5 Level-Headed Predictions for Blockchain in 2024
Since the launch of Bitcoin, in 2009, blockchain technology has advanced significantly. The hype surrounding blockchain technology has somewhat cooled since the frenetic bull market in 2017. However, Blockchain in 2024 still holds tremendous promise for many industries.
What are some realistic and practical predictions that we can make as we approach 2024? Here are five realistic predictions about the future of blockchain technology in 2024.
1. Supply Chain Management is Increasingly Popular
Supply chain management is one of the most promising uses for blockchain. Blockchain can reduce inefficiencies in supply chains by providing an immutable, transparent record of goods’ movement from their origin to their destination.
By 2024, blockchain-based solutions for supply chains will be adopted by industries such as retail, pharmaceuticals and food and agriculture. Walmart and Amazon, two large retailers, have conducted blockchain pilots focusing on supply chain tracking. As these pilots are implemented in production, adoption will spread across industries.
Blockchain supply chain management has many benefits, including better inventory management, reduced wastage and spoilage and improved tracking of recalls. It also automates order fulfillment and payment. These benefits will encourage companies in many industries to integrate blockchain into their supply chain.
2. Enterprise Blockchains: Growing in Popularity
Private blockchains and enterprise blockchains are also gaining in importance. While public blockchains such as Bitcoin and Ethereum get the most attention, they have been developing for a while. Enterprise blockchains are managed by a single company and have permissions that allow for restricted access.
Enterprise blockchains are likely to be used by 2024 in many companies, streamlining business processes and reducing costs. As we have discussed, supply chain management is a possible application. Enterprise blockchains can automate workflows and improve data sharing among departments. They can also eliminate fraud, reduce reconciliation, and eliminate reconciliation.
Blockchain platforms such as Hyperledger R3 Corda Quorum will become more mature and easier to implement. This will allow enterprises to reap the benefits of blockchain, including faster transactions, greater transparency and cryptographic security.
3. Creative Applications Beyond Finance
Decentralized apps, or “Dapps”, can be developed on blockchain platforms such as Ethereum. There is a potential for non-financial DApps to emerge, as many current DApps are focused on finance such as trading tokens or collecting collectibles.
Blockchain technology could disrupt areas such as decentralized social networks and communications platforms, identity management, voting systems, data storage, and data management. Blockchain technology allows users to interact directly with one another through transactions and agreements that are devoid of intermediaries.
Developers will create more innovative applications in 2024 as blockchain platforms continue to grow. These applications will go beyond financial technology and include other aspects of technology.
4. Scaling Solutions Gain Traction
Blockchain platforms must overcome current challenges with scalability to be adopted by consumers and enterprises. The majority of public blockchains are still only able to process 10-20 transactions per second, which is far below the volume needed for mass use.
By 2024, the ongoing work on scaling will probably bear fruit. To boost throughput, leading platforms such as Ethereum implement layer 2 solutions including sharding and state channels. To allow for faster transaction validation, new consensus mechanisms such as Proof-of-Stake have also been developed.
Transaction volumes and speeds are expected to increase dramatically as these scaling solutions test and launch on mainnets. The blockchain will be able to handle the volume required by global enterprises and consumers.
5. Regulation catches up with Innovation
To date, governments have mostly resisted regulating the blockchain technology. As adoption increases, regulatory bodies will increase their efforts to monitor, protect and prevent illegal usage.
Most regulatory attention will be focused on areas such as identity management, data security, payments and securities trading. Governments may try to crack down on anonymous cryptocurrency wallet addresses and holdings.
Regulation will have positive effects as well – more clear rules may encourage institutional investors to enter this space, and increase confidence in mass adoption. To create a fair and legal framework for Blockchain, the technology industry will have to work closely with regulators.
How to Hire Blockchain Experts in the USA
Blockchain adoption will continue to grow in the future, and so will demand for blockchain developers. Blockchain is still a new technology, and developers with the necessary expertise are rare. How can companies Hire Blockchain Developers to work on their blockchain projects? Here are a few tips:
Understanding Blockchain Development
Organizations should be educated on blockchain technology before hiring talent. Understanding the differences between higher-level development platforms and core blockchain protocols such as Hyperledger Fabric, Ethereum, and Hyperledger Fabric. Learn about the different programming languages that blockchain developers like Solidity or Go use. A good overview can help you assess your technical skills.
Blockchain Development Firms: Partner up with them
Partnering with blockchain development firms is a good way to find experienced developers. These companies have built up a talent pool that they can contract out to clients. Developing blockchain applications requires teams of developers and QA testers as well as security experts, solutions architects, and solution architects. By contracting a well-established firm, you can quickly assemble the necessary resources.
Post to the Blockchain Community Forums
Developer communities like GitHub and Reddit have forums and job listings that are active for blockchain projects. You can post detailed specifications and requirements to attract serious blockchain developers.
Attend Blockchain Conferences & Meetups
Blockchain conferences such as Consensus and Blockchain Expo, ETHDenver or Blockchain Expo are excellent places to meet blockchain developers who want to work on innovative projects. The job boards at these events are also active for recruiting talent.
Offer Competitive Compensation
Blockchain developers are in high demand but short supply. Compensation should be competitive to attract top talent. Highlight benefits such as equity stakes and revenue sharing, in addition to salary.
Ensure Long Term Career Growth
Blockchain developers are often attracted by projects that they support. Demonstrate the alignment of their role with their long-term career goals and values. Showcase the opportunity to work with industry thought leaders and cutting-edge technology.
The conclusion of the article is: Blockchain in 2024
To find and hire expert blockchain developers in USA, you need to understand the project requirements thoroughly, post proactively on niche forums and offer a competitive salary and a long-term vision. Companies that are able to build out their blockchain engineering teams successfully will gain a competitive edge as blockchain adoption increases.
Read Also: 5 Tips On How To Hire Blockchain Developers