What will be the top blockchain trends in 2024? Let’s check!

NFT, metaverse, cryptocurrencies, and so on, blockchain offers businesses a wide range of tools and technologies. 

Also, multiple blockchain benefits, such as immutability, more privacy, and security, have made companies adopt blockchain technologies in their organizations.

Many trends are emerging in blockchain technologies, such as smart contracts, NFTs, cryptocurrencies, and others. Knowing top blockchain trends can help you decide how to use blockchain technology to benefit your business. 

Let’s check the top blockchain trends in 2024, so you can prepare your business in advance under the latest trends in blockchain technology.

Key Market Takeaways for Blockchain Technology

Estimates show the global blockchain technology market reached USD 4.8 billion in 2022. By 2032, this market is projected to reach around USD 2,334.46 billion, with a compound annual growth rate (CAGR) of 85.7% anticipated during the forecast period (2023-2032).

Top Blockchain Trends in 2024

Here is a list of emerging trends in blockchain technology in 2024. 

1. Cryptocurrencies

Cryptocurrency uses blockchain technology to store transactional data in its peer-to-peer network. With the help of blockchain, crypto eliminates its dependency on centralized authorities like banks or any other financial institution to perform crypto transactions worldwide without any restrictions and limitations.

Moreover, blockchain provides additional security to the crypto, making it safer than other centralized fund transfer services. However, users will need a crypto wallet to store their cryptocurrencies and make them able to transfer to other users.

The blockchain offers multiple security features to crypto transactions, making cryptocurrencies safer and more resistant to hackers’ attacks.

I. Bottlepay provides a crypto-payment gateway 

UK-based start-up Bottlepay has started offering its crypto payment gateway. Users can join their platform with an easy verification process that helps them convert currencies such as EUR or GBP into BTC and convert cryptocurrencies into currencies like euros.

The company uses the Lightning network to operate on top of Bitcoin. The lightning network enables users to transact their money to the content creator through social media platforms without any transactional fee.

II. ChainCard makes a Web3 Crypto Wallet

Chain Guard is a Canadian startup that develops Web 3 wallets where users can purchase and store cryptocurrencies like Bitcoin, Ethereum, etc. The platform also allows users to take an interest in their crypto savings and swap their cryptocurrencies with others.

2. Asset tokenization

Blockchain offers tokenization features through which anyone can convert assets, such as royalties, portfolios, arts, and others, into digital records.

Tokenization improves the liquidity of assets that businesses can transfer to other parties with the help of NFTs. Also, businesses can schedule their asset transfer in advance with the help of smart contracts. 

After meeting certain conditions, the smart contract will be executed, and the specified tokenized asset will be transferred to the business partners.

I. Buzzmint eases digital asset tokenization  

Buzzmint is a UK-based startup that provides a platform for digital assets tokenization. The platform allows its users to quickly create and deploy non-fungible tokens(NFTs) of their digital assets. Moreover, the platform allows users to sell their NFTs to an external platform.

II.Courtyard allows tokenizing physical assets

A US-based startup, Courtyard enables its users to tokenize their physical assets. On Courtyard, users can trade their NFTs on any marketplace and securely store their underlying assets. Moreover, the platform allows users to set up royalties on their digital assets so they can sell their products globally.

3. Smart Contracts

The use of smart contracts is another blockchain trend adopted by businesses worldwide. Many start-ups allow other businesses to create smart contracts on their platform.

Unlike traditional contracts, smart contracts are digital ones executed after meeting several conditions.

Here’s how smart contracts work as compared to traditional contracts:

Smart contracts provide more security as they are immutable and help businesses avoid fraudulent activities. 

I. Viveel launched a smart contract builder 

Viveel, a Portuguese startup, created a smart contract builder that allows businesses to build and execute smart contracts. Their platform offers visual programming and template-driven workflow to create smart contracts easily.

Their platform also enables smart contracts auditing, where users can improve their smart contracts by analyzing any drawbacks and security flaws.

II. Acria network created a cross-chain data network 

Acria Network is a German-based startup that allows its users to develop cross-chain real-world data networks. The platform uses Oracle nodes to utilize off-chain technology that helps businesses eliminate intermediaries while creating smart contracts. 

The platform offers multiple blockchains with real-world off-chain data where businesses can use their preferred cryptocurrencies as collaterals. 

However, only the distributors of real-world data can operate Oracle nodes to ensure the trustworthiness of data. At the same time, other 

participants of a particular blockchain can earn rewards by performing staking, which gives additional credibility to the nodes.

4. Advanced cryptography

Blockchain uses cryptography to encrypt communication between nodes to ensure the immutability of transactions. 

For cryptography, blockchain uses symmetric and asymmetric cryptographic algorithms. 

In symmetric cryptography, the same key is used for communication between nodes. While in asymmetric cryptography, the system can encrypt and decrypt messages using public and private keys.

I. Ruby protocol creates privacy-centric web 3 protocol

A Canadian startup, Ruby Protocol, has built a decentralized privacy-centric Web3 protocol. The platform allows users to encrypt their information on-chain, where only holders with private keys can decrypt that particular information.

The protocol developed by Ruby is a private data management framework and access control gateway that implements a privacy layer with a multi-chain ecosystem.

II. Goldario offers precious metal-backed tokens

This startup offers metal-backed tokens. Goldario combines blockchain and cryptography to tokenize the gold mining, jewelry manufacturing, and jewelry retail business. 

Offering tokenization helps Goldario’s users secure their digital assets trading and allows them to maintain the liquidity and accessibility of their precious commodities. 

Also, the startup offers its audience a way to get started with minimum investment and allows them to track the companies in which they invested.

5. dApps

Blockchain offers decentralized application development where anyone can build decentralized applications using peer-to-peer nodes and smart contracts. 

The dApps eliminate the control and dependency of centralized authorities, which helps dApps to offer more control and flexibility in their infrastructure.

Also, there is no downtime issue in the case of decentralized applications, as decentralized servers are backed by separate individuals worldwide. 

All these advantages of decentralized apps help companies run their apps smoothly over specific blockchain networks. 

I. Cube simplifies the dApp token staking process 

An Indian startup, Cube helps businesses save time in developing the staking functionality by enabling them to integrate staking access to their platforms easily. 

The start-up offers an API through which developers can set up transport layer security(TLS) and asymmetric cryptography on their platform. With Cube’s API, businesses can enable automated yield-like strategies like auto compounding and leverage staking. 

II. Moralis builds Enterprise-grade Web 3 API

Moralis is a Swedish startup that offers enterprise-grade Web 3 APIs. The startup offers APIs for Solana blockchain, NFTs, EVM, and blockchain data streaming. 

Their APIs allow enterprises and app developers to accelerate dApp prototyping by quickly scaling their apps. 

Also, the startup helps businesses reduce the cost and complexity associated with dApp development.

6. Blockchain as a service

Like centralized-based cloud services, blockchain also offers cloud-based services, which are known as blockchain services. Blockchain offers developers an ecosystem to write smart contracts and decentralized apps. 

Moreover, blockchain as a service helps blockchain developers to write decentralized apps, as BaaS offers many development tools easily. Also, you can check the pros and cons of blockchain as a service to decide whether it is good for your business:

I. NIFTRON builds blockchain as a service platform

NIFTRON is a UK-based startup that creates blockchain as a service platform. The platform offers a development kit that enables businesses to build decentralized apps and use blockchain technologies in their infrastructure with plug-and-play modules. 

In addition, the platform handles their user account and performs transaction management, helping them cut down development costs and time.

II. Everblock offers blockchain solutions as a service 

This Brazilian-based startup offers blockchain solutions such as smart contracts and decentralized storage for industries such as he

althcare, education, and media industry, etc. Their platform allows other businesses to use blockchain-based technology to ensure data security and improved data transparency in their infrastructure.

In addition to healthcare industries, Everblock offers patient privacy and data compliance features to help them prevent document fraud. Media companies can use the Everblock platform to take down copyright infringement with the help of blockchain technology.

7. Private Blockchain

Instead of using existing blockchain networks, many businesses are creating their private blockchain for their specific use. Private blockchains mostly involve centralized authorities that decide the accessibility and customization of their blockchain network. 

Creating a private blockchain helps businesses to take advantage of decentralized technology in a customized way. With private blockchain, businesses can implement customized features and can limit accessibility by only allowing their staff and business partners to use private blockchain networks. 

I. AlleoChain offers private blockchain hosting 

AlleoChain is a Cypriot-based startup that offers private blockchain development. The startup offers a no-setup no-code platform where businesses can host private blockchains in a secure client environment. 

Also, using AlleoChain helps businesses automate their data integration using SQL to scale their applications quickly.

II. Dafecs provides virtual organization deployment  

A Turkish startup, Dafecs, helps businesses make their virtual organization deployment platform. The platform combines private blockchain networks, tokenization, the Internet of Technology(IoT), and the InterPlanetary File System(IPFS).

The platform can secure its data-sharing access across organizations using blockchain-based technology.

8. Blockchain security 

Blockchain mostly involves financial transactions, which require great security to make their ecosystem safe. However, data integrity and privacy are other considerations businesses must consider while using blockchain technology.

By looking at the safety standards requirements in the blockchain market, many start-ups have started offering their security solution to businesses using blockchain technology. 

Companies are trying to make their blockchain system more secure by using advanced analytics and advanced technologies. 

Also, businesses are monitoring their smart contracts and nodes in transactions to identify any fraud in their blockchain network or business infrastructure. 

Blockchain security solutions can help businesses secure supply chain management, asset trading, and data management.

I. Veridise offers blockchain security as a service 

Veridise Is a US-based startup that provides blockchain security as a service. The platform offers various tools through which businesses and blockchain developers can automate security analysis for their smart contracts, Web3 apps, etc. 

Using Veridise helps businesses identify vulnerabilities before deploying smart contracts on their preferred blockchain network.

II. Forta builds a decentralized monitoring network

Forta Is a US-backed startup that builds a decentralized monitoring network. Businesses can use this platform to monitor their blockchain activities in terms of operation and security. Forta consists of independent node operators that scan all transitions block by block.

Their platform can detect real-time threats in decentralized finance(DeFi), governance systems, NFTs, and other Web 3-based systems. 

Forta sends alerts to subscribers in case of any threat to help them prevent fund loss and other blockchain-relevant frauds.

9. Enterprise blockchain

Many businesses prefer to use public blockchains like Bitcoin and Ethereum due to a lack of data control and high visibility. Still, many companies provide private blockchain-like features such as high data control, great customization, and excellent privacy.

Companies that provide private blockchain-like features are known as enterprise blockchains, which different companies can use to enhance their data security and get features like private blockchains.

I. AstraKode eases enterprise blockchain development 

AstraKode Is an Italian start-up that offers enterprise blockchain development solutions. The platform enables businesses to make customized blockchain networks.

The platform also features a low code and automated testing approach that helps businesses accelerate their blockchain development workflows. 

Also, the platform offers hosting services where businesses can host their blockchain network on the cloud for better accessibility and usability. 

II. Zblocks builds enterprise NFT campaign management

Zblocks is a US-based startup that has built an enterprise NFT campaign management platform. The platform optimizes NFT life cycle management by integrating them with customer relationship management (CRM) systems. 

The platform also supports multi-channel NFTs to reduce bounce rates and offer better customer insight based on their interactions with NFTs. 

Customer insight helps NFT makers enhance their customer experience by getting a detailed analytical report about users’ interactions with their NFTs.

10. Metaverse

Decentraland, Axie Infinity, Sandbox, and so on. Many businesses are preparing their virtual world with the help of blockchain technology. 

Metaverse is a simulated virtual world where users can interact with other players with their virtual avatars.

Also, check the market size of the metaverse:

The metaverse provides real-life experience by creating real-world objects and buildings such as real estate, commercial properties, virtual avatars of users, etc. 

I. Renault launches its metaverse platform 

Well-known automobile company Renault has announced that it will launch its metaverse platform for industrial-related activities. The platform will help Renault monitor their data from all of its production lines from their supply flows. 

The company also claims that creating its metaverse will help reduce delivery time by 60% and carbon footprint by 50%. Also, the company expects to reduce its warranty cost by 60% after using its exclusive metaverse platform.

II. Million Dollar aims to bring real estate to the metaverse platform 

Million Dollar is the first real estate company built on the Ethereum blockchain that enables its customers to buy and sell properties on the metaverse platform. Also, the property owner can earn passive income by staking their virtual properties on the metaverse.

The brand contains various NFT collections, including brokers, properties, and land. A broker is a male character with over 350 unique traits, and each attribute is categorized as either smart, casual, formal, or elegant. 

All these categories determine the exclusive packages that brokers can access. 

Also, It will be better for you to know the percentage share of top use cases in the blockchain market to pick the best one for your business.

Top blockchain use cases

Here is the market distribution of popular use cases in the blockchain market:

The given data tells how blockchain technology has been used on such a large scale for various industries. 

Also, other benefits of blockchain technology, such as immutability, security, and high level of ownership, have made many industries use blockchain technology in their business. 

Are you ready to enter the blockchain market?

Multiple technologies are trending in the blockchain market. To start your own blockchain business. You can outsource your blockchain project to skilled blockchain developers.

Skilled blockchain developers are hard to find. However, you can contact the best blockchain development companies, such as Idea Usher. 

Idea Usher is a team of skilled blockchain developers, project managers, UX designers, and other professionals who can help you build and launch your blockchain business from scratch.

Contact Idea Usher 

Email:

[email protected]

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FAQ

1. What is the next trend in blockchain?

These are the following next trends in the blockchain:

• Cryptocurrency 
• Asset tokenization
• Smart Contracts 
• Advanced cryptography
• dApps
• Blockchain as a service
• Private blockchain 
• Blockchain security
• Enterprise blockchain
• Metaverse 

2. What are the top blockchain networks?

The following blockchain networks have great future potential:

• Avalanche 
• Cardano 
• Chainalysis 
• KYT 
• Ethereum 
• Hyperledger Fabric 
• Hyperledger Sawtooth 
• IBM Blockchain 
• Polkadot 
• Ripple 
• Solana 
• Tron 
• DAO 
• XDC 
• Network

3. Which are 5 Future blockchain applications?

These are the top 5 future blockchain applications:

• Cryptocurrencies
• Smart contracts
• Non-fungible tokens
• Metaverse
• Enterprise blockchain