Will 2024 be the year of Blockchain? Will it transform the way businesses work this year? In the recent past, Blockchain accounted for a huge adherent due to its promising security practices and the transparency it gave to drive better business operations. 

The technology has continued to draw curiosity, innovation, and limitless possibilities ever since its establishment. In a study performed by Demandstage, it was found that the market of blockchain has grown remarkably over the years and was valued at $19.36 billion in 2023. The most surprising part of the blockchain industry is that only 3.9% of people use the technology worldwide. This indicates that 1 in every 20 people across the world uses blockchain to the changing finance scenarios. 

Are you willing to contribute to the Blockchain technology landscape that significantly transform your business in 2024? DianApps, a leading mobile app development company, has many solutions for you that not only enhance business operations but also capture immense financial benefits. 

Going ahead, we shall see how blockchain technology impacts how we deal with businesses in 2024. 

This blog post will reflect:

• Blockchain statistics from a business point of view
• Blockchain technology trends in 2024 
• Successful use cases of blockchain technology 
• How to employ blockchain technology in business 

Business Blockchain Statistics in 2024

• With the level of technology expansion and the use of modern algorithms, 9 out of 10 organizations started learning Blockchain technology or are currently evaluating the platform usage and advantages. 
• If you closely go through the market scenarios, technology experts predict that 87% of enterprises will be willing to invest in blockchain technology solutions by the end of 2024. 
• As per 42% of the businesses are benefiting from blockchain’s security capabilities. 
• 88% of enterprises feel strongly about blockchain’s adoption in touchless business processes. 
• Top brands including Adobe, Allianz, Baidu, etc use Blockchain Technology Solutions in their operations successfully. 
• Additionally, 81 out of 100 publicly traded companies across the world use blockchain technology with an expectation that the platform will transform their work in 2024 and beyond. 
• A total of 65 companies have begun or are in the process of integrating blockchain into businesses. 
• 3 out of 4 executives stated that blockchain technology will pave the future of the finance industry while 56% of the surveyed companies said that blockchain technology might disrupt their industries.

That’s the business blockchain statistics of the year 2024. Want to find out blockchain’s relative trends in 2024? Keep reading! 

Blockchain Technology Trends in 2024 

Digital transformation requires businesses to sharply watch out for trends to acquire great results and become the number one finance company in the competitive landscape, as quoted by a blockchain development company in the USA. 

1. NFTs 

Blockchain-based tokenization of assets is known as non-fungible tokenization (NFT). Tokens are distinct identification codes generated by an encryption mechanism from metadata. The assets themselves are then kept somewhere else, and these tokens are kept on a blockchain. What distinguishes them is the link between the token and the asset.

NFTs can be traded and exchanged for cash, cryptocurrencies, or other NFTs, depending on their market and owner’s worth. The privileges you have given that token belong to whoever holds its private keys. For example, you could scribble a happy face on a banana, snap a photo of it, add information, and tokenize it on a blockchain.

2. Use of IoT

The blockchain IoT market, which was recently evaluated at $134.41 million in 2021, is predicted to grow at a compound annual growth rate of 73.5% to reach $19.740 billion by 2030, according to a precedence study. Experts predict that the Internet of Things and Blockchain will lead to a rise in automatically generated insurance plans.

Furthermore, third-generation security will depend heavily on Blockchain technology development. Furthermore, it is undeniable that both of these technologies will raise industry standards in the future.

Speaking now from the perspective of digital transactions, they grow more affordable and faster while also becoming more safe. It is also predicted that the firm will become automated, which would streamline the convoluted centralized IT architecture.

3. AI in BlockchainTechnology

AI’s fundamental algorithm has made it possible for robots to carry out tasks for which they were not designed. People who work in the mobile app development industry are familiar with artificial intelligence (AI) and how it has become a hot topic in technology. 

Now, just picture if this advanced technology will shake hands with Blockchain, what the outcome would be. How the Blockchain will advance AI and realize its full potential is the question.

We know that machines require access to big data to operate at their highest possible efficiency and capability. The majority of big data is kept for analytical purposes and is primarily accessible to the general public. 

4. Metaverse

Investors and a variety of businesses have taken an interest in the idea of the metaverse, which is a virtual reality environment where users may communicate with digital material and each other. Blockchain technology and the metaverse have both attracted a lot of attention and development in recent years

The metaverse gives promising and safe decentralized delivery and is considered a possible use for Blockchain technology development. 

5. Growth of DeFi

The term decentralized finance describes the use of cryptocurrencies and blockchain technology to replicate and enhance established financial systems in a decentralized way. Smart contracts, which are self-executing contracts with the terms of the agreement explicitly put into code, are commonly used in DeFi. These smart contracts facilitate the development and operation of several financial applications and protocols. They are implemented on a blockchain platform, typically Ethereum.

By doing away with middlemen like banks, brokers, and other financial organizations, DeFi seeks to provide people with direct control over their assets and the ability to engage in financial transactions without depending on centralized authority.

It’s one of the emerging blockchain technology trends that has had a hugely beneficial influence on technological advancement.

Successful use cases of blockchain technology in 2024

For your business development solutions to stand strong, you should know some popular Blockchain integration use cases trending in 2024.

• Ripple: Ripple is a startup that uses blockchain technology and digital assets to provide financial institutions with competitive and dependable cross-border payments.
• We.trade: A collaborative initiative including twelve banks that have been employing blockchain technology to eliminate credit risk. They guarantee that when one party fulfills the requirements of the smart contract, payments are made automatically.
• Project Marco Polo: An end-to-end open account trade finance business network that TradeIX and R3 created.
• FollowMyVote: A start-up called FollowMyVote makes use of blockchain technology to guarantee an open online voting system. Eligible individuals receive a token that permits them to vote just once and each vote is logged as a node on the blockchain.

How to employ blockchain technology in business in 2024-

Supply Chain Management:

Blockchain technology development can be used to establish a safe, transparent record of the whole supply chain, from the producer to the final customer. But why Blockchain development is a game-changer for supply chain management? Continue reading this guide, which will improve accountability and traceability while also increasing efficiency and lowering spam.

Verification of Digital Identity:

Blockchain is well-known for having the safest, most decentralized digital identity verification system available, which helps to boost privacy and reduce fraud. Numerous industries, including internet banking, voting systems, healthcare, etc., will benefit from this.

Process Payments Securely:

Blockchain technology solutions also make it possible to process payments more quickly and affordably by eliminating the need for middlemen like banks. This may improve efficiency, encourage security, and reduce transaction costs.

Smart Digital Agreements:

The ability to construct self-executing contracts—which can be set up to run automatically when certain criteria are met—is the next exciting feature of blockchain technology. Because you need fewer middlemen, to increase efficiency and transparency.

Management of Digital Assets:

To enhance security, reduce fraud, and promote transparency, blockchain leverages a transparent and safe mechanism for managing digital assets like tokens, cryptocurrencies, and digital certificates. 

Management of Intellectual Property:

From managing patents, trademarks, and copyrights to transparency and safety, Blockchain allows businesses to manage their intellectual properties effectively with minimal risk involvement and maximum accountability. 

Conclusion

Blockchain technology is growing adamantly and providing essential services to businesses of all sizes. It gives a higher-level perspective on leading industries and we recommend it for startup firms as well, as it holds a very bright future in 2024. 

After reading this blog, we are sure that Blockchain technology will be the deciding factor for businesses. And is going to shape millions of ideas safely and sustainably along with enhancements in technology.

Even though Blockchain technology is still in its experimental stage. We are sure that companies will benefit from the services vividly. Just keep in mind to know all its elements in detail. And read about its complexities and costs, to seamlessly begin your business development journey. 

Also Read: Why choose DianApps as your Blockchain development company?

You can take advantage of the biggest advantages of blockchain technologies provided you have the correct advice and knowledge. To integrate Blockchain into your digital transformation process, get in touch with DianApps. We are known for our profound Blockchain development solutions. And considered a top Blockchain development company in the USA & Australia. Serving the best to startups and established enterprises across the world.