Looking into the future of Blockchain

Blockchain Market Growth

Blockchain technology has been gaining traction for its potential to revolutionize the financial system. Web3 harnesses the power of Blockchain, Cryptocurrency, and Non-Fungible Tokens (NFT) to put ownership in the hands of users. With its speed, affordability, traceability, immutability, and universality, Web3 is set to be the next financial system. However, cryptocurrency-based crimes have caused some skepticism. According to PeckShield blockchain security firm, the theft of digital assets amounted to $2.98 billion in stolen assets occurring in the Decentralized Finance (DeFi) sector as of Oct. 31, 2022. High-profile hacks such as PolyNetwork, Ronin Bridge and Wormhole have resulted in losses of hundreds of millions. These events have emphasized the importance of security measures for blockchain-based applications.

The blockchain is a decentralized, public database that is distributed across the globe and stores all transactions in an encrypted ledger. Data within this ledger is highly secure and immutable, owing to the emergence of Bitcoin and other cryptocurrencies. The adoption of this technology is still in its early stages; however, businesses and governments are beginning to embrace it to lower operational costs and create a secure, transparent, and incorruptible system.

Blockchain was introduced in 2008 and however, as per Blockchain.com, around 50 million wallets utilizing blockchain technology are currently in use around the world, with more than 50% of them created in the past five years.

Market Trends:

Recent advancements in B2B technology have enabled organizations to make investments in their processes and systems. Despite this, many still face the same problems due to asymmetries between vendors and their tech stacks, as well as operational friction around the integration of payment receivables. To address this, new tools are being developed to provide different payment methods across one dashboard, and this will likely involve the use of crypto. This could be a game-changer for businesses, allowing them to pay multiple bills with one or more methods, leading to greater efficiency.

Significant investments in the blockchain technology space and the emergence of NFTs are the top trends in blockchain. Governments are also taking initiatives to promote blockchain. For example – in 2021, the European Union (EU) announced plans for a multibillion-euro investment into blockchain infrastructure. Emerging economies such as countries in the Middle East are also transitioning towards the use of blockchain. Saudi Arabia is using the blockchain technology as part of their digital transformation (Saudi Vision 2030) journey. The Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank, uses blockchain technology for money transfers.

Blockchain has brought various innovations to revolutionize the gaming industry: decentralization, Play-to-Earn (P2E) cryptos, NFTs, and real ownership of in-game items. NFTs in the gaming industry provide players with a sense of ownership, rarity, immutability, and security to the in-game assets because of the in-built blockchain technology.  In blockchain games, cryptocurrencies and NFTs are used for purchasing in-game assets that can be exchanged for cryptocurrencies and real-life money. The blockchain gaming sector experienced a massive growth rate of about 2000% in 2021. In October and November of 2022, Venture Capitals (VCs) and angel investors invested a staggering $3.4 billion in the Blockchain Gaming space (GameFi), with $534 million invested in that period alone. This is remarkable given the overall decline in both crypto and stock markets as well as a sharp decrease in VC investments overall. For instance, Gameflip, a startup raising money on StartEngine, has raised more than $10 million from Silicon Valley VCs to support its gaming and blockchain-based asset marketplace.

Recent Developments:

Dec. 21, 2022: Wellfield Technologies, Inc. has signed a non-binding letter of intent (LOI) to acquire a North American business with a blockchain-based digital platform to manage title, custody, trade and settlement of physical precious metals for institutional clients. This LOI indicates Wellfield’s ambition to expand beyond cryptocurrency and gain a foothold in the established traditional finance and commodities markets. They view the large, liquid global precious metals market as a great way to illustrate the advantages Wellfield can offer to both institutional and individual participants in the commodity market.

Dec. 20, 2022: NvirWorld signed a resale and referral agreement with Consensys, a leading blockchain technology provider. Also, NvirWorld have granted access to their beta tests of upcoming services, providing details about their visions and plans for the Web 3.0. The company’s aim is to innovate blockchain technology by launching a next generation mainnet by the fourth quarter of 2023. This mainnet will be powered by NvirWorld’s patented technology which enables users to access the network even when not connected to the internet. This means that those in poor internet connection environments, or without access to a bank account, will be able to benefit from economic services equally and freely.

Dec. 20, 2022: Visa has proposed Account Abstraction as a solution for automated payments, combining Ethereum-based wallets and smart contracts into a single account. StarkNet is the Layer-2 solution selected to implement this Ethereum Improvement Proposal.

Dec. 20, 2022: The United Nations Refugee Agency (UNHCR) is trialing the use of blockchain technology to deliver digital cash payments to internally displaced people in Ukraine. Working with the Stellar Development Foundation, UNHCR is employing the blockchain network as an aid-disbursement tool, with the USDC stablecoin being distributed to eligible recipients via a digital wallet called Vibrant, downloaded to a mobile phone.

Market Insights:

The major players in the Blockchain Market include IBM, AWS, SAP, Intel, Oracle, Huawei, Accenture, Wipro, Bitfury, and Chain. Countries in North America, including the US and Canada, have shown faster and wider adoption of upcoming technologies. These players have adopted organic as well as inorganic growth strategies to expand their global presence and increase their market share in the blockchain industry.

As per MarketsandMarkets (MnM) analysis, the global Blockchain Market is estimated to have projected market value of USD 4.9 billion in 2021 and is projected to reach market value of USD 67.3 billion by 2026 growing with a CAGR of 68.4% during the forecast period 2022-2026. The surge in market growth can be attributed to the increased venture capital investments in blockchain technology firms. Blockchain venture capital funding has experienced a downward slope since May 2022, and even in November 2022. However, the total capital inflows for 2022 have surpassed 2021 by almost $6 billion.

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