When we talk about digital payment methods, Bitcoin is a force to reckon with!
Its emergence in 2008 introduced blockchain and cryptocurrency to the world. It is over a decade now and the revolutionary innovation (Bitcoin) has witnessed a series of changes. The status of the technology is currently not what it used to be ten years ago. It has come a long way.
2020 proved that Bitcoin and Blockchain are here to stay; it proved that it is no longer just an experimental project but a reliable technology here to stay. The Covid19 pandemic saw many individuals and enterprises looking for alternative ways to make transactions and maintain their businesses’ operation. Blockchain was an already established technology that came in handy. The distributed ledger technology offers practical solutions to individuals, start-ups, and existing businesses.
Almost every month, a new use case is derived from the technology, paving the way for new trends; here are some of the top Emerging blockchain technology trends In 2024;
Permissioned Blockchain on the Rise
Most blockchain enthusiasts are familiar with Public blockchain. However, there is another not so popular blockchain, ‘the permissioned blockchains’. Since the beginning of this year, this blockchain has gained momentum and is gradually becoming a significant contributor to the blockchain market growth. Before the end of this year, financial analysts believe that it will get a larger market size. This blockchain offers a unique solution to enterprises that adopt it; it allows organizations to leverage the blockchain technology to create their use cases.
Permissioned/private blockchain offers efficiency, reliability using a private key that authorized nodes that can only be accessed by specific users.
DeFi Adoption on the Rise
Prior to 2024, there has been skepticism towards the adoption of Defi. However, the aftermath of covid19 has made it glaring that decentralized financial transactions can be the way out for aspiring investors. It has given millions of people an opportunity to become investors.
This year has seen decentralized financial transactions gain more acceptance compared to their centralized variants. One of the most popular forms of DeFi that has gained momentum this year is its lending platforms.
Decentralized financial transactions involve buying coins and lending them out for interest. This transaction is carried out on decentralized exchange organizations built with Blockchain technology. It is a win-win situation for everybody. The lender earns through interest, while the borrower gets easy access to loans for investment.
Supply Chain Optimization
If you run a business that transacts internationally, you’ll already be familiar with supply chain optimization. The traditional way of optimizing supply chains has a lot of hurdles,, especially when it comes to goods flow and logistics. It involves a lot of paperwork, and the daily operation can get confusing.
Making international transactions on platforms like blockchain or bitcoinloophole.io is faced with lots of manual work, logistics, and other technical processes. This is exactly where blockchain comes in; with blockchain’s distributed ledger, there’s no longer a need to face the traditional clearing process.
Complex trades can now be documented on a distributed ledger; it doesn’t matter the volume of the document and data; it can now be optimally recorded digitally with blockchains.
Distributed ledger technology is a perfect solution for recording and storing large volumes of data while giving easy access to every party involved in the transaction. The central ledger helps store details of every transaction that takes place.
2024 has witnessed more people using DLT to make transactions; this trend is steadily on the rise and is expected to see more adoption before the end of the year. This is because there is a craving for transparency in doing business, and DLT allows users to record transactions without geographical limitations easily, finally, it offers security and financial stability.
Federated Blockchains
Federated Blockchain is new and is, without doubt, an outstanding trend that blockchain enthusiasts should watch out for. It is an advancement of the regular blockchain that we are already familiar with, however, it offers many specific use cases. Here’s the difference between federated blockchain and the regular blockchain;
While the regular blockchain follows a single secure, trusted node, the federated blockchain functions under different authorities.
Bitcoin enthusiasts are of the opinion that 2024 will witness a significant increase in the use of federated blockchain. What it does basically is that it offers private blockchain the liberty to customize its outlook so essentially federated blockchain is a lot like private blockchain however with more features.
Mass Adoption of Blockchain as a Service (BaaS)
Another emerging blockchain trend is Blockchain As A Service (BaaS). This new blockchain trend is a new trend that has witnessed numerous enterprises integrating blockchain into their operations.
What BaaS means is the integration of Blockchain by enterprise services or operations into their system. A situation where enterprises develop their products or operate using blockchain.
Influence in Social Networking
Social media is now a part of human life ⅔ of the world’s population has a social media account. According to research by Statista, they will be more than 2.77 billion social media users worldwide by 2019.
It is expected that blockchain will be more involved in social media, more and more social networks that are built on blockchain technology are expected to spring up. This is actually a good thing because a decentralized network would solve the problem of data control, privacy violations, content relevance, and notorious scandals.
Imagine a blockchain that offers all the benefits of blockchain technology.
Hybrid Blockchains
Hybrid blockchain is still a new concept in the blockchain space. As the name implies, it attempts to fuss both public and private blockchain together to create a hybrid. Its purpose is to merge the benefits of both public and private blockchain to create a solution. Despite the inclusion of public blockchain in the union, they still operate in a private ecosystem to ensure security.
The cost of setting up and running a hybrid blockchain is lower. It is quick and simple to verify transactions because of its influential nodes. Another benefit is that it is secured so expect less hacking.
Expect more emerging cryptocurrencies to adopt the hybrid blockchain in 2024.
Conclusion
The vision of Bitcoin, the pionering blockchain is to cause a disruption in the traditional banking and financial transaction sphere at last. Before it can attain that level, it has to change from what it currently is to a more acceptable technology. Before the end of 2024, we should anticipate more trends.
