What can you expect from blockchain in 2023
It would be an understatement to call 2022 a turbulent year for cryptoassets and blockchain industry. The spectacular meltdown of FTX capped what has arguably been the worst year for crypto since it hit the mainstream, which included a precipitous decline in token prices, increased volatility in trading patterns, a collapse in NFT values and trading volume, and the failure of several centralized crypto firms .
Most of the challenges, crashes, and bankruptcies were actually not caused by fundamental flaws in blockchain technology or cryptoassets, but with people exploiting them. Many forecasts may seem gloomy in light of the turbulent year that 2022 had been for the world of crypto and blockchain, but some are still positive.
Although billions of dollars were lost to these, experts say they serve the larger purpose of weeding out the bad actors in the industry. Actually the positive 2023 predictions center on how the focus on crypto trading will transfer to blockchain as a technology and the world will finally recognize its true value and utility.
According to blockchain experts, the world is expected to see an increase in funding for applications and platforms that will harness the blockchain’s genuine potential. This is the silver lining to the FTX collapse. It set off a chain reaction of removing dishonesty, fraud and deceit from the industry.
In particular, some analysts see the FTX collapse as a chance to get all the attention and scrutiny from regulators and law enforcement agencies. This will not only serve to remove bad actors and fraudulent activities in the industry, but it will ultimately lead to the proper adoption and integration of blockchain in governments and businesses.
While this is encouraging for the future of blockchain developers, there is always a risk that overzealous regulators will continue to confuse cryptocurrencies with blockchain technology, hindering progress in its use, including potential stakeholder investment. And this is why blockchain education is also important, not only for enthusiasts, but also for policy makers, regulators and law enforcement agents.
As the world begins to recognize that blockchain is the technology that will serve as the foundation for other emerging technologies, such as the metaverse and artificial intelligence (AI), people will also begin to see it as a career they can pursue in the future.
Therefore, it is expected that higher education institutions begin to integrate blockchain course in their programs. There will be a growing demand for deeper blockchain education and technical skills training due to the burgeoning growth of the industry that is already creating more blockchain-related jobs.
In accordance LinkedIn Newsjob postings on the site that had the words “Bitcoin,” “blockchain” and “cryptocurrency” increased by nearly 400% from 2020 to 2021. This shows how there is already a career in blockchain that students and professionals can pursue.
Although the FTX fiasco has only served to give crypto a bad name, enthusiasts and experts are optimistic that this will shift attention to blockchain as a technology and increase its growth and adoption. The days when crypto trading is seen as the main use for blockchain are numbered.
