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Main Trends in Blockchain and Crypto Technology in 2024

28 Dec, 2023 5 min read
Main Trends in Blockchain and Crypto Technology in 2024

As December 2023 draws to a close, the crypto community is looking forward to the trends that will shape the blockchain and crypto landscape in the upcoming year. With just days remaining until the arrival of 2024, this article explores the main trends that are expected to emerge in the realm of blockchain and cryptocurrencies.

What is blockchain?

Blockchain is a decentralised and distributed digital ledger that records transactions across a network of computers, ensuring transparency, immutability, and trust without the need for a central authority. It serves as the foundation for cryptocurrencies like Bitcoin, but has applications beyond digital currencies.

A blockchain consists of blocks that are sequentially connected to form a single chain. Each newly created block contains recent transactions as well as information about the previous block. All transactions recorded on the blockchain are visible to all participants in the network.

Once a block is added to the blockchain, it's extremely difficult to alter or delete. Each block contains a unique identifier, called a hash, and references the previous block, creating a chain of blocks. Any attempt to change information in a block would require altering all subsequent blocks, making the blockchain highly secure against tampering.

Block structure

Unlike traditional centralised systems, blockchain operates on a peer-to-peer network, where each participant (node) has a copy of the entire ledger. This decentralisation ensures that no single entity has control over the entire network.

You can learn more about blockchain in one of our previous articles.

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Hottest blockchain and crypto trends in 2024

Let's take a look at the major crypto industry and crypto market trends that we believe will dominate in 2024. As with all predictions, this one should be treated with a certain degree of discretion; but it is worth keeping in mind.

Mass adoption and acceptance

Projects that will stimulate mass adoption and use of cryptocurrencies are likely to emerge. This will cause the number of new cryptocurrency users to grow significantly. In addition, the liquidity of the crypto market will grow due to institutional investors. Some banks and funds will start to hold part of their assets in cryptocurrencies.

Combining AI and blockchain

Some current trends in blockchain technology are likely to continue. One is the trend towards combining blockchain and AI technologies. We can expect to see innovative projects in this area, which will be of considerable interest. However, at the same time, it's also inevitable that a large number of dubious projects and outright scams will appear, trying to take advantage of the hype.

Central bank digital currencies (CBDCs)

Several countries may implement their own CBDCs in 2024. We may see the beginning of a struggle between this dangerous technology and cryptocurrencies, due to fundamental differences in their nature, purpose, and underlying principles.

Decentralised finance (DeFi) evolution

In 2024, we can expect the DeFi industry to continue to evolve. Developers will work on solving problems related to security, scalability and usability. We may also see DeFi and TradFi (traditional finance) uniting, with the emergence of decentralised protocols that also deal with real assets.

AAVE DeFi protocol's website

Blockchain compatibility and cross-chain solutions

The blockchain industry will move towards a more interconnected ecosystem, with increasing blockchain interoperability. The development of cross-chain solutions will facilitate the seamless transfer of assets between different blockchain networks.

Decentralised Autonomous Organisations (DAOs)

DAO as a new governance mechanism is very promising, but the full potential of DAOs has not yet been realised. DAOs leverage blockchain technology to enable transparent, trustless, and democratic decision-making processes empowering participants to collectively manage resources and make crucial choices without the need for traditional hierarchical structures.

Creating convenient tools for implementing DAOs, including those suitable for large organisations, will lead to a significant increase in the popularity of this governance mechanism. It's entirely possible that this could happen as early as 2024.

Aragon's website

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Regulatory framework development

The cryptocurrency industry has been discussed by lawmakers for a long time. However, we may see breakthroughs in the regulation of the crypto space in 2024. Depending on which way the regulation evolves, it could have both positive and negative effects on the crypto sphere.

On the one hand, the emergence of legislation regulating the crypto sphere may give investors some clarity and certainty. On the other hand, it may lead to the introduction of restrictions by governments. Those jurisdictions that move towards legalising the cryptosphere and allowing the use of cryptocurrencies as means of payment will become centres of crypto innovation.

Security solutions

As the crypto industry continues to grow, so too does the threat from cyber attackers. This situation has created a huge market for new security solutions, with demand now clearly outstripping supply. In 2024, we can expect an increased focus on security measures in the crypto industry and the rapid development of solutions in this area.

Conclusions: The evolution continues

The upcoming year holds promises of innovation, disruption, and transformative change. As the blockchain and crypto industry evolves, it presents a chance to reshape industries, redefine governance and unlock new possibilities. By capitalising on opportunities, investors can collectively contribute to reshaping industries for a more decentralised and efficient future.

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