Top 5 Trends That Will Shape Blockchain Industry In 2024

The blockchain technology has captivated tech enthusiasts’ interest right from its inception. Several industries, including banking, finance, supply chain, and healthcare have embraced blockchain technology.

From transforming finance to revolutionising education, blockchain has redefined the digital experience across various sectors.

With 2024 around the corner, let’s take a look into what this fascinating technology has in store for us!

Top Blockchain Trends to Watch Out for in 2024

From being an innovative technology, blockchain is now seeing greater adoption across different industries and sectors. Here are some top blockchain trends that are likely to dominate 2024:

Enterprise Blockchain Solutions

Forward-thinking businesses are streamlining their operations using enterprise blockchain solutions. These solutions significantly help them build trust and enhance security. They record each piece of data or transaction in a tamper-proof block. Thanks to this transparency, they face lower risks of fraud. Enterprise blockchain solutions are transforming sectors like supply chain management, healthcare, and finance.

In 2024, these solutions will further drive the growth and enhanced use of smart contracts. These are self-executing contracts that businesses will be using to reduce costs, simplify operational processes, and reduce the need for intermediaries. These solutions will be largely used in food safety, real estate, payment solutions, and supply chain management.

Decentralised Finance (DeFi)

Decentralised finance or DeFi holds tons of promises to revolutionise the banking system. The Total Value Locked (TVL) of DeFi was projected to cross the $100 billion mark by October 2023. The disruptive nature of decentralised finance, along with AI-backed risk management systems will take it to the mainstream. With reduced vulnerabilities and better security, it will support cross-chain integrations.

Besides, emerging protocols are likely to broaden the accessibility of DeFi. Institutional recognition and the advent of insurance protocols further strengthen this trend. Banks and investment funds will adopt DeFi extensively in 2024.

Blockchain In Education

Blockchain is all set to transform the education industry significantly in 2024. Globally, the focus has shifted to courses and workshops backed by blockchain. Besides, the technology has made online resources more accessible, which explains why institutions are heavily dependent on blockchain.

Currently, many startups are developing new services and products using the technology. With certification programs and qualifications gaining limelight, professionals have a competitive edge. Gaining hands-on training in blockchain can enhance problem-solving skills. Getting trained in blockchain technology will open the doors for professional development in 2024.

AI-Integrated Blockchain Technology

Tech enthusiasts are eagerly waiting to witness the integration of AI and blockchain, two of the most promising technologies. Algorithms driven by AI will further boost the efficiency of blockchain networks in 2024.

The integration of these technologies will enhance decision-making, while genetic algorithms will be necessary for evolving strategies. On the other hand, nuanced decisions are to be handled through fuzzy logic. 

This will significantly enhance scalability, efficiency, security, adaptability, and decentralisation. For data-driven decisions, this combination of AI and blockchain will be a game-changer.

Tokenization Of RWAs

Real World Asset (RWA) tokenization is gaining traction in India as an innovative application of blockchain technology. RWAs are exploring the use of blockchain to tokenize real-world assets, such as real estate properties.

This involves representing physical assets as digital tokens on a blockchain, allowing for fractional ownership and more accessible investment opportunities. In India, where real estate is a significant asset class, RWA-led tokenization initiatives aim to democratise investment access, enable liquidity, and reduce traditional barriers to property ownership. 

This forward-looking approach by RWAs underscores the potential for blockchain to revolutionise the real estate landscape in India, making it more inclusive and liquid.

Conclusion

As we explore these trends, 2024 is likely to be both transformational and promising for blockchain technology. An exciting trend likely to emerge in 2024 is applications based on the fusion of AI and blockchain. The rapidly rising number of startups in this space are coming up with solutions for the existing pain points, making blockchain ever more useful and secure. In the coming year, blockchain adoption is likely to pace up.