Every year, blockchain technology moves onto new frontiers marking exciting developments for those involved in the sector. We are seeing new trends, innovations, and use-cases emerge, surpassing any previous expectations. So what lies ahead in 2023? Here are the trends we expect to see over the coming year.
Refinement in regulations
The blockchain sector has operated in a largely unregulated manner since its inception in 2009. Since then, some countries, including Malta and regions like the EU, have put forward frameworks and laws to provide more certainty to blockchain and crypto. Other jurisdictions have taken a hands-off approach, while countries like the US continue with uncertainty. Some have even banned blockchain and crypto completely, including Algeria, Bangladesh, China, Egypt, Morocco, Nepal, Qatar and Tunisia. But this year, we can expect to see more regulatory certainty emerge along with refinement and adaptation of current rules. Smart regulation is likely to emerge as a favorite, backed up by global cooperation to address the risks and challenges posed by new technologies. This regulatory certainty, if done correctly, will give users more trust and also drive forward adoption.
Blockchain adoption is increasing year-on-year, but in 2023, we can expect to see it propelled further forward by enterprise integration. Many businesses are beginning to realize the power and potential benefits that blockchain technology can bring them, such as improved security. The immutability blockchain provides means it is extremely trustworthy and reliable for both enterprises and individuals. It also offers an unparalleled level of transparency as all transactions, although fully anonymised, can be viewed on the public ledger. This increases user confidence as they can be sure of where their digital assets have gone and that no one has interfered.
Another driver of blockchain popularity will be its use within the Metaverse. The 3D, interactive iteration of the internet is growing in user numbers, and as it functions with crypto, blockchain is an integral part. Lastly, the fact blockchain is completely decentralized means it has added security against cyberattacks as there is no one entry point or point of failure for criminals to exploit. All of this, and more, will contribute to increased uptake and mainstream adoption.
Crypto gambling surge
At Fast Offshore, we witnessed an all-time high in the number of operators enquiring about running crypto casinos or sports betting sites. We predict that in 2023, that number will be even higher. This will be driven by a combination of factors, including increased adoption, familiarity, and regulatory certainty, but also by consumers’ understanding of crypto’s benefits. For example, unbanked people and those who want to gamble anonymously or pseudonymously can all do so with crypto, something not possible with fiat. This will bring millions of new customers to the market, all interested in gambling and betting with various cryptos. If you want to open a crypto casino, or you want to incorporate this kind of payment into your existing site, Fast Offshore can help.
Focus on skills development
There has long been a shortage of individuals with the appropriate skill set to work in the blockchain sector. The success and growth of the sector, beyond what many could have predicted, has led to a surge in demand for high-level employees with experience and specific blockchain-related skill sets. The issue is that the number of companies looking for such staff far outweighs those who fit the bill.
This has led to a cutthroat environment where many companies struggle to fill positions or find the right staff and then lose them to other companies who offer higher salaries and more benefits. In the last few years, several universities worldwide have started offering blockchain and crypto-related courses, including bachelor’s and masters. In 2023, many of these people will start graduating, thus bringing more talent and know-how onto the market. With each passing year, the experience of those working in the sector continues to develop, taking the pressure off companies looking to hire. More skilled workers means more innovation and a secure future for blockchain technology.
Over recent years, blockchain has been eyed by various banks and financial institutions, but it is now catching the attention of governments as well. The fact it is non-malleable, secure, and cannot be tampered with makes it perfect for use in governance. Often, governments can take a while to catch up with the latest developments in technology and this is so with blockchain, but 2023 is the year we expect interest to grow.
It has already been considered for voting, identity verification, monitoring public records and transactions, and assisting in courts, education and healthcare. This interest demonstrates that blockchain is here to stay and is set to become an integral part of our personal and professional lives in the future. Once it is integrated into the way the government works, it will further increase user trust and encourage wider use in other areas.