Consensus 2024: The future of decentralized data is evolving?

Looking for proof that blockchain technologies are going mainstream? You wouldn’t need to look much further than the Consensus 2024 conference. The world’s biggest and most influential event for the crypto, blockchain, and Web3 community, the conference gathered over 15,000 developers, investors, policymakers, politicians, and representatives of major financial institutions. For four days in Austin, TX, the growing community was exposed to all the ways blockchain technology is transforming the world. ??

A large ensemble cast of HTEC experts specializing in different applications of blockchain technology and its surrounding ecosystem was on hand to attend sessions and dive into discussions that will shape the future of the technology and its impact on the world. Here are their main takeaways from the conference.?

In search of the decentralized data rulebook? ?

One topic that loomed large over the event was the development of a regulatory framework for cryptocurrency. From the recent and ongoing developments in crypto regulations in the US and the EU to the compliance of organizations looking to adopt cryptocurrency, the regulatory area dominated all discussions—both formal and informal. ??

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After the seismic shakeup of the crypto world in 2022 and the strict reactions of US regulatory agencies, 2024 seems to show increasing goodwill among stakeholders and the desire to discuss and collaborate on building a fair and effective framework. While there is still a long way to go, both sides recognize a common interest in defining a rulebook that can remove bad apples without hurting the entire ecosystem. ??

Growing need for regulatory compliance? ??

Consensus 2024 revealed a growing interest in the adoption of blockchain technologies across multiple industries. The key challenge prospective adopters face is navigating the complex regulatory landscape toward compliance. Moreover, not everyone is equally positioned for success in this process. ??

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“The recent consolidation of the advisory market has changed the regulatory compliance outlook for many organizations”, said Irhad Babi? , HTEC’s engineering and delivery manager. “This is not an issue for large companies, but mid-sized advisory efforts are lacking in the market, with common-sized projects lacking support such as counseling, mock audits, or regulatory compliance testing.” ?

Blockchain technology is evolving??

While certain blockchain solutions have assumed a dominant role in the industry, alternatives are springing up daily. These new solutions shouldn’t be seen as direct competitors to the current ones, but as different answers to different questions. As with other technological domains, blockchain is going through a segmentation process, with more?niche solutions for specific contexts and challenges.??

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“Blockchain is going through its Cambrian explosion as people realize all the possibilities of digital ownership and decentralization.”, said HTEC’s Senior Software Engineer and blockchain specialist Mladen Milankovi? . “As the tried-and-true base layers get more stable and reliable, they enable?building other more specific solutions with their requirements on top of them.”??

The AI hype is not limitless? ?

As the dominant technology trend of the last two years, artificial intelligence (AI) discourse held a prominent place at Consensus 2024. The intersection of blockchain and AI technologies is ripe with potential, but the centralized, safeguarded nature of AI is preventing a greater wave of innovation. ?

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By its very nature, blockchain provides a ready-made answer for?some of the key issues with current AI technology and could play a critical role in ensuring verified information and preventing deep fakes from proliferating in the cultural landscape.? ?

Security in the background??

Matters of security are important to any area of technology, but particularly so with blockchain. There’s a current lack of widespread trust in the technology and very real concerns about nefarious actors. Security talks and solutions, however, were relegated to the background at this year’s conference. Only a small handful of booths addressed security solutions, and the same can be said of security-focused talks. It appears that the blockchain community’s current attitude towards security matters could be summed up as “we will cross that bridge when we get there”. ??

Decentralized data is here to stay??

After the initial blockchain hype, its stellar rise and inglorious fall in the public’s eye, Consensus 2024 showed the evolution of a more sober and mature industry. While enthusiasm is mixed with caution, it is clear that we are headed towards institutional adoption of blockchain, particularly in the cryptocurrency realm. Both traditional finance (TradFi) and decentralized finance (DeFi) organizations are keen to see a regulated market with a higher degree of trust and transparency. ??

Are you looking to harness the potential of blockchain technology to grow your business? HTEC can help you develop and implement blockchain-based solutions and reach regulatory compliance safely and efficiently. Explore our expertise across the entire financial spectrum! ?