mean for businesses.

Blockchain development predictions

Here are the top blockchain trends that will shape 2024 and beyond:

• Many governments will accept blockchain technology

Blockchain technology allows not only businesses but governments to operate smoothly. Governments can take advantage of multiple use cases, such as Central Bank Digital Currencies (CBDC) and digitization of the voting system. Other potential areas where governments can use blockchain technology include:

• Land registration
• Healthcare
• Food supply chains

So, among Blockchain development tendencies to expect is how various governments will apply the technology in their operations.

• Greener technologies

Many people criticize Blockchain development because of its high energy demands, which lead to carbon emissions. In 2021, Elon Musk’s Tesla stopped receiving payments through Bitcoin because of the significant carbon emissions associated with the digital currency.

Due to energy concerns, stakeholders in the blockchain industry are using various approaches to attenuate carbon emissions. One of the technologies to use is carbon offsetting. But, many see carbon offsetting as a technology to patch a wound that should have been stopped in the first place.

So, the 2022 blockchain trends are to see more energy-efficient technologies, like the Proof-of-Stake (PoS) consensus mechanism, instead of Proof-of-Work (PoW) agreements.

• The non-fungible market will continue expanding.

Blockchain trends in 2022 are incomplete without mentioning NFTs. The NFTs allow users to claim their property rights over a virtual asset.

In 2021, the non-fungible token market exploded and started growing incredibly. This expansion will continue into 2022 as the world embraces the Metaverse. Metaverse will uncover more cases of NFT use. Furthermore, in 2022 and beyond, NFTs will be about utility, gaming, and accessing special groups.

• Demand for blockchain skills will expand.

The popularity of blockchain technology keeps rising, leading to an increase in the sector’s demand. So, among the blockchain trends to anticipate in 2022 is the continuous demand for crypto skills.

Blockchain technology has reached a stage where behemoths and governments are embracing it. It’s now apparent that technology can enhance business operations and improve lives. So, organizations require professionals who can help them apply crypto technology to achieve business objectives.

• New Generation blockchain solutions

Bitcoin and Ethereum minnets suffer from speed and scalability problems. So, critical 2022 blockchain trends to expect are the acceleration of the creation of new third—and fourth-generation solutions to eliminate these problems. Third-generation networks like Aion and Cardano use sharding technology to reduce costs and improve settlement speed.

Fourth-generation blockchain development solutions also resolve the technology’s initial challenges and speed up the creation, operation, and reorganization of commercial networks.

Appealing fourth-generation solutions like Insolar and Aergo cut through the complexity of blockchain by providing easy-to-use interfaces. The solutions mask the underlying decentralized ledger networks that may overwhelm non-professionals in IT.

• Expect more DAOs

DeFis have specific challenges regarding governance matters. So, among the top blockchain trends to expect in 2022 and beyond is the emergence of Decentralized Autonomous Organizations (DAOs).

The decision-making procedure by DeFis is supposed to be decentralized in line with the philosophy of blockchain technology. However, initially, an individual or a few persons made decisions regarding DeFi. A new approach is to adopt DAOs that have regulations captured on intelligent contracts. So, the blockchain development trend to anticipate in 2022 is the creation of more DAOs.

• Emergence of Metaverse

Decentralized ledger apps in Metaverse are a critical Blockchain development to anticipate in 2022. Through Metaverse, users will enjoy an immersive experience via multiple technologies, such as blockchain, virtual reality, and augmented reality. Without a decentralized ledger, the Metaverse idea won’t be complete. Data would be kept in centralized servers belonging to behemoths.

Final Thoughts

Technology keeps on evolving, making it difficult to predict what will happen next. That said, one thing is sure: Blockchain trends in 2024 will continue shaping the industry. The above future trends of blockchain technology captured here are based on past trends.