4 Predictions for Blockchain in 2023

Though 2022 hasn’t been a particularly bright year for the blockchain space, the technology still has room to grow. The consensus from experts is that 2023 may see a move toward increased adoption of Web3 technology including blockchain as many will start to realize that it has to offer plenty of benefits over traditional systems such as increased security and transparency, lower costs, faster transactions, and more efficient storage space.

Here, IT experts in the field share their predictions for blockchain in 2023.

  • Blockchain data sharing comes into focus: In 2023 we will see Blockchain data sharing system architectures empower users to gain control over the ownership of their data. Users will start to ‘own’ their data and decide who has access to it. This will impact healthcare/medical and financial services first, but these new architectures could also have a dramatic effect on advertising and social media.—Manjusha Madabushi, CTO and co-founder of Talentica Software
  • In us we trust: Decentralized architectures and ecosystems: Even with market volatility surrounding cryptocurrency, the enterprise potential of blockchain and digital assets is continuing to grow. As blockchain-powered “trustless ecosystems” evolve into Web3, they’re becoming key to the creation and monetization of digital assets.—Deloitte’s chief futurist Mike Bechtel
  • Cybersecurity will become blockchain-based: Blockchain has proven extremely useful for secure and decentralized information exchange. Up until now, blockchain-based tools have been too expensive to implement because of the novelty of the technology. However, many experts predict that in 2023 blockchain technology will be used in cybersecurity more and more often.—Marijus Briedis, CTO of NordVPN
  • Emerging technologies disrupt the industry: Emerging technologies, like blockchain, esports and simulation, are disrupting traditional industries, offering future-focused innovation and converging into the next iteration of the web. These technologies are causing an explosion in the rate, complexity and volume of data, and creating an even more pressing need for analytics, machine learning and AI to help make sense of it all. Looking to the future, they offer opportunities to reimagine the ways we solve complex problems, and ultimately scale human observation and decision-making.—Bryan Harris, executive vice president and chief technology officer, SAS