More than 130 countries are now considering, or working on, a central bank digital currency (CBDC), up from 35 a year previously. In 2022, more than $7 trillion in value was settled with stablecoins, with this expected to hit $9 trillion for 2023. In addition, the tokenisation of real world assets is increasingly significantly.
Blockchain technology’s global market has been valued at $11.14 billion for 2022, and is expected to top $17 billion in 2023, and to grow with a CAGR of nearly 60% to 2030.
Analysts are predicting that the finance industry as whole, is increasingly recognising the potential of blockchain technology, embracing cryptocurrencies, and digital assets, with the potential to shape the future of digital finance. Enterprise adoption of blockchain is also accelerating, recognising its potential to streamline operations and foster trust with customers. Similarly, developments such as spot ETFs are opening up new possibilities for entities to hold and trade digital assets.
Added to all this is the concept of soulbound NFTs — tokens that represent identity, achievement, reputation, and credentials.
Collectively, these developments represent a maturity and stability built in blockchain and adjacent technologies, that will shape 2024 and beyond.
