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Blockchain is the ultimate disruptor as it is changing the way we think about everything from finance to healthcare.
Blockchain technology is on the fast track with new innovations, applications and use cases implemented around the world every day. It does beg the question what does the future hold for blockchain trends?
As businesses and companies are trying to integrate blockchain into their organization, they need to learn more about emerging new trends in this technology.
Here are some of the latest trends that are making a wave in the blockchain world.
Top blockchain trends of 2023
DeFi 2.0
DeFi 2.0 is the next iteration of the evolution of decentralized finance (DeFi) applications and protocols built on the foundation of first-generation DeFi.
This new decentralized finance application will provide better accessibility, interoperability and scaling.
Just like the early days of DeFi where they provided basic applications like DEXs (decentralized exchange) and leading protocol, DeFi will also introduce new products for businesses to utilize.
One of them is new and innovative yield farming strategies. This will allow investors to earn yield or profit on their cryptocurrency holding in the form of transaction fees or interest.
Apart from that, DeFi 2.0 will also introduce undercollateralized loans and algorithmic stablecoins in the future.
NFT for digital identity and ownership
NFTs (non-fungible tokens) are digital tokens that represent unique items like digital art, music or video. It’s based on blockchain technology, which ensures that all NFTs are unique, verifiable and immutable.
Now, they are going one step ahead, and instead of claiming ownership, they are trying to establish a digital identity through NFTs.
However, there are many hurdles to achieving digital identity through NFTs.
Countries like China are trying to use new technology like NFTs to identify anyone on the internet, which could be considered a breach of privacy.
Nevertheless, NFTs are the future, and soon they could integrate identity verification like driving licenses and voter cards into the internet.
Metaverse
Metaverse is a virtual world entirely created by users where people can interact with each other in real time through avatars.
This much-awaited technological wonder will become a decentralized and secure platform through blockchain technology.
Blockchain will enable interoperability for the metaverse by creating…
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