Beyond the Hype - Web3 & Blockchain Predictions 2023!!

We all know that year 2022 has been a roller-coaster for the Crypto industry. From the NFT downfall, Cryptocurrency prices, Luna -Terra Crash, and regulatory challenges to the FTX debacle all impacted crypto trade volume and funding in web3 start-ups. Not Just crypto even Enterprise Blockchain failure stories like We.Trade, TradeLens has given thought to the right use case and the ROI of Blockchain implementation is missing from the use cases. Enterprise Blockchain is more about consortium and data sharing in a business network to bring trust and transparency in the ecosystem which leads to efficiency and cost saving in business transactions.

Enterprise Blockchain projects failed due to not having the right governance model and data sharing in business networks. Maersk explains the reason behind the shutdown, Lack of trust is the main reason. Stakeholders in the TradeLens network who are competitors not wanting to share business-sensitive data on the consortium network. Failure of TradeLens and We.trade is not the end of Enterprise Blockchain technology adoption. Enterprise Blockchain could be early but not wrong. Having a written business model with business governance for all stakeholders to get benefited from digital transformation. It can’t be one company implementing it and others just need to share data to be part of the business. There should be the right business economic model for each participant with incentivization to be part of the digital platform.

There are many success stories of web3/Blockchain in financial services, CBDC, digital identity, ESG & e-governance. Forbes publishes Blockchain 50 each year starting from 2018 and last week Forbes published the 5th edition stating “You’ve come a long way, blockchain!”.

https://www.forbes.com/sites/javierpaz/2022/02/08/2022-forbes-blockchain-50-a-closer-look/?sh=58e7d42d66c4

What does 2023 have in store for blockchain and Web3? Here are my top 10 predictions for technology : ?

1.????2023 will see more focus on CBDC implementation, ?pilots in cross-border payments, Programmable money, and Retail CBDC.

2.????Provenance & Traceability

3.????ESG & Sustainability – Carbon accounting/Climate Change Use cases

4.????Enterprise NFT & Tokenization – Rise of real-world asset-backed tokens

5.????DAOs development – On-chain governance

6.????Metaverse in Gaming, Retail & Banks

7.????Blockchain education – Education, University courses

8.????More regulations coming in digital assets and Crypto

9.????Blockchain Interoperability and Hybrid Blockchain

10.?Open-source Development – Hyperledger & Ethereum Technology advancement

You can have a look below predictions from other Blockchain/Web3 influencers -

https://www.forbes.com/sites/seansteinsmith/2022/12/19/crypto-and-blockchain-predictions-for-2023/?sh=320f1f08760c

https://techinformed.com/2023-informed-4-blockchain-and-crypto-forecasts-for-the-year-ahead/

https://www.gartner.com/en/information-technology/insights/blockchain

https://vmblog.com/archive/2022/11/23/casperlabs-2023-predictions-5-trends-that-will-drive-enterprise-blockchain-adoption-in-2023.aspx#.Y61U1dNN2A4

https://coingeek.com/2023-blockchain-forecast/

https://forkast-news.cdn.ampproject.org/c/s/forkast.news/biggest-blockchain-trends-for-2023-and-beyond/amp/

https://defiblog.substack.com/p/3-things-i-predict-for-crypto-2023

https://www.pwc.com/us/en/tech-effect/innovation/digital-assets-predictions.html

#blockchain #web3 #2023predictions #happynewyear2023 #NFT #Metaverse #Gartner #PWC #blockchainadoption