Blockchain technology has been established at an incredibly fast rate and has taken the business world by storm. Blockchain data is meant to resist modification.
The complexity of the technology itself may be hard to grasp even for tech enthusiasts, but the expanding popularity and ubiquitous nature of technology are clear for all to see.
Let’s have a glance at some of the key statistics, facts, and new trends that we will probably witness in the near future.
- In 2024, investments in blockchain technology have crossed $19 billion.
- Experts state that the blockchain market value will reach $524 million by the end of 2024.
- There are 19,672,150 bitcoins in the world at the end of the first quarter of 2024.
- At the beginning of April 2024, the Bitcoin index value amounted to 66,525.56 U.S. dollars.
- There are 31,000 bitcoin ATMs in the United States.
- In 2024, the number of Blockchain wallet users crossed 46 million.
- The blockchain market size was $7.4 billion in 2022 and is supposed to reach $94 billion by 2027.
- The market value of blockchain in the food and agriculture market globally is projected to climb by 1.4 billion U.S. dollars by 2028.
- As per research, 30 percent of respondents considered China to be the territory leader in blockchain technology development from 2021-2023.
- The blockchain spending of China is forecasted to reach up to 1.42 billion U.S. dollars by 2024.
- The blockchain market value in South Korea is forecasted to reach $2.2 billion by 2028.
- It is projected that, by 2025, 55 percent of healthcare applications will adopt blockchain for commercial use.
Also Read: Key Blockchain Stats & Happenings in 2020
Here are some Blockchain Trends which are expected to be seen in 2024
Since startups and enterprises are working on their own blockchain solution, it’s not always feasible to create and manage one.
That’s where BaaS comes in handy. Blockchain as a Service (BaaS) is basically an offering that allows customers to leverage cloud-based solutions to build, host, and use their own blockchain applications, functions, and smart contracts on the blockchain.
With various indicators pointing towards the possibility of a global slowdown this year, investors are looking for alternative asset classes.
With the market developing for security tokens, there are tremendous possibilities in the tokenization of well-performing assets that previously lacked liquidity.
In 2024, the utility token market witnessed a slowdown, so the arrival of security tokens will be one of the hot topics this year.
The market has waited for the grand entrance of institutional investors for a long time, but they haven’t yet somewhat entered the scene. The success of security tokens is contingent on digital asset exchange being up and running.
This trend was initiated last year and, most likely, will continue in 2024.
The user experience of managing your own assets might be scary for a lot of people, also there is a tenacious desire from a business point of view to have custodial services for digital assets.
While many businesses are eyeing for new blockchain use cases, some are circumfusing the cryptocurrency market.
Both enterprise and public adoption are affected by scalability and performance hurdles. Promising solutions, like innovative platforms or sidechains, are expected to follow sophistication and are likely to be adopted this year.
Furthermore, many blockchain apps mostly have a complex user interface, which isn’t very intuitive for a non-tech user.
Thus, in 2024 expectations are to see more user-friendly solutions, which are capable of promoting mass adoption both in technology and design.
European countries like Switzerland, Lithuania, Malta, and Liechtenstein will see competition around the world heating up as various states push forward for additional favorable regulations around blockchain and crypto-ventures.
Malaysia, for instance, is planning to review its crypto and ICO (Initial Coin Offering) regulations in Q1.
Stablecoins could also witness a boost in 2019. Cryptocurrency is the side product of blockchain, but they are volatile in nature.
That gives more market propulsion to Stablecoins. Stablecoins have stable prices, unlike cryptocurrencies. It’s not affected by the market condition, thus ensuring stability at all times.
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