In this blog, we will take a deep dive and explore why 2023 is a great time for businesses to start exploring the potential of blockchain.
Blockchain has been around for over a decade, but it’s only in recent years that we’ve seen a significant increase in adoption by businesses. In 2023, this trend is expected to continue, as more and more businesses realize the potential of blockchain to revolutionize their industries.
There are a number of reasons why businesses should start building on blockchain in 2023. First, the technology has matured and is now more reliable and scalable. Second, there are a growing number of use cases that are well-suited to blockchain, such as supply chain management, financial services, and healthcare. Third, governments around the world are starting to create regulatory frameworks for blockchain, which is providing businesses with the confidence to invest in the technology.
Here are some statistics that show the increasing adoption of blockchain:
- According to a Deloitte survey, 86% of businesses are either exploring or have already implemented blockchain.
- The global blockchain market is expected to reach $18.42 billion in 2023, will grow at CGAR of 62.4% with a market forecast of $508.10 billion in 2030.
- The number of blockchain jobs has increased by over 500% in the past year.
These statistics show that blockchain is no longer just a fad. It is a real technology with the potential to revolutionize many industries.
Here are some of the reasons why businesses should start building on blockchain in 2023:
- Increased adoption. More and more businesses & consumers are adopting blockchain, which means that there is a growing market for blockchain-based products and services.
- The technology is more mature. Blockchain has been around for over a decade, and it has continued to mature and improve in recent years. This means that businesses can be more confident that blockchain is a reliable and scalable technology for their needs.
- There are more use cases. The number of use cases for blockchain has continued to grow in recent years. This means that businesses have more options for how they can use blockchain to improve their operations.
- Governments are starting to adopt blockchain. Governments around the world are starting to adopt blockchain, which provides businesses with the confidence to invest in the technology. This is especially important for businesses that operate in regulated industries.
- The cost of blockchain is decreasing. The cost of blockchain infrastructure and development is decreasing, which makes it more affordable for businesses to adopt blockchain. This is especially important for small and medium-sized businesses.
- The talent pool is growing. The number of people with skills in blockchain is growing, which makes it easier for businesses to find the talent they need to build and implement blockchain solutions.
- Artificial intelligence: AI is being used to improve the performance of blockchain networks. For example, AI can be used to identify fraudulent transactions or to optimize the performance of blockchain-based applications. AI can also provide data insights and enhances user experience.
- Security: Blockchain-based applications are now more secure than ever, thanks to the proliferation of security tools and agencies specializing in web3 security solutions. Secondly, recent hacks have highlighted the critical need for smart contract auditing, prompting developers to be extra vigilant.
In addition to these reasons, why we believe today is the right time:
- The hype around blockchain is starting to die down. This means that businesses are now more likely to make informed decisions about whether or not to adopt blockchain, rather than simply jumping on the bandwagon.
- The technology is becoming more user-friendly. Blockchain development tools and platforms are becoming more user-friendly, which makes it easier for businesses to get started with blockchain.
- The market for blockchain solutions is growing. There is a growing demand for blockchain solutions from businesses of all sizes. This means that businesses that adopt blockchain early can gain a competitive advantage.
Aren't these reasons compelling enough to explore blockchain? No worries! Allow us to provide you with a few more fascinating reasons:
- Blockchain can help businesses to create new revenue streams. For example, businesses can use blockchain to create decentralized applications (dApps) that can be used to generate revenue, dApps such as game, NFTs.
- Blockchain can help businesses to build trust with their customers. For example, businesses can use blockchain to track the provenance of products, which can give customers peace of mind knowing that they are buying authentic products.
The future of blockchain is bright. In the years to come, we can expect to see even more businesses adopt blockchain and use it to improve their operations. If you are a business owner or manager, We encourage you to start exploring the potential of blockchain today.
Blockchain is a powerful technology with the potential to revolutionize many industries. In 2023, we can expect to see even more businesses adopt blockchain and use it to improve their operations. If you are a business owner or manager, I encourage you to start exploring the potential of blockchain. You may be surprised at how it can help you to improve your business.
Are you still unsure about how your business can leverage blockchain? Book a Discovery Call with our experts.