Blockchain enthusiasts often cite the following use cases: Supply Chains, Financial Transactions, Identity Verification, Electronic Medical Records, Conducting Elections, Real Estate Transactions, etc. So we can easily say that Blockchain technology has technical promise. Whether or not these options materialize in 2023 is still up in the air and here are our predictions for the future of Blockchain in 2023:

1. Blockchain Data Sharing is Taking Center Stage

In 2023, we will see Blockchain data sharing system architectures allow users to gain control over the ownership of their data. Users start to “own” their data and decide who has access to it. This will impact health/medical and financial services first, but these new architectures could also have a dramatic impact on advertising and social media.

2. We Believe In Us: Decentralized Architectures and Ecosystems

Despite market volatility surrounding cryptocurrencies, the business potential of blockchain and digital assets continues to grow in 2023. As blockchain-powered “trustless ecosystems” evolve into Web3, they will become a key to the creation and monetization of digital assets in this year as well.

3. Cyber ​​Security Will be Based on Blockchain

Blockchain has proven to be extremely useful for secure and decentralized information exchange. Until now, blockchain-based tools have been too expensive to implement due to the novelty of the technology. However, many experts predict that in 2023 blockchain technology will be increasingly used in cybersecurity.

4. New Technologies are Disrupting the Industry

Emerging technologies such as blockchain, e-sports, and simulation are disrupting traditional industries, offering forward-looking innovations and converging on the next iteration of the web. These technologies are causing an explosion in the speed, complexity and volume of data, creating an even more urgent need for analytics, Machine Learning and Artificial Intelligence to help make sense of it all. Looking to the future, they may offer opportunities to rethink the ways we solve complex problems, ultimately scaling human observation and decision-making.

5. Blockchain as a Service

With the emergence of the blockchain industry, major tech players have stepped in to create ready-to-use, deployable blockchain solutions. Due to the large computing power required to secure blockchain transactions, large enterprises have been able to leverage the power of their massive cloud capacities to offer secure, fast, and scalable blockchains. Blockchain technology is surely ready to gain major attraction in the service sector in 2023.

Conclusion

Blockchain-based digital identities could bring a decentralized approach to data management in 2023, allowing users to choose how and which of their personal data can be shared on the Internet. Tech companies are creating deployable solutions: these include Microsoft’s partnership with the W3C consortium to introduce open standards for decentralized identifiers and IBM’s own digital identity solution. Product certification, academic degrees, and even copyright claims are next on the private sector’s radar for potential development.

Excited enough about Blockchain in 2023? Email us today at info@bigsteptech.com for all your Blockchain requirements and let our team of experts take care of the rest. Let’s revolutionize the future together.